New LLC and tax filing

[unique1979]

Hi , 

I have just opened a new LLC this month August 2024. Please advise when i need to start doing the taxes.

I am yet to recieve any payments in this LLC. 

Thanks,

Ahmed

[dev145]

If this is a single member LLC and no S-corp. election made, you will report all income and expenses on your personal return under Self Employment Income.  That means you will file taxes next year. You might want to take a look at estimated quarterly tax payments to see if you need to make any estimated payments to IRS and/or state. 

Estimated taxes | Internal Revenue Service (irs.gov)

If it is a multi member LLC, you will file form 1065 (Partnership return) and then report income your personal return from Schedule k1 from partnership.  

[unique1979]

Thank you Dev, this is a single member LLC which has just started and will be receiving funds from September 2024. I will have W-2 till August 2024. 

[dev145]

Thanks for confirming. Then as I mentioned, you will report all income and expenses when you file your personal tax return next year. 

[unique1979]

Thank you...

[claywallace]

Just to clarify, since you indicate you are a single member LLC with income starting in September, you are required to pay estimated tax payments if you expect to owe tax of $1,000 or more when your return is filed. You would file a Schedule C which is included with your 1040 return and any withholdings via an employer will be included as payments with your return.  The total income earned on a W2 as well as your self employment earnings on a 1099 or otherwise via your LLC will also be included.  It would be advised to make the last two ES payments if you believe you will owe:

Payment Period	Due Date
January 1 – March 31	April 15
April 1 – May 31	June 15
June 1 – August 31	September 15
September 1 – December 31	January 15* of the following year. *See January payment in Chapter 2 of Publication 505, Tax Withholding and Estimated Tax

You can use the taxcaster to estimate your income and tax due.  Self employment income (LLC) is taxed at 15.3% for social security and Medicare on top of regular income tax for your tax bracket.  You can use this table for 2024:

Tax Rate	For Single Filers	For Married Individuals Filing Joint Returns	For Heads of Households
10%	$0 to $11,600	$0 to $23,200	$0 to $16,550
12%	$11,600 to $47,150	$23,200 to $94,300	$16,550 to $63,100
22%	$47,150 to $100,525	$94,300 to $201,050	$63,100 to $100,500
24%	$100,525 to $191,950	$201,050 to $383,900	$100,500 to $191,950
32%	$191,950 to $243,725	$383,900 to $487,450	$191,950 to $243,700
35%	$243,725 to $609,350	$487,450 to $731,200	$243,700 to $609,350
37%	$609,350 or more	$731,200 or more	$609,350 or more

cheers!