Yes, if last year you were a sole proprietor, then for year 2022 you will complete a Schedule C, Profit or Loss From Business. Now that your LLC is about to be taxed as an S-Corp., Form 1120-S, U.S. Income Tax Return for an S Corporation, replaces Schedule C as the way your business will report profit or loss to the IRS. Unlike Schedule C, Form 1120-S is not filed with your personal tax return. It is submitted to the IRS as a separate filing and is typically due on March 15th each year.
You are past the deadline for an S-Corp to make a contribution to a Solo 401k for the benefit of the employee. For tax year 2022, S-Corps have until March 15, 2023, to make such contributions. The same deadline applies for partnership LLCs as well. However, the deadline for making a tax year 2022 Solo 401k contribution as a sole proprietor is April 18, 2023. Thus, as a sole proprietor business owner, you still have time to effect a tax year 2022 contribution to your Solo 401k.
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