TimS5
Employee Tax Expert

Self employed

A Single Member LLC is considered a disregarded entity by the IRS.  Therefore, you will be reporting this income on your Form 1040, Schedule C.  On the Schedule C, you will report your business name in Box D and the EIN (Employer Identification Number) in Box D.  This is how the IRS ties it all together.  (IRS link:  

https://www.irs.gov/businesses/small-businesses-self-employed/single-member-limited-liability-compan...)

 

While you have a W-2 job with withholding, you still may end up being underpaid and owe a penalty at the end of the year.  (https://ttlc.intuit.com/turbotax-support/en-us/help-article/taxation/getting-underpayment-penalty-ge...).  You may want to look at this Turbo Tax link to assist in determining the need to pay estimated taxes  (https://turbotax.intuit.com/tax-tips/small-business-taxes/estimated-taxes-how-to-determine-what-to-p...).

 

Also don't forget about state taxes if you state has an income tax.

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