How do I report income for my LLC?

esandberg
esandberg Member Posts: 4 Newcomer
edited August 2023 in Income

I started a LLC last year, how do I report income for my business?

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  • ElizaG
    ElizaG FreeTaxUSA Team Posts: 13
    edited August 2023 Answer ✓

    Hi esandberg,

    You are known as a Single Member LLC (SMLLC).

    The only way to file this tax return is on the Schedule C on your personal tax return.

    Locate the Business Income (Schedule C) screen to answer the questions to start filing the LLC tax return.

    Be sure to enter the name of the LLC and use the Employer Identification Number (EIN) that you received from the IRS.

    Continue on to enter the income and expenses from your business records.

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Answers

  • JMSSGV
    JMSSGV Member Posts: 74 Level 5

    If you are a Single Member LLC, it has absolutely no bearing on your federal income tax situation. You report your income and expenses as a sole proprietorship, just as you would if the LLC did not exist.

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