TurboTax Business 2019 can be found here.
The subject is a broad one that this space cannot do justice. The laws in your specific state may also affect your organization’s business structure.
An LLC is a creature of the state in which it is created. You then apply to the IRS for a Federal Employer Identification number (EIN) to:
- Report payroll taxes, or
- Report credit.
One year from now, you may be able to report income and expense:
- As a sole proprietor on IRS form 1040 Schedule C,
- As a partnership on IRS form 1065,
- Or, you may ask the IRS to classify the LLC as a corporation (C corp) that reports income and expense on IRS form 1120.
- Lastly, you may ask the IRS to classify the LLC as an S corporation that reports income and expense on IRS form 1120-S.
The IRS defaults to treating a sole member LLC as sole proprietor and a multi-member LLC as a partnership.
The second, third and fourth options will also require you to report income or loss in some manner on your person 1040.
There are multiple websites which explain the differences and pros and cons of these structures. Here is one. You may want to engage legal help that is familiar with your state laws.
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