rjs
Level 15
Level 15

Business & farm

Is it a single-member LLC or multi-member?
If it is multi-member, are you and your spouse the only members? If so, what state are you in?
Has the LLC filed Form 8832 to elect to be treated as a C corporation or Form 2553 to elect to be treated as an S corporation for tax purposes?


A single-member LLC that has not elected to be treated as an S corp or C corp is disregarded for income tax purposes. You report the income and expenses as self-employment on your personal tax return.


If it's anything other than a single-member LLC that has not elected to be treated as an S corp or C corp, the LLC has to file its own tax return, separate from your personal tax return. Except for C corp treatment, you will get a Schedule K-1 from the LLC, which you have to enter in your personal tax return.


There is an exception if you and your spouse are the only members of the LLC, and you live in a community property state.