I was operating under my full legal name for some consulting since end of 2018. Mid 2019, I switched to a single member LLC with a different business name.
Some questions:
1. If everything else stayed the same except for legally switching to the LLC using a different name, do I check the box in Turbotax for "I started (or acquired) my business in 2019?" If so, do I use the date I officially formed the LLC as the start date?
2. Is it okay to just complete one schedule C using the new LLC business name for the whole year? Or do I need to report two schedule C's as though I had 2 separate businesses in 2019?
I am doing the same type of work as I was prior to switching to an LLC, have no employees, and received no 1099s during the year. I use Quickbooks online and have recorded everything under the same "business" for all of 2019.
Thanks in advance!
You'll need to sign in or create an account to connect with an expert.
Since you are a single-member LLC, you would report your income and expenses on schedule C of your 1040 income tax return just as you did when you were a sole proprietor. Yes, you would simply use the new business name on your schedule C. You do not need to report 2 schedule C's.
Thank you Alan! Should I check the box stating that the LLC was just started in 2019 where it asks? Then just use the date the LLC was formed?
I'm guessing that wouldn't matter that I had expenses under my own name as a sole prop the first part of the year then either?
Yes, check the box that states you started the LLC in 2019 since the schedule C will now be in the LLC name. You will still add all of the income and expenses for the year.
Still have questions?
Questions are answered within a few hours on average.
Post a Question*Must create login to post
Ask questions and learn more about your taxes and finances.
sergeantguam
New Member
amla809
Level 1
Kat96y53g7
Level 1
Robtri2
Level 1
js733
New Member