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New Member
posted Jan 3, 2023 1:46:38 PM

I am new to this. I started a side business, LLC. Do I file taxes for that LLC or can I add it to my personal tax return, or does it have to be separate?

I am new to this. I started a side business, LLC. Do I file taxes for that LLC or can I add it to my personal tax return, or does it have to be separate?

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5 Replies
Level 15
Jan 3, 2023 1:51:13 PM

What kind of LLC?  Are you a Single Member LLC?  Did you elect to be a S corp?

Level 15
Jan 3, 2023 1:52:07 PM
Level 15
Jan 3, 2023 1:52:49 PM

if it is a single-member LLC that hasn't elected to be treated as a corporation, then you pretend the LLC doesn't exist and generally would report the activity on Schedule C included in your return.

Level 15
Jan 3, 2023 1:56:09 PM

If you are a single member LLC that has not incorporated in your state then the IRS considers your business as a disregarded entity.  You report your self-employment income and expenses on a Schedule C.  The Schedule C is included with your personal tax return Form 1040.

 

See this TurboTax article for a beginners guide to self-employment - https://turbotax.intuit.com/tax-tips/self-employment-taxes/beginners-tax-guide-for-the-self-employed/L2HLojrj5

 

You will need the TurboTax Self-Employment online edition for your tax return - https://turbotax.intuit.com/personal-taxes/online/

 

Or you can use any of the TurboTax desktop CD/Download editions but the Home & Business edition is recommended - https://turbotax.intuit.com/personal-taxes/cd-download/

New Member
Jan 3, 2023 2:40:21 PM

single member LLC