You'll need to sign in or create an account to connect with an expert.
Yes...if you are a Single Member LLC, you can just file a Schedule C with your Form 1040.
An LLC is an entity created by state statute. Depending on elections made by the LLC and the number of members, the IRS will treat an LLC either as a corporation, partnership, or as part of the owner’s tax return (a disregarded entity). Specifically, a domestic LLC with at least two members is classified as a partnership for federal income tax purposes unless it files Form 8832 and affirmatively elects to be treated as a corporation. An LLC with only one member is treated as an entity disregarded as separate from its owner for income tax purposes (but as a separate entity for purposes of employment tax and certain excise taxes), unless it files Form 8832 and affirmatively elects to be treated as a corporation.
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
hcgma2020
Level 2
karl551047
New Member
jmpeacock-sbcglo
New Member
scottmc1948
New Member
bce0
Returning Member
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.