Hi cmallow17,
That is a good question.
The first step you should take would be to seek an in-person consultation with a local tax professional in choosing the right entity type.
If you’re the single member of a limited liability company (LLC), you’ll typically file your business tax information on Schedule C and report the profit or loss from your business on Form 1040.
If you elect to be taxed as a corporation by filing IRS Form 8832, the default is to be treated as a C-Corporation. In this case, the business reports all income and deductions on Form 1120 each year and pays the corresponding income tax.
You can choose to be treated as an S-Corporation by filing IRS Form 2553. This passes-through the business' income to the owners on a Schedule K-1.
For more details on LLC filing, please check out this article.
https://turbotax.intuit.com/tax-tips/small-business-taxes/llc-tax-filing-rules/L39E29kPR
Please seek professional advice prior to making a decision on choosing entities for tax purposes.
Hope this answers your question. Feel free to reply if you have additional questions.
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