Hi,
I'm a college student and running a single-member LLC for 2019. It's the first year I'll be self-employed—my previous year, I generated income through an internship via regular wages. My tax liability for 2018 is $0 because of the higher standard deduction.
Does that mean I won't have to file quarterly estimated taxes for 2019? Instead, do I just report all the self employment income on next year's tax return?
Thanks!
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If you expect a net profit from your self-employment you will need to pay quarterly estimated tax payments on Form 1040ES. State rules differ depending on the state. You will still have Self-Employment taxes on net profit from your business. The amount is approximately 15.3% of net profit (gross revenue minus expenses). Even if your total income falls below the Standard Deduction amount, it doesn't eliminate the self-employment taxes.
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