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Business & farm
A single member LLC is able to file using a Schedule C, which is part of the larger personal 1040 tax filing, so you will not need to file a separate business return like you did with the multi-member LLC (Form 1065 or Form 1120-S).
To the extent you have net business income you will still be able to claim the QBI deduction, which you were able to do as a multi-member LLC.
Best of luck in the new incarnation of your business @Heleniporter and thank you for the question.
All the best,
Marc T.
Turbo Tax Expert
27 Years of Helping Clients
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‎November 13, 2024
12:44 PM