LLC(one owner) - Form K1 or Schedule C

[ramanmit]

Hi, I have one LLC(Scorp) and I am sole owner. When I file my taxes should I use schedule C or Form K1.

[Carl]

Your single member LLC is considered a disregarded entity as far as the IRS is concerned. You'll report all business income and expenses on SCH C as a part of your personal tax return. Under no circumstances will you issue yourself a W-2, 1099-MISC or any other type of tax reporting document. TO do that, would be wrong and the IRS will audit you on that.

[TaxGuyBill]

Carl's response is correct if the LLC has NOT made the election to be taxed as a corporation.  However, if the LLC *HAS* made the election to be taxed as an S-corporation, the corporation should issue you a W-2 and a K-1 (no Schedule C).  You are required to be on payroll (and all of the associated payroll forms and taxes), so be sure you are doing that.

I REALLY, REALLY recommend going to a tax professional ASAP.  Doing thing wrong can easily cost you thousands of dollars.