DavidD66
Expert Alumni

Get your taxes done using TurboTax

You have two businesses for which you need to report your income and your expenses.  Since they are two separate businesses, they need to be reported separately.  For your make-up studio, having an LLC does not affect how you are taxed (unless you choose S-Corp status).  If you are a single member LLC, the IRS considers you a "Disregarded Entity" for tax purposes and are treated as Self-Employed.  You file your business income and expenses on Schedule C as a part of your personal tax return, whether you are an LLC or not.  

 

Since you have two businesses, you will file two Schedules C as a part of your personal tax return.  Any profit or loss the businesses have will be reported on your Form 1040.  

 

You do not "file taxes quarterly", but if you are making money, you should pay estimated tax quarterly.  It is you that pay the estimated tax based on your overall situation.  For information on paying quarterly estimated tax, see the following IRS web page:  Estimated Tax

 

See the following TurboTax Help Article for new business owners:  Starting a Business

 

 

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