A single member limited liability company (SMLLC) is filed on your individual tax return using Schedule C. A business allows you to deduct the costs necessary to obtain the income. The law explains that 'you must be engaged in the activity to produce a profit'. The test under IRS tax law is that you must show a profit three out of every five consecutive years to be considered a business (a test and not definite, also time, investment and other details are considered).
The links below will show you the steps to report your income and expenses for 2024.
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