A single member LLC can be entered as self-employment. The great thing about self-employment you can deduct your expenses which can lower your taxable income.
A single member LLC is a disregarded organization by the IRS. This means that all income and expenses get reported on Schedule C of your individual tax return. When using Turbo Tax, use either Turbo Tax Self Employed (online) or Turbo Tax Home and Business (desktop software).
You will enter your business information under the Business tab of the program. There is a section to enter the general information about the business and then there sections for both income and expense. The program will generate a Schedule C which is included in your individual tax return.
A multi-member LLC must file it’s own tax return. The IRS treats an LLC as a partnership. This means that the LLC’s income and expenses are distributed to the members using a Form K-1. This is completed on a completely differnt program called TurboTax Business. It is not an online program.
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