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