Hello mhoffman44,
Thank you for your question. I am happy to assist you.
Congratulations on establishing your brand-new LLC. As an LLC (sole proprietor), you have the responsibility to prepare and file Schedule C with your Form 1040 to the IRS to show whether your business was profitable or had a deductible loss during the taxable year. You would need to keep good records for both your income and expenses.
I have attached a link on “Reporting Self-Employment Business Income and Deductions for your reference below:
https://turbotax.intuit.com/tax-tips/self-employment-taxes/reporting-self-employment-business-income...
In addition, as a self-employed individual, you must pay taxes as you earn income throughout the year. You do so by paying estimated taxes to the IRS on a quarterly basis. Estimated tax is used to pay for both income tax and other taxes such as self-employment tax and alternative minimum tax.
I have attached an article from the IRS regarding Estimated Taxes. This article provides guidance on how to calculate estimated taxes, when to pay and where to pay for these taxes.
https://www.irs.gov/businesses/small-businesses-self-employed/estimated-taxes
Please let me know if this answers your questions, or if I can be of further assistance.
Thank you!
Shirleyh88
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