Filing Taxes as Employed and Self Employed

[manish42187]

Hi both my wife and I have full time jobs and this year we created a LLC to start a amazon fba business.  How do we file taxes for this year?  Do I need a professional CPA or am I able to still use turbo tax to get our taxes done?  We would be considered full time employees with our current employers plus have a side business LLC.  

[xmasbaby0]

If you use TurboTax online you will need the version called Self-Employed, or if you use the desktop CD/download, you can use any version, since the desktop software can prepare the Schedule C you will need to prepare.    Self-Employed can also be used for your other income such as your W-2 income, etc.

You will have self-employment income for which you will owe self-employment tax for Social Security and Medicare, as well as ordinary income tax.

https://ttlc.intuit.com/questions/2926899-how-does-my-side-job-affect-my-taxes

https://ttlc.intuit.com/community/self-employed/help/how-do-i-report-income-from-self-employment/00/...

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://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/

[manish42187]

I live in Texas does my LLC have to do quarterly taxes now?  Im not profitable yet.  Can I do just yearly taxes for LLC or no? 

[xmasbaby0]

Your self-employment income and other income from your "regular" jobs is all going to be combined on one tax return that you will prepare for 2023.  You are not going to file a separate return for the business unless it is an S-corps, C-corps or multi-member partnership.   

[manish42187]

I see, I keep getting letters in the mail quarterly stating the companies franchise tax report is due.  I have a sellers permit in Texas.  Does that mean I still have to file this quarterly even if I am not making money.  Or do I need to worry about this once the business is profitable? See letter below -

"Congratulations on obtaining a sales tax permit for your business. In addition to being the state’s chief financial
officer and tax collector, 1 am a strong advocate for growth in our economy, and my office plays an important
role in ensuring businesses like yours continue to thrive in the state of Texas. Part of that responsibility is to be
a resource when your business needs assistance.
Customer service is my top priority, and my staff is ready to help you with questions related to your business’
state tax responsibilities. The agency website, www,comptroller.texas.gov, contains a wealth of resources
about the various taxes we administer. There you can find publications, answers to frequently asked questions,
tax rules, electronic reporting options and more. At the bottom of each page, there is a link to "contact us,"
where you’ll find information on how to reach us if you don’t find your answer online.
Your first sales tax return is due on 08/21/2023 . Please consider filing and paying online using our WebFile
system. You’ll need your taxpayer number and WebFile number to get started, and both of these are printed at
the bottom of this letter for your convenience. You can also contact our office at [phone number removed] ." 

[xmasbaby0]

TurboTax can help you with questions about income tax returns and with questions about the tax software.   That letter you are citing is about state SALES tax---a whole different thing.  We cannot help with sales tax issues here.

[dmertz]

Being in a community property state, for federal tax purposes you have the option to treat the LLC as either a partnership that files Form 1065 and issues a Schedule K-1 to each spouse or as a disregarded entity with each spouse filing Schedule C.  (If you were not in a community property state the LLC would have to be treated as a partnership.)