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Business & farm
Great, so as you didn't file either of those forms, the IRS will treat your Single Member LLC as a sole proprietor, and you will report the business income and expenses on your Form 1040, using Schedule C. The IRS considers you self-employed, a sole proprietor.
As such, you will be assessed income taxes and self-employment taxes for your business income on your personal income tax return.
Do look into an online tax estimator calculator to determine if you need to pay any estimated taxes to the IRS or to the state.
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‎November 13, 2024
2:32 PM