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sc3176891
New Member

I started an LLC mid year, , I started running the checks thru the business at that time ,9-25-2016, do I count income for whole year in the llc or on a separate form

 
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DexterS
New Member

I started an LLC mid year, , I started running the checks thru the business at that time ,9-25-2016, do I count income for whole year in the llc or on a separate form

If you have a "single-member" LLC, and you have not elected with the IRS to be taxed as a Corporation or S-Corporation then the IRS calls this a "disregarded entity".  That means it's not separate from yourself.

If you have a self-employed business and you're now doing the same business through the LLC it's all the same thing.  Report the whole year in the LLC on Schedule C of your Form 1040.

If you were a self-employed realtor and then formed an LLC to become a candy maker, those are separate businesses and should be kept separate.

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DexterS
New Member

I started an LLC mid year, , I started running the checks thru the business at that time ,9-25-2016, do I count income for whole year in the llc or on a separate form

If you have a "single-member" LLC, and you have not elected with the IRS to be taxed as a Corporation or S-Corporation then the IRS calls this a "disregarded entity".  That means it's not separate from yourself.

If you have a self-employed business and you're now doing the same business through the LLC it's all the same thing.  Report the whole year in the LLC on Schedule C of your Form 1040.

If you were a self-employed realtor and then formed an LLC to become a candy maker, those are separate businesses and should be kept separate.

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