First year business returns If you have a single member LLC, it will generally be reported on Sch. C of your individual income tax return. This presumes that you are not going back and trying to change it to an S or C corp or it is not a partnership. There are a number of things you have to consider in deciding which entity choice is appropriate. I suggest you hire a tax advisor to get everything set up correctly. Your first year business return is often the most important, given the decisions and elections that you have to consider. |