I started a New LLC this year in Florida, when do I start filing my taxes?

[VolvoGirl · Accepted solution]

What kind of LLC?  If you are a Single Member LLC that did not elect to be an S Corp it is a disregarded entity and you file it on Schedule C in your personal 1040 tax return.  You may need to pay quarterly estimated payments to cover the self employment tax.

Self Employment tax (Scheduled SE) is automatically generated if a person has $400 or more of net profit from self-employment. You pay 15.3% SE tax on 92.35% of your Net Profit (If it is greater than $400). The 15.3% self employed SE Tax is to pay both the employer part and employee part of Social Security and Medicare (FICA). So you get social security credit for it when you retire.

You must make quarterly estimated tax payments for the current tax year if both of the following apply:
- 1. You expect to owe at least $1,000 in tax for the current tax year, after subtracting your withholding and credits.

- 2. You expect your withholding and credits to be less than the smaller of:
90% of the tax to be shown on your current year’s tax return, or
100% of the tax shown on your prior year’s tax return. (Your prior year tax return must cover all 12 months.)

The 1040ES quarterly estimates are due April 18, June 15, Sept 15 and Jan 16, 2024. Your state will also have their own estimate forms.

Here are the blank Estimates and instructions…..
https://www.irs.gov/pub/irs-pdf/f1040es.pdf

Or you can pay on the IRS website. Be sure to pick 2023 1040ES payment
https://www.irs.gov/payments

[xmasbaby0]

This year?  In 2023?   The 2023 tax software becomes available in late November; 2023 tax returns cannot be filed before mid-to late January of 2024.

[Carl]

For a single member LLC, you "file" your tax return as you always have. Nothing changes on that front.  However, you may need to "pay" quarterly estimated taxes if your tax liability will be above a certain threashold. ($1000 if I recall correctly).
Since FL doesn't tax personal income, you would only need to deal with federal taxes. You can make quarterly tax payments to the IRS at www.irs.gov/payments. When/if you do that, *PRINT YOUR RECEIPT" when done and file it with your business paperwork so you'll have it at tax filing time.