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New Member
posted Jun 1, 2019 5:00:52 PM

I need help filing my expenses for my single member LLC. I received initial funding and used that for expenses, but am not sure how to list all of this.

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1 Replies
Level 15
Jun 1, 2019 5:00:53 PM

You only enter the expenses of things you actually paid for.  You don't enter the funding in or out.  If you got loans you can expense the interest you actually paid.

You can enter Self Employment Income into Online Deluxe or Premier but if you have any expenses you will have to upgrade to the Self Employed version. How to enter income from Self Employment https://ttlc.intuit.com/replies/4801198 

How to enter self employment expenses https://ttlc.intuit.com/replies/5802554 

Self Employment tax (Scheduled SE) is automatically generated if a person has $400 or more of net profit from self-employment.  You pay 15.3% SE tax on 92.35% of your Net Profit greater than $400.  The 15.3% self employed SE Tax is to pay both the employer part and employee part of Social Security and Medicare.  So you get social security credit for it when you retire.  You do get to take off the 50% ER portion of the SE tax as an adjustment on 1040 Schedule 1 line 27.   The SE tax is already included in your tax due or reduced your refund.  It is on the 1040 Schedule 4 line 57 which goes to 1040 line 14. The SE tax is in addition to your regular income tax on the net profit.