A single member LLC is considered a disregarded entity by the IRS. IN other words, money earned by the LLC is *IN FACT* earned by you. All business income and business expenses are reported on SCH C as a physical part of your personal 1040 tax return. It does not matter if you are filing a joint return either. A single member LLC *DOES* *NOT* file a physically separate return under any circumstances.
- But I filed IRS Form 2553 to have my LLC treated like an S-Corp?
If so, and if the IRS approved it, then as far as the IRS is concerned you do not have an LLC of any type. Your business is *NOT* a single member LLC It is an S-Corp *FOR* *TAX* PURPOSES* ONLY*. Period. End of Story.
