Hello,
I have been running a part-time side business in health and wellness for several years, being paid directly by my clients, students, and by the facilities in which I teach/work (and get paid via 1099 NEC). So I am familiar with filing as a self employed entity via the Schedule C.
I am considering taking this business to the next level, and making it an LLC. I would like more information on the following:
- How this would change how I file my taxes for this business (versus what I have been doing)
- How I would pay myself from the LLC (and make sure that I do it correctly)
- One of my challenges is that I teach at a local gym and a university and they both pay me as a person, and will not pay a "business" so does that mean when I input my details into TurboTax next year I will have to different Schedule C's? One for myself (self employed, payments direct to me as a person) AND one for my LLC (payments made to the company name, and then I get paid from there)
I want to make sure I am doing this correctly, thank you in advance for any guidance you can provide.
