topic I just started an LLC in August 2019, can I file my full years income through the LLC? in Business & farm

I just started an LLC in August 2019, can I file my full years income through the LLC?

sunluvnfool — Fri, 01 Nov 2019 18:20:25 GMT

I just started an LLC in August 2019; I receive 1099s from 2 separate sources. I would like to have them both send me a 1099 for the full years income to run through the LLC. Can I do this and not get penalized by the IRS? In theory, this would all of my income received for the year, so there shouldn't be any other income received, however, will the IRS think there should be more based on the LLC only be created in August?

Re: I just started an LLC in August 2019, can I file my full years income through the LLC?

Critter — Fri, 01 Nov 2019 19:40:19 GMT

Ok ... is this a single member LLC and is it doing the same business as the Sch C and uses the same name & bank account ? If so the LLC is a disregarded entity and all the income & expenses are entered on the same Sch C ... in other words nothing changes except the EIN will also be entered on the Sch C along with your SS#.

Re: I just started an LLC in August 2019, can I file my full years income through the LLC?

Anonymous — Fri, 01 Nov 2019 20:23:27 GMT

if they paid you before the LLC was formed those payments should not be reported under the LLC id #. the problem isn't really yours,if any, it would be theirs. since a single member LLC is a disregarded entity, all your income from this activity before and after putting it into an LLC would be reported on one schedule C.

Re: I just started an LLC in August 2019, can I file my full years income through the LLC?

Carl — Sat, 02 Nov 2019 16:21:25 GMT

can I file my full years income through the LLC?

No. Assuming this is a single member LLC (you are the one and only owner of the business) your business income and expenses will be reported on SCH as a physical part of your personal 1040 tax return. Weather you're filing joint or single doesn't matter. It still gets reported on SCH C as a physical part of your personal 1040 tax return.

So can you file your income through the LLC? Absolutely not. It's exactly the opposite. All of your LLC income received in the tax year is reported on SCH C as a part of your personal tax return. Nothing gets filed "though" anything. It all gets filed "with" your personal 1040 return.