Yes to all the advice here that as a single member LLC, your net profit from the business passes through to your personal 1040 on Schedule C. You do have to pay both the employee and employer share of FICA and Medicare in the form of SE tax in addition to your federal and state taxes.
You should also be making quarterly 1040-ES payments (estimated tax) based on your projected income. Making a single lump-sum payment at year end may incur late penalties.
Yes to all the advice here that as a single member LLC, your net profit from the business passes through to your personal 1040 on Schedule C. You do have to pay both the employee and employer share of FICA and Medicare in the form of SE tax in addition to your federal and state taxes.
You should also be making quarterly 1040-ES payments (estimated tax) based on your projected income. Making a single lump-sum payment at year end may incur late penalties.