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Do I just combine LLC and consulting business expenses together on schedule C?

In December 2016 I created an LLC, a Design Company. I worked as a fitness trainer, consulting bases and received 1099 for my classes.  How do I report those two? The actual LLC had only ‘start up expenses’ and the consulting business actual income/expenses. Do I create two companies in TurboTax one ‘Consulting’ even though it’s not registered as a company and one LLC with strar-up cost or combine the expenses together and report only one business on Schedule C?  


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2 Replies
ChristinaS
Expert Alumni

Do I just combine LLC and consulting business expenses together on schedule C?

Also, it says you are using Turbo Tax Business? Is your business (LLC) multi-member? Did you elect to tax the LLC as a corporation?
Its not clear why you are using Business, as it does not support a personal return and Schedule C
ChristinaS
Expert Alumni

Do I just combine LLC and consulting business expenses together on schedule C?

No, you don't combine unrelated activities. Being a "consultant" is not a job title of value unless, perhaps, you work in IT or management consulting. If you had a design company and also worked as a fitness trainer, you have 2 Schedule Cs. For the fitness work, you should describe your business with a description of value, such 'fitness trainer".

If you truly started your LLC design business and tried to get business, your start-up expenses count now. However, if you only had start-up expenses, and did not actually begin the real operation of the business, you will hold off on these expenses until next year. Start-up expenses are capitalized, and written off (subject to some limitations) only when the operation commences. If you did little more than register, open the LLC, etc.... you may need to hold off until next year's taxes.

 

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