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Business & farm
It depends. If your LLC is considered a single member limited liability company (SMLLC) then it is considered a disregarded entity by the IRS. This simply means you report the income and expense on your personal return. If this describes your situation continue to report your activity on Schedule C. I see no reason to change your method of reporting since the creation of the LLC.
If you did choose to use, create an S-Corporation or other entity, then you must file the 1120-S or relative tax form and distribute the income to yourself on a K-1.
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‎April 6, 2024
6:56 AM