LLC tax return

Syeda1 — Fri, 07 Mar 2025 20:40:02 GMT

It will be my 1st time filing LLC tax return. I m the only one owner and i don't make any good income as I m new to business. Please guide me how to file tax return.

Re: LLC tax return

RobertB4444 — Fri, 07 Mar 2025 20:50:17 GMT

You have a lot of options with an LLC. But some more information would be helpful.

To start - what state are you in? What kind of business are you? Did you make a profit or lose money in your first year?

You are probably what is known as a sole-proprietor so you can just add a schedule C to your tax return and enter all of your business information on that. But the answers to those questions will help everyone here to better guide you.

@Syeda1

Re: LLC tax return

Syeda1 — Fri, 07 Mar 2025 20:57:22 GMT

I m in Texas and I am an esthetician, I do facials.

Re: LLC tax return

Vanessa A — Fri, 07 Mar 2025 21:14:36 GMT

If you are the only person in your LLC, you will enter your income and expenses on Schedule C which is part of your overall tax return.

To enter your income and expenses select the following:

Federal
Income and Expenses
Show More next to Self-Employment
Start next to Self-Employment
Yes, to you have any self-employment income or expenses
Enter the type of self-employment work you do and you can select that you use your name for your business
Click through a few more screens and you will get to a screen that says "Your XX info"
Click Looks good
Then you will come to a screen that says Let's enter the income for your business. It will give you the option of 1099-NEC or Other self-employed income including the 1099K , cash and checks. Here is where you will enter the money you receive. As an esthetician, you probably will not receive a 1099-NEC unless you subcontract for someone so you can choose cash and just enter all of your income together. Even if you do receive a 1099-K or 1099-NEC, you can just include all your income in one group instead of splitting it out between the different forms. Just keep those forms for your records.
Enter your self-employment income on the next screen
Continue and on the next screen click add expenses

* Please note navigation may differ slightly depending on which version of TurboTax you are using*

This also means you will be subject to Self Employment (SE) Tax. If you did not pay SE Taxes in 2024, and if you plan to do this again in 2025, it may be a good idea to make quarterly estimated payments to cover your SE taxes of 15.3% and avoid penalties.

How do you keep track of your income and expenses? If you are using something like QuickBooks Self-Employed, it will tell you when you need to pay your estimated taxes based on how much income and expenses you entered for the quarter.

You may also be able to take a self-employed health insurance deduction. However, the Self-Employed Health Insurance deduction is limited to your earnings. Meaning, you cannot deduct more than you earned. It also does not reduce your self-employment taxes, but will reduce your ordinary taxable income.

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LLC tax return

Re: LLC tax return

Re: LLC tax return

Re: LLC tax return