We will be married in October, so filing jointly for the first time for tax year 2024. I am employed full-time, but he has started a single-member LLC in 2024. So this is also the first time we've ever had to deal with self-employment taxes. We only have 5-weeks of data from the income but I'm attempting to fill out the estimated tax payments form 1040ES.
I noted on a different post that it doesn't matter where the tax payments are coming from, estimated payments or withholdings, but I wanted to clarify whether it matters that there is an LLC?
Thank you!
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The sole proprietor business is a disregarded entity for your tax return. It does not matter that there is an LLC if your fiancé is the sole proprietor of the business.
When you prepare your 2024 joint return, ALL of your combined income for the year 2024 will go on the same Form 1040, including the income from the business and including the business expenses, which will go on a Schedule C. You will use your Social Security numbers on your joint tax return.
If you want to have more tax withheld from your own paychecks, you can do that. Or your fiancee can start making estimated payments to the IRS.
Your spouse will have self-employment income for which he will pay self-employment tax for Social Security and Medicare. You will need to use online Premium software or any version of the CD/download so that you can prepare a Schedule C for your business expenses.
https://ttlc.intuit.com/questions/2926899-how-does-my-side-job-affect-my-taxes
https://ttlc.intuit.com/community/self-employed/help/what-is-the-self-employment-tax/00/25922
https://ttlc.intuit.com/questions/2902389-why-am-i-paying-self-employment-tax
https://ttlc.intuit.com/questions/1901340-where-do-i-enter-schedule-c
https://ttlc.intuit.com/questions/3398950-what-self-employed-expenses-can-i-deduct
https://blog.turbotax.intuit.com/self-employed/self-employed-tax-deductions-
calculator-2021-2022-50907/
https://ttlc.intuit.com/questions/1901110-do-i-need-to-make-estimated-tax-payments-to-the-irs
https://turbotax.intuit.com/tax-tools/calculators/self-employed/
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