ForumsHome Based Business

Hi cool. Do you have an accountant or a lawyer? They would be better suited to answer your questions to your specific needs.

Here's my understanding of it:

There is complexities in how you are operating; as many factors to consider. The IRS doesn't recognize an LLC and will tax you as a sole-proprietor. Did you file with the IRS and elect to be taxed as an S-Corp? Is there any employees? How are you showing money going out of the business? Depending on your situation, electing to the IRS to be taxed as an S-Corp may be advantageous. For more information visit http://www.irs.gov/businesses/small/artic
le/0,,id=98263,00.html

You may also want to check out this link for more info on your situation http://www.irs.gov/faqs/faq12-1.html

I hope I haven't confused you more. Best to seek a professional or check out SCORE. It's free.

Best of Luck.

If you are engaged in business as a sole proprietor, then you are self-employed. You calculate and pay self-employment tax as part of your estimated quarterly tax payments, and complete/file Form SE with your personal tax return. Hope that helps. Best wishes.