I am the only member on my LLC

Can I file my business and personal separately? I tried filing with the turbo tax home and business. When I figure out my personal return I get a refund. when I figure out the business I owe a little amount. When I combine the 2 I owe a substantial amount.
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    This IRS link has the tax law info that you need. It is from the IRS:
    http://www.irs.gov/businesses/small/article/0,,id=158625,00.html

    You run an SMLLC (Single Member LLC). LLCs are creatures of state law. Under the 301.7701 Treasury regulations,  single member LLCs can be taxed as a corporation (1120) or a disregarded entity. If you did not file Form 8832 and elect to be classified as a corporation, you are taxed as a "disregarded entity".

    However, SMLLCs will be treated as "separate entities" no matter what for some excise taxes and employment taxes from January 1, 2009 onwards. Filing for these two types of taxes should be done using the SMLLC's name and Employment Identification Number ("EIN").

    An LLC applies for an EIN using Form SS-4 and completing lines 8a, b, and c of that form. An SMLLC that is disregarded (did not file a Form 8832) and that does not have employees and does not have to pay excise taxes does not need an EIN. However, the SMLLC may require the EIN for state law purposes - for example, to open a bank account.

    If the LLC is a single member one, you will be treated as a "sole proprietor" by the IRS. In that case, you would have to place all of your LLC's business income on Schedule C of your 1040.
    • If the LLC is a single member one, you will be treated as a "sole proprietor" by the IRS. In that case, you would have to place all of your LLC's business income on Schedule C of your 1040.

      This would relate to me. The turbo tax program is so generic and basic. Where exactly is Schedule C of the 1040 in the turbo tax program?
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    Hi:

    I only have access to the online edition, so I use "Easy-Guide".
    I click on the "Business Tab" at the top of the screen. In your "personal info" in Easy-Guide you must have indicated that you had a business.

    After clicking on the Business tab,  click "Continue"; then in the online edition - you get a choice of Easy Guide or "Explore On My Own".

    Click "Explore On My Own".

    The first (and top) title should be "Business Income and Expenses" - Schedule C, Form 1099-MISC.

    Click Start right beside it.

    Then click Continue.

    Enter business identification information (name, address, etc.).

    Answer whether you bought, sold, or "neither" the business in 2011. Click continue.

    Answer whether you paid employees, click yes or no.

    Input or apply for an EIN.

    Enter business code.

    Answer whether or not you use cash method.

    Answer remaining questions. Eventually a business profile will be created.

    After creating business profile, follow the steps indicated to input business income, COGS, business expenses, business assets, etc.

    All of this will eventually appear on your Schedule C, 1040 automatically. If you have the desktop version, you can click on "Forms" and confirm that amounts inputted during Easy Guide appear on the Schedule C.
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