How to file a new llc business?
Hi WaltGrimm,
Congrats on the new LLC!
Assuming your new LLC is a Single Member LLC, for income tax purposes that will be just as if you are a Sole Proprietor filing a Schedule C, Profit or Loss form Business (Sole Proprietorship).
You will report your income and expenses on Schedule C, and self-employment tax on Schedule SE. FreeTaxUSA will guide you through the steps and create the forms you need based on your input.
Thank you!
What if the LLC has been dormant all year? I did not do much with it except pay the LLC registration fees. Do I still owe tax or is there some sort of penalty?
There is no penalty for not having any activity in your LLC. You generally only owe tax if you have net gain (Income - Expenses = Profit/Net Gain).
