Do I include my the income from my LLc, on my personal additional income?

Cornbread
Cornbread Member Posts: 1 Newcomer
in Live Q/A Event

I just started a new business and I'm doing my taxes for the first time. When completing my personal taxes, they ask for additional income. Am I to include the profits from the business into the section?

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  • SamanthaY
    SamanthaY FreeTaxUSA Agent Posts: 4

    Hi, thank you for your question.

    A single-owner LLC reports business income and expenses on a Schedule C. In the software, you can enter your LLC income and expenses in the Business Income (Schedule C) section.

    If there is more than one owner in an LLC, the LLC is treated like a partnership for tax purposes. A Form 1065, partnership return, needs to be filed for the LLC. A Schedule K-1 will be given to each owner showing that owner's portion of LLC income that needs to be reported on the owner's Form 1040. You can report your Schedule K-1 income from the multi-owner LLC on the Partnership or LLC Income and Deductions (Schedule K-1) screen.

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