@celestial21 , single member LLC does not require a separate return --- for tax purposes ( ONLY) it is a disregarded entity . So you report your business activities on Schedule-C as part of your own tax return. It is treated like self-employment i.e. you pay full FICA on net income-- Social Security + Medicare -- total of 15.3% ( it is called SECA ).
EIN ( and a separate State tax ID in some states ) provides you the facilities to employ others, withhold federal/State/FICA taxes and transmit these amounts the respective taxing authorities. You also may have to pay FUTA and/or state unemployment amounts. You have to issue W-2s for employees and 1099-NEC for contract/non-employees by the due date -- generally by 31st of Jan. Please review IRS Pub-15 and its follow-ons -- they cover a lot of material including tax tables for withholding. There are similar booklets issued by the states .
Please to note -- and I have seen this problem often when I was a tax professional ---- keep your bank accounts separate -- do not mix personal account with business account. Never. never use personal account. credit card etc. for business and vice-versa. It will make life a lot easier especially tax time and/or any audit.
I have known quite a few small businesses , do all their accounting etc. by themselves. It is doable especially with all the software now available. If you have been doing your won taxes, then there is no real reason why you cannot continue to do so even for the single member LLC.
Other than that , you should be well on your way. Good Luck on your new endeavor.
Is there more I can do for you ?
pk
