How would I report Income Generated to form a business and then Income Generated from the Business

[Nick 5]

To support the start-up costs of a consulting business, I plan on selling unrelated assets (eBay) generating at most a total gain of less than $10k.  This income would not be attached to any business but since it would be over $600 I'm assuming it would be seen as a side gig in 2024?  How do I file this in Maryland apart from my typical job income.  Then at a later time with these funds I would then form a sole proprietorship consulting business most likely in 2025 also in Maryland.  I believe this business would be an SSTB within the QBI phase-in range meaning it would earn less than $182,100 of generated income.  Please advise regarding quarterly filing for these two different sources of income.

[Bsch4477]

Regarding the sale of assets it doesn’t matter what the proceeds are used for. If the proceeds were greater than the cost basis the net profit is taxed at regular income rates in Maryland and at capital gains rates federally. The income from your self employment is taxed by the IRS at your marginal tax rate plus 15.3 percent in self employment tax. Maryland taxes it at your income tax rate. Quarterly estimated tax should be paid to both federal and state.