How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask USTaxAdvising Your Own Question
USTaxAdvising
USTaxAdvising, CPA
Category: Tax
Satisfied Customers: 1237
Experience:  US Taxation specialist.
58296935
Type Your Tax Question Here...
USTaxAdvising is online now
A new question is answered every 9 seconds

I recently formed a single-member LLC and need clarification

This answer was rated:

I recently formed a single-member LLC and need clarification on the tax and accounting aspects of the business. Am I supposed to be accounting as if I am a sole proprietor or a partnership? Will I complete schedule C of form 1040 to list all my revenues
and expenses?
Hello,
I can help you with your tax question today.
Am I supposed to be accounting as if I am a sole proprietor or a partnership? - You should be accounting for your business as a sole proprietor since you are the single member. Being a single member of an LLC makes the entity "disregarded separate from it's owner" meaning that it is as if you are the LLC and it is disregarded. "an LLC with only one member is treated as an entity disregarded as separate from its owner for income tax purposes (but as a separate entity for purposes of employment tax and certain excise taxes), unless it files Form 8832 and affirmatively elects to be treated as a corporation." See support here from the IRS - http://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/Single-Member-Limited-Liability-Companies
Will I complete schedule C of form 1040 to list all my revenues
and expenses? - Yes exactly. See link above for confirmation.
Best regards
USTaxAdvising and other Tax Specialists are ready to help you