Skip to main content
February 21, 2025
Question

if I change change to an LLC from a sole proprietor mid year, can I claim all income and expenses to the llc?

  • February 21, 2025
  • 1 reply
  • 0 views
No text available

    1 reply

    February 21, 2025

    If you are a single member LLC, all of your income from that business would be reported on Schedule C.  So, there wouldn't be any reporting change when it comes to your taxes.  You would still include all income and expenses on the same Schedule C.

     

    If you were a partnership LLC and had to file a 1065, then no, you would not be able to claim everything on your schedule C.  You would need to file the 1065 for the part of the year that you were a partnership including income and expenses received and incurred during that part of the year and then the part of the year that you were a sole proprietor, include ONLY those income and expenses on Schedule C. 

    **Say "Thanks" by clicking the thumb icon in a post**Mark the post that answers your question by clicking on "Mark as Best Answer"