Business & farm

Since you changed your entity classification to a single member LLC, everything pretty much remains the same.  You are still able to report your business income and expenses on a Schedule C.

However, you will need to update the name and address of your business in the self-employment section of TurboTax.  You will need to add your Employer ID Number as well.  Your office rent will be a business expense reported on Line 20b - amounts paid to rent or lease other property, such as office space in a building.

You will report your home office expenses up to the date you moved in July.  Next year, you will report that you no longer have a home office.

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