My business has not made a profit in the past three years. I have a single member LLC.
1) If I report my business income (less than $200 gross), as a hobby, will I be required to pay back the past deductions as a business?
2) Before I report as a hobby, do I need to close out my LLC? Or is it okay to report the LLC income as a hobby for this year since it is under $200 anyway?
