LLC tax return

[Syeda1]

It will be my 1st time filing LLC tax return. I m the only one owner and i don't make any good income as I m new to business. Please guide me how to file tax return.

[RobertB4444]

You have a lot of options with an LLC.  But some more information would be helpful.

To start - what state are you in?  What kind of business are you?  Did you make a profit or lose money in your first year?

You are probably what is known as a sole-proprietor so you can just add a schedule C to your tax return and enter all of your business information on that.  But the answers to those questions will help everyone here to better guide you.

@Syeda1 

[Syeda1]

I m in Texas and I am an esthetician, I do facials. 

[Vanessa A]

If you are the only person in your LLC, you will enter your income and expenses on  Schedule C which is part of your overall tax return. 

To enter your income and expenses select the following:

1. Federal
2. Income and Expenses
3. Show More next to Self-Employment
4. Start next to Self-Employment
5. Yes, to you have any self-employment income or expenses
6. Enter the type of self-employment work you do and you can select that you use your name for your business
7. Click through a few more screens and you will get to a screen that says "Your XX info"
8. Click Looks good
9. Then you will come to a screen that says Let's enter the income for your business.  It will give you the option of 1099-NEC or Other self-employed income including the 1099K , cash and checks.  Here is where you will enter the money you receive.  As an esthetician, you probably will not receive a 1099-NEC unless you subcontract for someone so you can choose cash and just enter all of your income together.  Even if you do receive a 1099-K or 1099-NEC, you can just include all your income in one group instead of splitting it out between the different forms.  Just keep those forms for your records. 
10. Enter your self-employment income on the next screen
11. Continue and on the next screen click add expenses

* Please note navigation may differ slightly depending on which version of TurboTax you are using*

This also means you will be subject to Self Employment (SE) Tax.  If you did not pay SE Taxes in 2024, and if you plan to do this again in 2025, it may be a good idea to make  quarterly estimated payments to cover your SE taxes of 15.3% and avoid penalties.

How do you keep track of your income and expenses?  If you are using something like QuickBooks Self-Employed, it will tell you when you need to pay your estimated taxes based on how much income and expenses you entered for the quarter. 

You may also be able to take a self-employed health insurance deduction. However, the Self-Employed Health Insurance deduction is limited to your earnings.  Meaning, you cannot deduct more than you earned.  It also does not reduce your self-employment taxes, but will reduce your ordinary taxable income.