Hi bethlauren04,
Thank you for your questions today.
I understand that in previous years you filed a Schedule C for your self-employed business. Now in 2023 you have established a LLC.
1. A single member LLC is the same as being self-employed, and file the Schedule C. If you are a single member LLC you will continue to report your business income and business expenses on a Schedule C, as part of your individual income tax return.
2. To file a separate tax return, you would need to elect with the IRS to be treated as a S-Corp and would the S-Corp would then file a Form 1120-S. An S-Corp is a pass-through entity, it does not pay taxes, but passes it's profit/loss through to its shareholders via a Schedule K-1 for the shareholder(s), you, to include on your individual income tax return. So there is no paying double taxes, as the S-Corp does not pay taxes.
I hope that this information is helpful. Have a great day!
Connie
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
