marctu
Employee Tax Expert

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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