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Question

New Consulting Business

Forum|Forum|1 year ago
August 28, 2024
1 reply
0 views

I started an LLC in February 2024 with my first client. My sole proprietorship LLC has done around 75K in sales YTD, but I have not filed any quarterly taxes. Do quarterly taxes start after you first year or immediately?

Hello, your quarterly taxes start the first year you go into business in your case 2024.

Here is a good article on estimated taxes and how and when to make them.

https://turbotax.intuit.com/tax-tips/small-business-taxes/estimated-taxes-how-to-determine-what-to-pay-and-when/L3OPIbJNw

Also remember you only pay taxes on your net income ( gross income minus expenses)

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Haden Roye Author

Can I file this through turbo tax? Also am I able to deduct things like home office, internet, cell phone, and other bills quarterly? If so where can I find the form on turbo tax to start this process?

There is no form for estimated taxes to file, you would estimate what you owe for the quarter and send that to the IRS https://www.irs.gov/payments

Next year when you file with TurboTax it will walk you through entering all the self employment income and expenses.

You may be able to take a home office if it qualifies here is information about a home office https://turbotax.intuit.com/tax-tips/small-business-taxes/setting-up-a-home-office/L52go3hc0

You can deduct the business percentage of the cell phone and internet

You can also deduct any reasonable and necessary expenses associated with making the income

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