I have 2 businesses both of which I filed as part of my personal return for the past 2 years. Do I need to do anything differently if I want to file them separate? I imagine it will raise a red flag but I want to make sure I am separating them and filing them correctly. Can I just not report them on my personal and be done?
Have you been filing them on Schedule C in your personal return? On the same Schedule C or 2 separate Schedule Cs? Unless you incorporated or set up a Partnership or LLC you can't file them separate from your personal return. You can't just change. Have you been filing them wrong the last 2 years? If you really should be filing a separate Business return you better see an accountant right away and get it straightened out. You may need to amend your returns and file prior year business returns.
What kind of LLC? If they are a Single Member LLC they are a disregarded entity and belong on your personal 1040 return. But if you elected it to be a Single Member LLC S corp you need to file a 1120 S business return.