Don't forget about self-employment taxes! Even though your LLC didn't make money yet, once you do start earning income, you'll need to pay self-employment tax (15.3%) on your profits. Might be worth setting up a good bookkeeping system now before you get busy with actual business. I use QuickBooks Self-Employed and it makes tracking everything super easy.

Great question! I was in almost the exact same situation when I started my consulting LLC. Since you're a single-member LLC, you're absolutely right that it's a disregarded entity for tax purposes. This means you'll report everything on Schedule C of your personal Form 1040, not a separate business return. Even with zero income, I'd recommend filing Schedule C to establish your business activity with the IRS. Report $0 income and list your $4,300 in expenses. For startup costs, you can typically elect to deduct up to $5,000 in your first year under Section 195, with any remainder amortized over 15 years. Since your costs are under $5,000, you should be able to deduct the full amount this year. Just make sure to keep detailed records of everything - receipts, bank statements, etc. The IRS will want to see that this is a legitimate business venture, not a hobby. Also consider getting your EIN confirmation letter and business license documented in your files as proof of when you officially established the LLC. One more tip: even though you haven't made money yet, start tracking mileage for any business-related driving. Those deductions can add up once you're operational!

Chime user here in NY - got my state refund yesterday! Filed Jan 30th so about 2.5 weeks total. Seems like some states are definitely moving faster than others. CA and TX folks might just need to hang in there a bit longer based on what I'm seeing in the comments.

Still waiting on mine too - Chime user in FL here. Filed my state return on Feb 1st and nothing yet. It's reassuring to see I'm not alone in this waiting game! My federal came through Chime super fast (like 6 days) but state is definitely taking its sweet time. Seems like it really varies by state based on everyone's experiences here.

Quick question - does anyone know if TurboTax handles this community property LLC situation correctly? I tried entering our business info and it keeps pushing me toward filing two separate Schedule Cs, but after reading this thread, I'm not sure that's right for our Nevada LLC.

I've been dealing with this exact same issue for our LLC in California! After reading through all these responses, I think the key takeaway is that the "correct" approach might depend on your specific operating agreement and how you've structured your LLC. What I found helpful was getting clarity on whether both spouses are considered "active participants" in the business. If you're both materially participating, then the self-employment tax treatment becomes more important for Social Security credit purposes. But if one spouse is more of a passive investor, then a single Schedule C under the active spouse's name might make more sense. For your $87,000 income situation, I'd strongly recommend getting a consultation with a tax professional who specializes in small business and community property issues. The cost of professional advice is probably worth it to avoid potential issues down the road, especially since community property state rules can be tricky to navigate correctly. One thing I learned is that the IRS has specific guidance (Rev. Proc. 2002-69) about community property and self-employment tax that might be relevant to your situation. It's worth reviewing if you haven't already!

Question about contribution limits - does the Code D amount still matter for checking if you've exceeded the annual limit? I'm trying to max out my 401k and want to make sure I'm counting it right for next year.

This is a great question and you're absolutely right to double-check! As someone who's dealt with similar timing issues, I can confirm that your payroll department is handling this correctly. The Code D box on your W-2 should reflect what was actually deducted from your paychecks during 2024, regardless of when your 401k administrator received and processed those funds. This timing discrepancy is especially common with December contributions - your employer withholds the money before year-end, but the 401k company might not process it until early January. For tax purposes, what matters is when the deduction reduced your taxable income (i.e., when it came out of your paycheck), not when it hit your retirement account. Since you're under the contribution limit and the numbers add up based on your paycheck deductions, you're all set. Use the W-2 Code D amount for your tax filing and don't worry about the difference with your 401k administrator's records - that's purely a timing issue that won't affect your taxes at all.

Great question about the QBI deduction! The phase-out thresholds are pretty high - for 2024, the QBI deduction starts phasing out at $191,950 for single filers and $383,900 for married filing jointly. So with your $2,400 in business income, you're well below that threshold and should be able to claim the full 20% deduction. Just make sure your business qualifies - most sole proprietorships do, but there are some exclusions for certain service businesses at higher income levels (which again, you don't need to worry about at your income level). Form 8995 is pretty straightforward for simple cases like yours. This deduction alone could save you around $480 in taxable income, which is a nice chunk of change when you're just starting out!

One more thing to consider - make sure you're keeping detailed records of ALL your business expenses throughout the year, not just the obvious ones. This includes things like: - Business-related software subscriptions - Office supplies (even small items like pens, paper) - Professional development courses or books related to your business - Business insurance premiums - Bank fees for your business account - Professional memberships or licenses Even though your profit was only $2400, every legitimate business expense you can document will reduce that amount and lower your tax burden. I use a simple spreadsheet to track everything monthly, and take photos of receipts with my phone immediately after purchases. Also, since you mentioned this is your first year - consider opening a separate business checking account if you haven't already. It makes expense tracking SO much easier and looks more professional if you ever get audited. Many banks offer free business accounts for sole proprietors with low transaction volumes.