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New Member
posted Feb 26, 2025 10:44:20 AM

help with self employed converted to single owner llc

as a self employed person filing the business under my name for the first 11months of the year. i have 3 depentents under 17. claiming about 32k i was getting a decent return back of 5k. but i added my llc which was started  12/11/24 i only made about 500-700 during that period. i put down some of my deductions from ads and truck expenses then looked up and all the sudden i owed 2800. how could it possibly jump the other direction like that. theres no way that earning even 700. that last half a month could shoot my taxes that far in the other direction so whats the deal?

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1 Replies
Expert Alumni
Feb 26, 2025 2:28:14 PM

Please clarify if this is a new business for the LLC or did you move your self-employed business under the LLC name?