Hi,
The threshold for filing your taxes for self-employment income is $600. If you made $600 in revenue (money received) annually, then you must report the income.
1.If it is just a regular LLC, you can use the self-employed version of TurboTax, to report your income and expenses. As long as it is not a partnership, S corp, or C corp, you can use the self-employed version.
2.You don't necessarily have to have a sole proprietorship to file, but we recommend getting all your requirements to get the paper work done for the business, as soon as you can, if you have not already.
3.As indicated, the threshold for filing your taxes for self-employment income is $600. If you made $600 in revenue (money received) annually, then you must report the income. Here is a link for self-employed taxpayers that may be helpful to you: https://turbotax.intuit.com/personal-taxes/self-employment-taxes/
If you owe taxes, you should make quarterly estimates, and if you have employees you need to file quarterly 941s and annual 940 returns for payroll. Here is a link you can use to make those payments electronically. https://www.eftps.gov/eftps/
Feel free to contact TurboTax at 1-800-446-8848, we can walk you through your questions.
Thank you,
John
CPA
