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Returning Member
posted Aug 30, 2023 9:24:23 AM

Just started a new business and don't know where to start

Hello,

 

I just started a brand new single member LLC as a health coach. Where can I find information on how I keep track of everything and how to pay taxes? I'm completely new to starting a business and all that is required. I have not yet started making any income, but plan on it very soon.  Does it matter if this is a side-gig instead of my main source of income? Thank you so much

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1 Replies
Employee Tax Expert
Aug 30, 2023 9:44:44 AM

Hi Blankenshipwellness,

Thank you for asking and congratulations on starting your business! For a single member LLC, they might not need to make estimated tax payments if they owe less than $1,000. If you have a W-2 jobs, you can either file Form W-4 to have more tax withhold from your work, or you can make an estimated tax payment by Jannuary 15th. 

You may use our tax calculator to estimate your tax liability and pay the estimated tax liabilty through IRS by Jannuary 15th. Here is A Guid to Paying Quarterly Taxes for your reference.