Taxes for Vending machine

Forum|Forum|2 years ago
December 4, 2023
3 replies
0 views

Hello

I started the vending machine business in January 2023. Every month, I don't do taxes for federal or state What do I need to do now?

Can Turbo Tax help me do taxes for the 2023 year?
My business form is an LLC with a single owner.

I have gross income and expenses every month. I have only one location.

I need your help

Thank you so much

xmasbaby0

Employee

You can use any version of the CD/download software for your self-employment income and Schedule C, or you will need to use online Premium in order to prepare a Schedule C for your business expenses. You are going to have to pay self-employment tax for Social Security and Medicare, and perhaps ordinary income tax.

https://ttlc.intuit.com/turbotax-support/en-us/help-article/form-1099-nec/1099-nec/L5qTsBiSe_US_en_US

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

https://ttlc.intuit.com/community/self-employed/help/what-is-the-self-employment-tax/00/25922

https://ttlc.intuit.com/questions/2902389-why-am-i-paying-self-employment-tax

https://ttlc.intuit.com/questions/1901340-where-do-i-enter-schedule-c

https://ttlc.intuit.com/questions/3398950-what-self-employed-expenses-can-i-deduct

https://ttlc.intuit.com/questions/1901110-do-i-need-to-make-estimated-tax-payments-to-the-irs

https://turbotax.intuit.com/tax-tools/calculators/self-employed/

**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.**

TomD8

Employee

I would strongly suggest that you carefully read this TurboTax help article:

https://turbotax.intuit.com/tax-tips/self-employment-taxes/beginners-tax-guide-for-the-self-employed/L2HLojrj5

**Answers are correct to the best of my ability but do not constitute tax or legal advice.

AmeliesUncle

You also need to check if the sales are subject to sales tax in your state. If they are, those sale tax returns/reporting and payments are likely late (with penalties and interest). But those rules vary from state to state.

TurboTax does not assist with the state sales tax returns/reporting. It only does income tax returns.