Hi @uncfooz !
I am going to start at the end of your questions and share this guide:
https://turbotax.intuit.com/tax-tips/self-employment-taxes/a-self-employment-tax-guide-for-therapist...
1) If she expects a business loss for 2023, no need to worry about estimated tax.
2) You are correct about paying estimated taxes when she expects earn more than she expenses and estimated taxes are greater than $1,000? Don't forget to factor in the 15.3% of self-employment tax on profit.
3) You will report on a Schedule C, providing she is a PLLC - Professional Limited Liability Company, and not a PLC - Public Limited Company, and didn't do an entity declaration with the IRS to be taxed as a corporation.
4) Any loss on a Schedule C will offset any other income you have on your individual return.
5) Start-up costs are limited to $5,000 with the balance amortized over 15 years. Organizational costs are related to corporations or partnerships.
6) Other business expenses would be deducted on the Schedule C, with the larger items such as office furniture being depreciated. Here is a searchable resource from the IRS regarding business expenses: https://www.irs.gov/publications/p535
7) The only tax deduction for the loss is the offset of your other income. If the loss is not completely used, it will carry forward and offset future business income.
Hope this helps and best wishes on your new endeavor!
Cindy
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