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Is it best to fill out an 1099misc for myself for my own business or just or just claim all income as profits? My business is a LLC
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January 9, 2020
8:08 AM
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Business & farm
If the LLC is a single-member LLC (i.e., you are the only member), then you would not issue a 1099-MISC as that would essentially be the same as issuing a 1099 to yourself.
January 9, 2020
9:33 AM
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Business & farm
Under no circumstances does the owner of a single member LLC or sole proprietorship issue themselves a tax reporting document of any type. Not ever. There are no exceptions. Your business is considered a disregarded entity by the IRS and all income/expenses are reported on SCH C as a physical part of your personal 1040 tax return. It does not matter if you are filing joint either.
January 9, 2020
3:12 PM