Hi there,
In 2024, I was promoted from a W-2 Employee to a K-1 Owner, and granted an ownership share in the business (partnership). Currently, I receive a salary and yearly bonus as well as partnership distributions. Taxes are withheld for state-related business taxes, but not federal personal taxes (like prior W-2's). I have paid estimated taxes throughout the year (110% of 2023 total).
What else should I know about my change in tax situation? Any moves I should make before year-end to reduce taxes as a self-employed business owner? Does TurboTax have any introductory materials that touch on this transition? For reference, I am a single filer with no dependents.
Thank you!
