If you are a single member LLC that has not incorporated then the IRS regards your business as a disregared entity and you use Schedule C to report your Self-Employment income and expenses. Schedule C is included with your personal tax return, Form 1040.
You can use any of the TurboTax desktop editions for your tax return but the Home & Business edition would be recommended. Especially if this is your first time dealing with self-employment income and expeses.
If you decide to use the TurboTax online editions then you will need the Premium edition.
TurboTax website for the 2023 desktop CD/Download editions - https://turbotax.intuit.com/personal-taxes/cd-download/
TurboTax website for the 2023 Premium online edition - https://turbotax.intuit.com/personal-taxes/online/premium/
However, if you are a multi-member LLC, Partnership or S Corporation you will need to use the TurboTax Business Edition. The Business Edition can only be installed on a Windows based personal computer. The Business Edition cannot be used for a personal tax return, Form 1040.
TurboTax website for the 2023 Business Edition - https://turbotax.intuit.com/small-business-taxes/cd-download/
Underpayment of taxes penalty -
Most taxpayers will avoid this penalty if they either owe less than $1,000 in tax after subtracting their withholding and refundable credits, or if they paid withholding and estimated tax of at least 90% of the tax for the current year or 100% of the tax shown on the return for the prior year, whichever is smaller.
However, since you will also have Self-Employment income you have to take into consideration the Self-Employment taxes on your SE net income for the year.
For example, if your SE net income is $30,000 you need to multiply that income by 92.35 percent and then multiply the result by 15.3 percent - $30,000 (*) 0.9235 (*) 0.153 = $4,239 Self-Employment taxes.
Estimated tax payments for tax year 2024 can be paid using the IRS payment website - https://www.irs.gov/payments
