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April 4, 2023
Question

I started a business, an LLC in 2022. I only made $100 but I spent quite a bit of money. What do I need to do?

  • April 4, 2023
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April 4, 2023

If your business is a single-member LLC, then you need to report your income and expenses on Schedule C as part of your personal tax return.  

 

If the business was formed as a partnership or S-Corp, then you will need to file either Form 1065 or Form 1120-S to report the income and expenses.  Those returns are only available in TurboTax Business, which is a separate program from the one used for personal tax returns.  Additionally, the due dates for those returns has already passed for 2022.

 

Take a look at the following TurboTax help articles for more information about filing Schedule C:

 

What Is a Schedule C IRS form?

 

Where do I enter Schedule C?

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