Question

Started a business in 2016.

Forum|Forum|7 years ago
June 5, 2019
1 reply
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In 2016 I registered an LLC in the state of Connecticut.
My understanding of an LLC is that you file any gains, and expenses for the company in your personal taxes.

Assuming this is true, I could not find a section for this in Turbo Tax. Using Premier.

Thank you in advance.

TurboTax Premier Online

C

ChristinaS

Employee

A single member LLC files a Schedule C, which is part of your personal tax return (1040). That is correct. The only exception would be if the SMLLC elected to be taxed as a corporation, which is not common.

You can create a Schedule C in Premier here:

Federal Taxes
Wages and Income
You may need to click Add Income or Scroll to Full List to see all categories
Under All Income is category Self-Employment
click start under Self-Employment- Income and Expenses to complete the Schedule C