Individual business owner converted to single member LLC in April. Should income & expenses be separated or can the whole year be combined onto 1 Schedule C?

[TaxGuyBill]

As far as the IRS is concerned, you can combine them on one Schedule C (unless you have file payroll returns for employees using different EINs).

However, it MIGHT be possible that could infringe on the "limited liability" protection because you are mixing personal things (the business before the LLC) with LLC things.  So from a legal protection viewpoint, it MIGHT be safer to put it on two Schedule Cs.

[loritomita01]

Filed 1099-Misc and all reports from 1 EIN under the LLC

[loritomita01]

Understood an LLC is treated as a sole-proprietorship, and is a disregarded entity. Is that correct?

[TaxGuyBill]

Yes, unless the LLC filed the form to be taxed as a corporation, a Single Member LLC is a disregarded entity, which means it goes on Schedule C as a sole proprietorship.

[loritomita01]

Thank you!