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February 9, 2023
Question

I started new business with llc with myself as only owner big loss of $$ where do i start to report with ? will it help the refund better?

  • February 9, 2023
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February 9, 2023

As a single member LLC, you You are a sole proprietor for income tax purposes unless you elect to have the LLC treated as a corporation.

You will report all income and expenses on Schedule C. 

 

You can deduct your expenses even if you don't have any income. you can deduct eligible business expenses in order to pay fewer taxes. These expenses must be common for your type of business and also necessary for your operations. You may be able  to offset your personal income from other sources. However, there may be limits on how much of the loss you can deduct.

For more details please check  :Pub 535

To add schedule C: Where do I enter Schedule C?

 

 

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