I saw this post with some explanation but I would like to make sure I understand clearly:
1) The income of the LLC gets reported as "Other income."
2) The deductions of the LLC gets reported as "Other deductions."
3) In the attached statement, I do not need to break down the income/deductions granularly (like receipts/COGS/etc for income, wages/rents/advertising/etc for deductions). I only need to report what the total income and total deductions are.
Is this correct?
