You should consider if you had any start up costs that you would like to include in your 2016 tax return. IRS will allow you to deduct up to $5,000 in start-up costs and $5000 in organizational costs. Anything over these amounts will be amortized in future years.
See the article below for a list of what is included in start-up and organizational costs.
http://quickbooks.intuit.com/r/taxes/3-tax-deductions-available-only-to-startup-businesses/ .
How you report your LLC depends on if it is a single member or multi-member LLC.
A single member LLC is a disregarded organization by the IRS. This means that all income and expenses get reported on Schedule C of your individual tax return. When using Turbo Tax, use either Turbo Tax Self Employed (online) or Turbo Tax Home and Business (desktop software).
You will enter your business information under the Business tab of the program. There is a section to enter the general information about the business and then there sections for both income and expense. The program will generate a Schedule C which is included in your individual tax return.
A multi-member LLC must file it’s own tax return. The IRS treats an LLC as a partnership. This means that the LLC’s income and expenses are distributed to the members using a Form K-1.
See
https://turbotax.intuit.com/tax-tools/tax-tips/Small-Business-Taxes/Limited-Liability-Company-Taxes/... for more information.
