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Business & farm
Yes. Income the business received. What do you mean.."...enter income derived from the actual business itself?" The LLC is a disregarded entity and you file it on Schedule C in your personal 1040 return. Unless you elected to be a Single Member LLC and a S corp. Then you need to file a separate 1120 S Business return.
You are filling out Schedule C. You enter the gross income for the Business from all sources like sales, service, etc. Then you enter the business expense. Turbo Tax will calculate the Net Profit or Loss on Schedule C. Are you familiar with Sch C?
‎January 23, 2021
4:48 PM