So, I opened an LLC to start a reseller business on Facebook Marketplace. At the time, I did not know I would have to sell as an individual using my SS and not my EIN. This means I will receive a 1099-MISC from FB.
I did bookkeeping for the SS income and expense and separate bookkeeping for the EIN business with startup expenses and no profit.
I understand that both sole proprietor/independent contractor and LLC businesses need to submit Schedule C reports.
Should I keep the bookkeeping records separated for tax purposes or should I combine them since the business will also be reported on my personal income?
Will, there be separate schedule C reports one for the independent contractor and one for the business, or do they get combined?
Can I still write off the startup cost and expenses for the business even though it did not generate income or should I write them off in the next year 2022/2023 when I am profitable? Do I still need to file income taxes for the business even though it did not generate income?
Thanks in advance!
