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Updated about 1 year ago on . Most recent reply

User Stats

32
Posts
15
Votes
Devante S.
  • Real Estate Consultant
  • Wisconsin
15
Votes |
32
Posts

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

Devante S.
  • Real Estate Consultant
  • Wisconsin
Posted

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. 

Most Popular Reply

User Stats

57
Posts
33
Votes
Randall Tannen
  • Accountant
  • New York
33
Votes |
57
Posts
Randall Tannen
  • Accountant
  • New York
Replied

@Devante S. 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.

  • Randall Tannen
  • [email protected]
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