I have an LLC but only had losses, where do I go to file my business tax?

[aquino_maribel]

sole owner, LLC, just started last year, only losses. How do I file or where?

[DianeW777]

A single member limited liability company (SMLLC) is filed on your individual tax return using Schedule C.  A business allows you to deduct the costs necessary to obtain the income.  The law explains that 'you must be engaged in the activity to produce a profit'.  The test under IRS tax law is that you must show a profit three out of every five consecutive years to be considered a business (a test and not definite, also time, investment and other details are considered).

The links below will show you the steps to report your income and expenses for 2024. 

• How do I report income from self-employment?
• Reporting Self-Employment Business Income and Deductions
• Where do I enter Schedule C?