Hi, Cree_T,
As background, the IRS considers an LLC to be a disregarded entity (which means they pretend it doesn't exist and they look past it to how you are operating). This TurboTax article does a good job of explaining various tax reporting option for an LLC that has not made elections to be taxed otherwise. This IRS page also talks to the various types of business structures
As an LLC, you can elect to be taxed as an S-Corp.. The aforementioned linked article discusses the S-Corp, including some of the tax benefits. It is also possible to elect to be taxed as a C-Corp, but that is usually more challenging to administer and isn't the usual pathway elected by LLCs.
Hope this helps.
**Please cheer or say thanks by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
Regards,
Karen
TurboTax Expert
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
