I Incorporated my business in July 2024. Do i file my taxes as a Sole Proprietor or a corporation for the 2024 tax year?

[DianeW777]

It depends.  If you set up a single member limited liability company (SMLLC), then you continue to file all income and expenses on your personal return.

The first half of the year would be reported on your personal return as self employed.  The second half of the year would be reported as the business entity if not the SMLLC.

If you set up your company as a corporation, then Form 1120 for corporations must be filed for 2024.

• About Form 1120

If you immediately requested sub-chapter S status for your corporation, you would complete Form 1120-S.  This return would push everything to a 1120S-K1 and the information of income would flow to your personal return through this K1.

• About Form l1120-S

TurboTax does have TurboTax Business software, just click the link for information or download.