660788
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

How to files taxes as a single member LLC?

I am filing for my business for the first time. Single member LLC, filing as single, and I really want to do this right the first time. On Turbo Tax how is this done? I did not pay or employ myself with W2/W4.
x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

2 Replies
AmyT
New Member

How to files taxes as a single member LLC?

If this is a single-member LLC (you are the sole owner), then you will file the information for that LLC on your personal income tax return using Schedule C (Self-employed profit and loss). 

To input your Schedule C LLC activity:

  • Sign in to your account and click on the orange Take me to my return button (skip this step if you are already in your return)
  • Click on Search at the top of the screen
  • Input "schedule c" in the search box and hit enter
  • The first link available should be Jump to schedule c - click on this link
  • TurboTax will walk you through inputting your income, the business information, and expenses

Important:  You do not report the draws you take from your self-employed business as separate income on your tax returns, nor do you deduct these amounts on your Schedule C.  Your self-employment income for tax purposes will be the profits of the business (which may actually be more or less than the amounts you draw as compensation).  

Note:  A single-member LLC may make the election to be taxed as a corporation, which would require filing Form 1120 or 1120-S.  

revovend
New Member

How to files taxes as a single member LLC?

I am in the same situation, except that I am a non-US citizen and do not have a social security number nor have ITIN. Can I still do it under personal income tax or I have to choose another option?

Unlock tailored help options in your account.

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question