I am planning this year 2021 to change my current LLC to Independent contractor. What do I need to do?
03704
3 Replies
CatinaT1
Expert Alumni
Mar 31, 2021 7:32:49 AM
There is nothing to do for tax purposes when making this change. An LLC is a legal designation. As either an LLC or an Independent Contractor, you are still Self-Employed and filing a Schedule C.
pete-johnston
New Member
Mar 31, 2021 7:49:46 AM
In Turbo Tax do I need to change/remove the current business LLC name and input any 1099 Misc in my name only?
ColeenD3
Expert Alumni
Mar 31, 2021 7:53:32 AM
If you wish to no longer use the business name, just go back to using your own. An LLC is a disregarded entity for the IRS, meaning as no as you are taxed on Schedule C, they see no difference between a single member LLC and a sole proprietor.