Keep What You Earn How to File Taxes as a Single-member LLC or Sole Proprietor
When you start a business, you may think your taxes will get very complicated or that you'll need to find a new accountant to handle your taxes. That may not be the case! When you're a sole proprietor of single-member LLC, your taxes tend to be pretty simple (as long as you've kept up with the books).
You don't even need to file a separate tax return for your business. You'll be adding a Schedule C to your personal tax return to show your business income and deductions. I'm diving into the requirements and things to consider for your taxes as a single-member LLC or sole proprietor!
What you'll hear in this episode:
[1:30] How the state views your LLC vs how the IRS see your LLC
[4:45] Can your current CPA handle the business portion of your return?
[6:30] Yearly requirements for a sole proprietorship or single-member LLC
[9:00] Electing to be taxed as a C Corp or S Corp if you already have an LLC
* Related episodes:
221. How Do I Use the S Corp Strategy?
226. Deducting Business Travel
232. Questions You MUST Ask Your Accountant Before Signing a Return
Schedule C information and form available here: https://www.irs.gov/forms-pubs/about-schedule-c-form-1040
* Find everything you need at www.keepwhatyouearn.com! https://www.keepwhatyouearn.com/
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* See how much you can save with an S Corp: https://www.keepwhatyouearn.com/keep-what-you-earn-s-corp-calculator
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The information contained in this podcast is intended for educational purposes only and is not individual tax advice. Please consult a qualified professional before implementing anything you learn.