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Level 1
posted Nov 16, 2022 9:29:26 AM

New Business

Hi, I started my new business this year its an LLC, I just wanted to know when I file my taxes do I have to add it to my personal taxes or do I need to file separate for the business. I file married jointly and the LLC is only one owner. Please advice and thanks in advance.

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1 Replies
Not applicable
Nov 16, 2022 10:38:16 AM

Hi,

 

Yes you are correct, a single member LLC can file a 1040 tax return, reporting self-employment revenue and expenses using the self-employed version of TurboTax. You will fill out the self-employment entries under income, and a 1040 schedule C will be reported on your personal tax return. Here is an Intuit link for the self-employed version of Turbotax

https://turbotax.intuit.com/personal-taxes/online/