Tax Questions

Hi there, Mayamaae. 

I'll assist you with your tax inquiries and share details about this.

It all depends on what you're filing for as an LLC and how you run your firm. QuickBooks Self-Employed is designed for individuals who file the Schedule C form. This program is primarily for freelancers, independent contractors, and service-based entrepreneurs.

To find out when and how you can begin paying taxes, I would suggest contacting IRS support so they can provide you with further details and instructions. I'm also sharing this link to help you determine which income tax return form to file: Business Structures.

I'm also sharing this link to learn the basics of QuickBooks Self-Employed: Overview of QuickBooks Self-Employed.

If you have further questions or other concerns, you can post them below. I'll be sure to assist.

@Mayamaae 

Your first tax return will be for 2024 (due 4-15-25) if your LLC is taxed as a sole proprietorship (SP). 

Regarding quarterly estimated tax payments, here is what the IRS says:

Generally, you must make estimated tax payments for the current tax year if both of the following apply:

1) You expect to owe at least $1,000 in tax for the current tax year after subtracting your withholding and refundable credits.
2) You expect your withholding and refundable credits to be less than the smaller of:
     - 90% of the tax to be shown on your current year’s tax return, or
     - 100% of the tax shown on your prior year’s tax return. (Your prior year tax return must cover all 12          months.)