Ok,
So I have a small business on Ebay, have been a sole proprietor for many years. I moved to a new state in 2020 so decided to just do an llc as it was the easiest method for business name and all the registrations...but the business did not change (really small think around 20k a year gross income).
So turbo tax is asking me about "did you start a new business" re:" startup costs etc.
So I have an EIN for the single member llc- and llc and sales tax accounts and all that.........that are new but the business is the same, nothing changed with the home business at all except I formed llc basically.
So this isn't a "new business" for startup costs and turbo tax "click the new business started" part or not?
Sorry if this is confusing, I got to that turbo tax question and am like hmmmmmm.....great, Cause its the same business really just newly registered in new state.
or can this be considered a disregarded entity since single member llc........and I just do the schedule C and put in the EIN on the Schedule C etc attached to all my normal personal 1040 etc etc.
#Confused Thank you!