How do I file personal and LLC taxes as a first-timer?

Question

Hi everyone, maybe a rookie question here, but I had a W2 for a good portion of 2023 and also had a self-employed business for the other half. How exactly do you file taxes when you have a 9-5 but also generate income from self employment? Maybe some of you here who kept a day job but also generate income from investments can help me understands the basics of this. My primary question is whether I should do completely separate filing or if I need to do this all together at once so as to report all income and deductions on one single filing, or if I can treat this as separate entities.

I'm hoping this also helps me lay a better ground work for how taxes may work as I grow as an investor.

Thanks in advance.

I'm hoping this also helps me lay a better ground work for how taxes may work as I grow as an investor.

Thanks in advance.

Basit Siddiqi · Answer

If you earn income as an independent contractor / entrepeneur, you report the income and expenses under schedule C.There can be a converesation down the road if you should set up an S-Corp.

Randall Tannen · Answer

@Devante Scholfield assuming you operated as a sole proprietor or through a disregarded entity for tax purposes (e.g. SMLLC), the income and deductions from self-employment will be reported on your 1040 Schedule C and not separately filed.

Gregory Sampson · Answer

Yep. Schedule C. I up the withholdings at my day job to cover sch C earnings through the year. Otherwise as I understand it you should be filing quarterly estimates and payments. If you do your own TurboTax home and business will walk you through it.

How do I file personal and LLC taxes as a first-timer?

How do I file personal and LLC taxes as a first-timer?

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