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.
