Here are my questions:
1) How would I report my income and expenses? Under one form for both my freelance activity and LLC?
You will file separate Sch Cs ... one for each business.
2) How would I go about making quarterly tax payments for those two activities?
Estimated payments are made on the basis of your total income tax due on your single tax return that you file which takes into consideration income from all sources ... you don't pay the estimated payment separately for each business.
I assume I need to somehow differentiate those payments? Wrong assumption.
3) How to go about tax deductions? Should I report everything on one form for both activities? Again separate businesses so you file separate Sch C forms.
4) How would the above differ if the LLC has an EIN? Would that be the preferred way to go to differentiate both activities? An EIN makes no difference ... with or without an EIN it is still reported on the Sch C as usual for a single member LLC UNLESS you incorporate ... then that is a totally separate situation.
