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Just opened an LLC in November, and I know absolutely nothing regarding taxes

I opened a permanent makeup studio in CT in November. I know absolutely nothing about filing taxes for a business, but can not afford a tax professional at this time. I know I'm supposed to file taxes quarterly, but other than that, I know nothing about what I'm supposed to do. Do I need to report this income on my personal taxes as well? 
2023 will be a wash for this business, since I didn't make any money in the two months I was open, but I know nothing about claiming a wash. 

I also have a pet sitting side gig, it's not a registered business, but I've been getting more clients, do I need to register this as a business and pay quarterly? Or can I report this income on my personal taxes? 

Like I said, I know absolutely nothing, and all of this is so overwhelming, so any feedback or suggestions for a first time business owner would be greatly appreciated. 

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1 Reply
DavidD66
Employee Tax Expert

Just opened an LLC in November, and I know absolutely nothing regarding taxes

You have two businesses for which you need to report your income and your expenses.  Since they are two separate businesses, they need to be reported separately.  For your make-up studio, having an LLC does not affect how you are taxed (unless you choose S-Corp status).  If you are a single member LLC, the IRS considers you a "Disregarded Entity" for tax purposes and are treated as Self-Employed.  You file your business income and expenses on Schedule C as a part of your personal tax return, whether you are an LLC or not.  

 

Since you have two businesses, you will file two Schedules C as a part of your personal tax return.  Any profit or loss the businesses have will be reported on your Form 1040.  

 

You do not "file taxes quarterly", but if you are making money, you should pay estimated tax quarterly.  It is you that pay the estimated tax based on your overall situation.  For information on paying quarterly estimated tax, see the following IRS web page:  Estimated Tax

 

See the following TurboTax Help Article for new business owners:  Starting a Business

 

 

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