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Business & farm
If you both materially participate in the LLC, then you may be subject to self-employment tax on that income. This tax gets paid into the social security administration as it is used as your retirement contribution you would pay if you were salaried employed. This may be what you are referring to as your business tax. It is in addition to your income tax, and they both get paid in with your personal Form 1040 filing.
It may benefit you to look at your Form 1040 where you can see your income, deductions and taxes separately stated.
To view your form 1040 and schedule 1 to 3:
- Choose Tax Tools from your left menu bar in TurboTax Online
- Choose Tools
- Choose View Tax Summary
- See the Preview my 1040 option in the left menu bar and click on it
- Choose the Back option in the left menu bar when you are done
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‎February 3, 2025
11:40 AM