Small Business

[mp627]

I started a small business (single member LLC) and made just under $1,000 and spent maybe $2,000. I just want to make sure I file it correctly. What forms would I be using? Is there anything to know?

[VolvoGirl]

Is your Single Member LLC set up as an S Corp?   If yes then post back.   If you are not a S Corp it is a disregarded entity and you file it on Schedule C as self employment in your personal 1040 tax return.  You can deduct a Net Loss against your other income.   

To report your self employment income you will fill out schedule C in your personal 1040 tax return and pay SE self employment Tax.  Here's a Schedule C  https://www.irs.gov/pub/irs-pdf/f1040sc.pdf

You can enter Self Employment Income into Online Deluxe but if you have any expenses you will have to upgrade to Premium or use any of the Desktop CD/Download programs.