Tax Hero Niki
Employee Tax Expert

Self employed

Hi Thesharps!

Congrats on taking the step to protect your business by forming the LLC!

 

Merely forming the LLC does not have any tax impact, unless you are completing a tax form to make a special tax election. Forming the LLC does require you to keep up with whatever the specific state requires, which includes reporting and fees. You will continue to report your income and expenses the same way as last year on Schedule C, the self-employment section in TurboTax.