Question
My single member LLC has been active since June 2023. During that time, I opened a business account and I transferred $1k to it from my personal account to pay for business related expenses. To this day, I’ve spent $400 from that $1k to get this business started. Unfortunately I haven’t made any money on the business. How does this translate to my taxes due in 2024?
Answer
With my experience as a tax professional, I have consulted with individuals and partnerships on this matter. As a single member LLC, you can file a form Schedule C profit and loss with your individual form 1040 Federal Income Tax Return. A partnership return form 1065 would be needed if this were a multi member LLC. Please feel free to reach out with any further questions or clarifications.
