Texas New Business, W-2 & Unemployment

[JC-20241]

I started a new business and worked a w-2. I then became unemployed and received state unemployment funds for a couple months while I found another job. During that time my company received payments for work previously done that covered debt and not paid to me. I haven't done my 2023 taxes that were already due. What form should I use and did I do anything wrong when I collected personal unemployment, when my LLC received a few checks?

Total end of year I worked for 2 companies w-2, was unemployed for 4 months, & started a business llc.

Thank you for your help

[Cindy4]

A single member LLC is defaulted to a sole proprietorship by the IRS for tax purposes.  You will file a Schedule C and Schedule SE attached to your 1040.  TurboTax will ask you the appropriate questions to fill out the form when you indicate that you have self-employment income.

You can check with the Texas Workforce Commission here how the timing of the payments you received affects your unemployment.  They have a chat feature:  https://www.twc.texas.gov/programs/unemployment-benefits

Congratulations on your new business!  Here is a great resource for small business:  https://turbotax.intuit.com/tax-tips/self-employment-taxes/beginners-tax-guide-for-the-self-employed...

Hope this helps!

Cindy