turbotax icon
turbotax icon
turbotax icon
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

vbrookinsco
Returning Member

independent contractor

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

Connect with an expert
x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

2 Replies
ColeenD3
Expert Alumni

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.

Carl
Level 15

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.

 

Use your Intuit Account to sign in to TurboTax.
By selecting Sign in, you agree to our Terms and acknowledge our Privacy Statement.
message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question
Manage cookies