Hi! New PLLC

mindypasternak — Tue, 24 Feb 2026 07:03:25 GMT

I am about to open my own private business for Pediatric Occupational Therapy Services. Should I hire my accountant now? How do I Pay taxes on this? Anything I should know?

Re: Hi! New PLLC

Cindy4 — Wed, 30 Aug 2023 19:11:24 GMT

Hi @mindypasternak !

Congratulations on your new business!

You tax situation will greatly depend on your entity classification with the IRS. If you are a single member PLLC, you will default to a sole proprietorship and file on a Schedule C along with your personal 1040, unless you make an entity election to be taxed as a corporation.

If you are a single member and remain a sole proprietorship, this may be a useful resource for education on estimated tax, self-employment tax, and general business organization:

https://turbotax.intuit.com/personal-taxes/self-employment-taxes/

If you are a multi-member PLLC, you will default to be taxed as a partnership, unless you make an entity election to be taxed as a corporation. Here is a resource regarding entity elections: https://turbotax.intuit.com/tax-tips/small-business-taxes/limited-liability-company-taxes/L5TDDlstC

The taxation of S-corps and partnerships is similar in that they both "pass-through" to the individual level, but there are some marked differences that may or may not be beneficial to you. Here are some resources that may help you decide:

https://www.thetaxadviser.com/issues/2022/oct/10-good-reasons-why-llcs-should-not-elect-s-corporatio...

https://turbotax.intuit.com/tax-tips/small-business-taxes/do-chapter-sub-s-corps-file-personal-tax-r...

https://turbotax.intuit.com/tax-tips/irs-tax-forms/what-is-form-1065/L5UpOREHb

Hope this helps!

Cindy

topic Hi! New PLLC in Self employed

Hi! New PLLC

Re: Hi! New PLLC