You will need to file two income tax returns, a Form 1120S for your S-Corporation. You can use TurboTax Business software to prepare that tax return. You can find resources for preparing your business tax return here: TurboTax® Business Desktop 2023-2024 | Tax Software Download (intuit.com)
When you finish preparing the business tax return, you will generate a Schedule K1, which you will use as input for preparing your personal income tax return.
The IRS requires employee-owners of S-Corporations to pay themselves a reasonable wage/salary. You should consider paying yourself a salary. This salary is deductible on the S-corporation tax return, and you will get a W2 that you will use as an input document when preparing your personal income tax return.
Here is a resource on reasonable compensation: S Corporation compensation and medical insurance issues | Internal Revenue Service (irs.gov)
Turbo Tax Self-Employed software will be able to handle your Schedule K1, W2 income as well as your self-employment income from your new sole proprietorship business.
You will need to track your income and expenses in both your LLC business as well as your sole proprietor business so that you have complete and accurate records to support your income tax returns. I recommend opening and maintaining separate bank accounts for each business. You can link these bank accounts to a QuickBooks account and monitor your income and expenses on an ongoing basis.
Here is the link to QuickBooks - you can choose the plan that is right for your business:
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