Why sign in to the Community?

  • Submit a question
  • Check your notifications
Sign in to the Community or Sign in to TurboTax and start working on your taxes
Level 1
posted Jan 22, 2025 12:53:22 PM

Hi there, I'm a single member LLC I'm just wondering if my tax classification is business or individual?

Hi there, I'm a single member LLC I'm just wondering if my tax classification is business or individual?

0 2 1808
2 Replies
Level 15
Jan 22, 2025 12:57:40 PM

The IRS considers a single member LLC that has not incorporated as a disregarded entity.  So you report your income and expenses on Schedule C as a sole proprietor or independent contractor.

Expert Alumni
Jan 22, 2025 1:36:08 PM

If you didn't file Form 8832 to be treated as a corporation when you set up your single member LLC, the IRS considers your LLC as a “Disregarded Entity”.  For additional information, review the IRS website: Single member limited liability companies.

 

You’ll report your LLC business income and expenses on Schedule C as self-employment income or Schedule F if it’s for farming.

 

Refer to the TurboTax article: LLC Tax Filing Rules.