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Tax, SDIRAs & Cost Segregation

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136
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Mike Nelson
  • Investor
  • Miami, FL
5
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136
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Did not file quarterlies, need advice

Mike Nelson
  • Investor
  • Miami, FL
Posted Apr 4 2018, 15:17

I believe I receive some bad advice from a small business owner I am acquainted with. I applied for my LLC to be taxed as an S corp for 2017, but I didn't not pay myself until December. I did not file any quarterlies (as I was told I did not need to) and I am finding this was all wrong. I reported my salary of 30k through the SSA.gov website and generated a W2 for myself. What is the best advice going forward and finishing my 1040 for the year? Can I just submit a 4th quarter 941 showing my salary and pay the necessary withholdings through the voucher? I understand there will be a penalty involved, but I don't know about the other quarters where I didn't make any money and did not pay myself at all. Did I just create a mess for myself? Any help is much appreciated. Thanks guys!

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