Hi, Community!
I recently moved to the US and secured my first job under a typical payroll structure with associated benefits. Additionally, I registered a South Dakota LLC business because I have clients who pay me for IT services every month. Previously, I used to declare this income in Mexico's tax system. However, since relocating here and becoming a resident, I aim to begin reporting this income within the US tax system.
I have a couple of doubts and questions:
Please advise me on which TurboTax product will work best for me. The business was registered last week and operates entirely online. Also, please consider that I am unfamiliar with the US Tax system, but I am eager to learn and ensure I handle things correctly.
I appreciate your time and eagerly await your response.
Regards,
Raul
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From your post it seems that you are an employee and also have a separate business with your own clients. If you filled out your W-4 with your employer properly that should take care of taxes from your wages.
For your LLC if you’re a sole proprietor you complete a Sch C on your personal return for that income and will owe self employment tax of 15.3% on that income in addition to tax at your marginal rate. You therefore should consider paying estimated tax to account for that income.
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