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Lev, Tax Advisor
Category: Tax
Satisfied Customers: 29558
Experience:  Taxes, Immigration, Labor Relations
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I am a sole owner of a business that is an LLC. AM I right

Customer Question

I am a sole owner of a business that is an LLC. AM I right in thinking that I can file tax returns either as an LLC or as a sole proprietor given I am the one and only owner?
Submitted: 8 years ago.
Category: Tax
Expert:  Lev replied 8 years ago.

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 -

Net business income is subject of 15.3% self-employment tax - see schedule SE -


The income/loss will be reported on the form 1040 line 12 -

Let me know if you need help in reporting.