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December 7, 2024
Question

I need some help with these taxes I don't know what to do I own my own small business pretty handy on helpers LLC but I have no idea what I'm supposed to be doing

  • December 7, 2024
  • 2 replies
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    2 replies

    Employee
    December 7, 2024
    **Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**
    VolvoGirl
    Employee
    December 7, 2024

    To report your self employment income you will fill out schedule C in your personal 1040 tax return and pay SE self employment Tax. You can fill out Schedule C and enter Self Employment Income into Online Deluxe but if you have any expenses you will have to upgrade to Premium version. Or buy any of the Desktop programs. All the Desktop programs have all the same forms, but you will get the most help in the Home & Business version.

     

    Self Employment tax (Scheduled SE) is automatically generated if a person has $400 or more of net profit from self-employment. You pay 15.3% SE tax on 92.35% of your Net Profit greater than $400. The 15.3% self employed SE Tax is to pay both the employer part and employee part of Social Security and Medicare. So you get social security credit for it when you retire.


    How to enter income from Self Employment
    https://ttlc.intuit.com/community/self-employed/help/how-do-i-report-income-from-self-employment/00/26653


    Where to enter business expenses
    https://ttlc.intuit.com/community/entering-importing/help/where-do-i-enter-my-self-employment-business-expenses-like-home-office-vehicle-mileage-and-supplies/01/27109

     

    Turbo Tax Self Employed Tax Hub
    https://turbotax.intuit.com/personal-taxes/self-employment-taxes

     

    Here is some IRS reading material……
    IRS information on Self Employment
    https://www.irs.gov/businesses/small-businesses-self-employed/self-employed-individuals-tax-center


    IRS guide to business expense resources
    https://www.irs.gov/forms-pubs/guide-to-business-expense-resources