All Forum Posts by: Katie Funk

Hi Bill. You're right, a CPA would be able to answer your specific tax questions, but I do know that as a single member LLC, the default tax status is disregarded entity. This means that your net profit from your LLC business gets reported on your personal tax return on a Schedule C. There are plenty of tax deductions you will be able to take in your business such as utilities, repairs and maintenance, any advertising for the property, etc. You'll want to be sure to keep good records of your income and expenses to find that net profit at the end of the year. And I would suggest using an accounting software to make things easier. I use Quickbooks Online and haven't had any issues!