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gpa2moto
New Member

Can use turbo tax deluxe for my LLc

I have a sole proprietor ship LLC
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3 Replies
MinhT1
Expert Alumni

Can use turbo tax deluxe for my LLc

Yes.

 

Your single member LLC is a disregarded entity for tax purposes.

 

You report the income and expenses of your LLC on Schedule C, E or F, depending of the nature of its activities.

 

Please read this IRS document for more information.

 

 

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gpa2moto
New Member

Can use turbo tax deluxe for my LLc

Thank you , 

one other thing my son has 2 LLC with as disregarded entity .  One he formed last year for his Tattoo shop and the second he stated a second business providing trucking services . So he has two separate LLC within just himself . No partners . How does he file a schedule C for both on 1 tax return ? 

please advise 

 

MinhT1
Expert Alumni

Can use turbo tax deluxe for my LLc

He has to file the income and expenses of his tattoo shop on a Schedule C.

 

As for his trucking business, if it was not active in 2024, there is nothing to report.

 

Startup costs include any amounts paid or incurred in connection with creating an active trade or business or investigating the creation or acquisition of an active trade or business. Organizational costs include the costs of creating a corporation or partnership.

 

You can elect to deduct up to $5,000 of start-up costs in the year in which the active trade or business begins. Any remaining costs must be amortized.

 

You can also elect not to deduct those startup costs and amortize them.  Startup costs are amortized over a period of 180 months (15 years).

 

Please read this IRS document for more information, under the heading Business Startup Costs.

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