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wwellsfamily
New Member

Is it best to fill out an 1099misc for myself for my own business or just or just claim all income as profits? My business is a LLC

 
2 Replies
tagteam
Level 15

Is it best to fill out an 1099misc for myself for my own business or just or just claim all income as profits? My business is a LLC

If the LLC is a single-member LLC (i.e., you are the only member), then you would not issue a 1099-MISC as that would essentially be the same as issuing a 1099 to yourself.

Carl
Level 15

Is it best to fill out an 1099misc for myself for my own business or just or just claim all income as profits? My business is a LLC

Under no circumstances does the owner of a single member LLC or sole proprietorship issue themselves a tax reporting document of any type. Not ever. There are no exceptions. Your business is considered a disregarded entity by the IRS and all income/expenses are reported on SCH C as a physical part of your personal 1040 tax return. It does not matter if you are filing joint either.

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