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Returning Member
posted Mar 27, 2020 12:25:30 PM

independent contractor

I own an LLC.  How do I file the payment I receive as the only person working on the part time bases?

0 2 198
2 Replies
Expert Alumni
Mar 27, 2020 3:12:58 PM

If you have a single member LLC, and you file on Schedule C, you report your profit as your income. There is no entry for money you take out of the business.

Level 15
Mar 27, 2020 5:37:02 PM

When it comes to taxes, the only difference between a sole proprietorship, single member LLC and an independent contractor, is the spelling. Literally! All business income & expenses is reported on SCH C as a physical part of your personal 1040 tax return. It does not matter if you are filing a joint return either.

If using the online version of TurboTax, then you must use the Self-Employed flavor.

If using the CD/Desktop version of the program, then you can use Deluxe or higher.