Business & farm

If you are the only member of the LLC, then there is no special reporting on a 1065 or other return.  The income and expenses go on a Schedule C on your 1040.  You and the LLC are one.  If you are doing training to better your job, such as getting a license in another state in the same career you are in, but meeting the state licensing to expand, that would be deductible.  If you are getting a degree or training to allow you to start the business or that is not improving what you already have, that would not be deductible. 

"To be deductible, your expenses must be for education that (1) maintains or improves skills needed in your present work or (2) your employer or the law requires to keep your present salary, status or job. However, even if the education meets either of these tests, the education can't be part of a program that will qualify you for a new trade or business or that you need to meet the minimal educational requirements of your present trade or business." Topic 513

To enter your self-employment income click the following:

1. Federal
2. Income and Expenses
3. Show More next to Self-Employment
4. Start next to Self-Employment
5. Yes, to you have any self-employment income or expenses
6. Enter the type of self-employment work you do and you can select that you use your name for your business
7. Click through a few more screens and you will get to a screen that says "Your XX info"
8. Click Looks good
9. Then you will come to a screen that says Let's enter the income for your business.  It will give you the option of 1099-NEC or Other self-employed income including the 1099K , cash and checks.  Here is where you will enter your 1099
10. If you do not select one, it will not let you enter your income
11. Enter your self-employment income on the next screen
12. Continue and on the next screen click add expenses

This income will be reported on Schedule C which is part of your overall tax return. This also means you will be subject to SE Tax.   it may be a good idea to make  quarterly estimated payments to cover your SE taxes of 15.3% and avoid penalties.

If you have health insurance through a non-employer, you may also be able to deduct your health insurance premiums as a business deduction. The Self-Employed Health Insurance deduction is limited to your earnings.  Meaning, you cannot deduct more than you earned. This is also entered in the business expense section. 

Taking Business Expense Deductions

LLC Filing