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February 28, 2024
Question

LLC Created

  • February 28, 2024
  • 1 reply
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I formed an LLC (solo) in May 2023.  I have expenses associated with the LLC, though there were no profits yet.  It has been set up with Federal ID, but still need to complete the state.  Can I still complete my business expenses/losses within turbotax when I file for my personal taxes? 

1 reply

February 28, 2024

Yes.

 

Your single-member LLC is a disregarded entity.

 

You report income and expenses of the LLC on Schedule C of your personal tax return.

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