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I suggest you following references for starting the business
As a single member LLC - you generally report all income and expenses as solo proprietorship.
The business income and expenses will be reported on the schedule C - http://www.irs.gov/pub/irs-pdf/f1040sc.pdf
Net business income is subject of 15.3% self-employment tax - see schedule SE - http://www.irs.gov/pub/irs-pdf/f1040sse.pdf
The income/loss will be reported on the form 1040 line 12 - http://www.irs.gov/pub/irs-pdf/f1040.pdf
Let me know if you need help in reporting.