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Business & farm
So when you were generating revenue was it with the LLC or you individually?
At the end of the day, the end tax result will be the same. There could be some legal protection using the single member LLC but you should consult an attorney on this matter.
From a tax perspective, using a single member LLC or through you individually, both would use the Schedule C to report income and expenses and as stated above, the tax consequences would be identical. If you do decide to use the single member LLC and you do not have any employees, I would report under your social security number.
At the end of the day, the end tax result will be the same. There could be some legal protection using the single member LLC but you should consult an attorney on this matter.
From a tax perspective, using a single member LLC or through you individually, both would use the Schedule C to report income and expenses and as stated above, the tax consequences would be identical. If you do decide to use the single member LLC and you do not have any employees, I would report under your social security number.
*A reminder that posts in a forum such as this do not constitute tax advice.
Also keep in mind the date of replies, as tax law changes.
Also keep in mind the date of replies, as tax law changes.
‎June 3, 2019
5:38 PM