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Get your taxes done using TurboTax
Hi @steffeneriksen,
A single-member LLC, or SMLLC, is generally considered a sole proprietorship for tax purposes and is reported on your personal tax return, there is no need for a separate return. Within TurboTax your business income and expenses are entered in the Wages & Income > Self-Employment section. TurboTax will ask about your business's details, including sources of income, and recommend expense categories. You will be able to modify the categories and enter your business expenses to offset your gross business income.
I also suggest checking out the Self-Employment Tax Hub, it is a great resource for self-employed individuals from a tax perspective.
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‎October 25, 2023
2:36 PM