If you are contemplating to begin and manage your business in Georgia, then you’ll be required to prepare and file different documents as stipulated by the federal law of Georgia. In this article, the most vital ongoing Georgia LLC taxes filing and reporting are covered and explained meticulously.
Annual Fee and Registration
It is a requirement by the state of Georgia that one should file an annual registration for their LLC together with paying a cost fee of $ 50. An online platform is extended to people to file their registration through the SOS website, the initial annual registration always due from 1st January and 1st of April under the calendar year that their LLC was issued.
The tax of the State Business
When it is about income taxes, most of the LLC are known as Pass-through tax entities. This is to mean, the procedure of paying tax must always pass through LLC before falling at the personal LLC members. It is by default that payment of income tax is not a responsibility of LLC, the payment of tax can only be done by their members. However, Georgia has imposed an annual registration fee of $50.
In different cases, business owners affiliated with LLC have the liberty of choosing to enlist their business so that they can be treated as a corporation only for tax purposes before one is awarded this kind of choice. They will be required to file IRS form 2553. Differently from the known default pass-through tax situation, the company will be expected to have a different tax return and this is when the elects of LLC chooses to operate as a tax return corporation. Just like many other states, the state of Georgia taxes corporation’s income. The corporate tax in Georgia is at 6% flat of the taxable federal income (has adjustments).
A tax of the State Employer
Is your LLC with employees? If that’s the case, then you should pay the taxes of employers. Most of these taxes are received by the IRS (the federal government) as summarized here. But it is also good to be informed that; the federal employer tax responsibilities must begin with acquiring the employer identification number (EIN) of the federal. However, it is mandatory that Georgia employers pay their taxes back to the state.
The first thing to do, you will have to withhold then pay the employee income tax direct to DOR. Start by registering the business either through paper or visiting DOR’s website. On paper, you will have to fill Form CRF-002. After registering, you will file a withholding tax that is on a periodic interval (Maybe for quarterly or annually). One will also need to make use of Form G-1003 every year to reconcile your tax withholding for LLC.
Business permits or/and licenses are a requirement for all the business to operate in Georgia. They are very essential as they help your business appear credible and hence enabling you to stay on top.