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Business & farm
@Bsch4477 . A single member LLC is a disregarded entity unless there is an election to be taxed as an association which would then be either a C corp or an S corp. The facts do not indicate this has been done.
As such, the single member LLC, since it is disregarded, will be reflected on Schedule C as noted by the poster. There is NO K-1 that will or needs to be issued.
In addressing the tax question, you need to monitor your taxable income and make quarterly estimated tax payments. You may want to discuss this with a tax professional so you get started down the right path in your first year.
*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.
‎December 2, 2020
2:21 PM