Maybe. If you are alone in your business and did not choose to be taxed as a corporation, you are considered self-employed and file a Sch C for your income and expenses. An LLC is a legal election. Depending on how many are in the LLC, you could be a sole proprietor, a partnership, or an S Corporation. A sole proprietor can be a disregarded non- entity and file on your personal return with a sch C. S- Corp requires paperwork. If you did not file a form, you are not an S Corp. If you want to be an S Corp, you need to file Form 2553 and instructions. Partnership- more than one of you, or possibly a spouse, in the business. An S- Corporation or a Partnership requires a return using Business Tax Software, downloaded to a windows machine.When you filed for your EIN, that EIN paperwork- shows what tax form the IRS expects you to file based on what you entered. No matter which of these you are, the IRS has a business center that helps choose the best business for you, shows how to grow, organize and prosper. Here is my favorite IRS website: Small business

Question

If I have an LLC do I still file under self-employment

Forum|Forum|4 years ago
February 4, 2022
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TurboTax Self Employed Online

AmyC

Maybe. If you are alone in your business and did not choose to be taxed as a corporation, you are considered self-employed and file a Sch C for your income and expenses. An LLC is a legal election. Depending on how many are in the LLC, you could be a sole proprietor, a partnership, or an S Corporation.

A sole proprietor can be a disregarded non- entity and file on your personal return with a sch C.
S- Corp requires paperwork. If you did not file a form, you are not an S Corp. If you want to be an S Corp, you need to file Form 2553 and instructions.
Partnership- more than one of you, or possibly a spouse, in the business.

An S- Corporation or a Partnership requires a return using Business Tax Software, downloaded to a windows machine.

When you filed for your EIN, that EIN paperwork- shows what tax form the IRS expects you to file based on what you entered.

No matter which of these you are, the IRS has a business center that helps choose the best business for you, shows how to grow, organize and prosper. Here is my favorite IRS website: Small business

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