Hello, I changed my business from a sole proprietorship to a single-member LLC in 2024 in California. In 2024, I received a federal grant for my work, which was given to me, using my personal social security number. I am moving the federal grant funds from a personal banking account (sole proprietorship) to a business account (for the LLC). I received an EIN for the LLC.
How do I file taxes in 2025? Is this federal grant taxed just once? Will the Turbotax software guide me through this process when I file taxes next year? Thank you.
