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Business & farm
An LLC is a flow-through entity. This means the income is reported on Schedule C for a single-member LLC or a 1065 for a partnership. The Schedule C is available in TurboTax Home and Business or TurboTax Self-Employed Online.
If you want to be taxed as a totally separate entity, you would need to organize as a C-Corp. You would be double taxed on the earnings of the C-Corp as the C-Corp pays taxes and then you would pay taxes on any distributions. LLC's do not pay taxes they simply file informational returns.
If you want to be taxed as a C-corporation this would be a business organization question (not a tax question) that you would need to contact a local business solutions expert.
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‎January 8, 2020
6:51 AM
9,102 Views