A single member LLC that has not incorporated is considered a disregarded entity for tax purposes. You will file a Schedule C to report the income and expenses as a sole proprietor. The Schedule C is included with and part of your personal tax return, Form 1040. The net income or loss from self employment reported on Schedule C are entered on your personal tax return, Schedule 1 Line 3 and Form 1040 Line 7a
On your personal tax return you can only use either the Standard Deduction or Itemized Deductions, whichever is greater. Itemized deductions are entered on Schedule A and only personal deductions can be reported on a Schedule A.
The total of all your itemized deductions on Schedule A must be greater than the standard deduction for your filing status to have any tax benefit.
Standard deductions for 2019
- Single - $12,200 add $1,650 if age 65 or older
- Married Filing Separately - $12,200 add $1,300 if age 65 or older
- Married Filing Jointly - $24,400 add $1,300 for each spouse age 65 or older
- Head of Household - $18,350 add $1,650 if age 65 or older
