Hello Glow22!
Thanks for joining us for the event today, and for your great question!
A single member LLC that is not set up as an S-Corp is filed with your individual income tax return on Schedule C. It is a special form you fill out that reports all the business income and expenses for the year, but when you file through TurboTax, we'll ask you all the questions needed so that the form gets filled out and filed with your individual income tax return - it's not something you have to prepare separately outside of TurboTax.
When you're getting ready for tax time, it's a good idea to go through all the business income and expenses for the year and tally up the totals for each category (ie. marketing, supplies etc.). We typically refer to this totals page as a "profit & loss" and you can either use bookkeeping software or a free online template to put this together if that works well for you. This will make filing your return in TurboTax that much quicker and easier!
It is okay to include expenses that were spent from your personal account and not from a separate business account, as long as the expenses were for ordinary and necessary business expenses. Keep track of your receipts so that you can prove what you purchased, when, and even why it was a business expense. While you don't send the receipts with your return when you file it, keeping these is to provide proof in the event of an unexpected audit.
Congratulations on your new business! We're here to help you succeed with that!
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