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Level 1

Single Member LLC Self Employed Version; how to use

I have a single member LLC and am using online self employed.  I can't find anywhere to indicate I have an LLC.  Do I need to?   Is just putting in the revenue and expenses adequate?  If not, where do I enter the LLC info, or do I need another version?

5 Replies
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Level 2

Single Member LLC Self Employed Version; how to use

Yes, to enter your revenue and expenses for your single member LLC you can use TurboTax Self-Employed.  

Single Member LLC's are treated as a "disregarded entity" and are not required to file a separate tax return.  Instead, your income and expenses of your LLC will be reported on Schedule C of your personal tax return.  Nothing on your return will be required to indicate that your business is an LLC.  

To enter your business data in TurboTax, take the following steps:  

In your federal return within TurboTax, under the Income & Expenses tab on the top of the screen, select the Self-Employment Income & Expenses section.  This is where you will enter your business information, income and expenses.

Level 6

Single Member LLC Self Employed Version; how to use

Thanks for the response, but I still have a question:

How do we pay the quarterly taxes inside Quickbooks Self Employed, I enrolled with eftps using my LLC's EIN and quickbooks shows: "Be sure to enroll as an individual with your Social Security number. This won't work if you enroll as a business with your EIN."

Should I skip the quarterly payments and just file the final IRS in 2020?

 

Thanks

 

Level 15 pk
Level 15

Single Member LLC Self Employed Version; how to use

Agreeing with @JulieCo  excellent answer, just want to add that since this is dis-regarded entity ( for tax purposes ), the eftps registration needs to be using your SSN  and not  the LLC EIN.  When you have emplyoees you will need to use the EIN  & EFTPS / similar facility to deposit the  withholding ( Employee withholding ).  Also  your life would be a lot easier  if your clients  use your SSN  for issuing any 1099-misc.  Hope this clarifies

Level 6

Single Member LLC Self Employed Version; how to use

Oh, ok, thank you so much for the answer. So since I enrolled with EFTPS payments using the EIN but never pay's any quarter yet, should I just ignore that and enroll my SSN instead?

 

Thank you

Level 15 pk
Level 15

Single Member LLC Self Employed Version; how to use

That is correct -- goof luck