Hi, RockeMtn! I see that you are self employed and you have an LLC.
I am assuming you are a single member LLC (i.e. you are the only member of the Limited Liability Company). As an LLC, you are defaulted to being taxed as a sole proprietor (although you can elect with the IRS to be treated differently for taxes, such as an S Corp or a C Corp). For purposes of this response, I am assuming you are taking the default option and are being taxed as a sole proprietor.
As a sole proprietor, you will report your business income and expenses on a Schedule C on your tax return - and you will pay taxes on the net income of the business, along with any other income you had during the year. However, as a self employed person, you will also be paying the Self Employment taxes on the net income as well - which is roughly 15.3% of the net self employment income.
So, as your business net income will be subject to both income taxes and self employment taxes, you may want to consider paying estimated taxes to the IRS quarterly. You can do so by going to the IRS website and printing the estimated tax vouchers (go to www.irs.gov and search for 1040-ES), and mailing the quarterly vouchers with a check to the IRS. Or, you can pay directly on the IRS website (again, www.irs.gov). On the IRS main page, click on the button that says "Make a Payment". Follow the prompts on the next screens, making sure to indicate that your payment is for 2023 quarterly estimated tax payments.
As this is your first year being self employed, you may want to look into information on what types of expenses you can use to offset your business income. Here is a link to the TurboTax Self-Employment website, which has a ton of information you may find helpful: TurboTax Self Employed Tax Tips
Hope that helps!
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
