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Level 1
posted Feb 28, 2024 8:47:40 AM

LLC Created

I formed an LLC (solo) in May 2023.  I have expenses associated with the LLC, though there were no profits yet.  It has been set up with Federal ID, but still need to complete the state.  Can I still complete my business expenses/losses within turbotax when I file for my personal taxes? 

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1 Replies
Employee Tax Expert
Feb 28, 2024 8:52:27 AM

Yes.

 

Your single-member LLC is a disregarded entity.

 

You report income and expenses of the LLC on Schedule C of your personal tax return.