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Question
I did gig work just under my name for most of '22 but then I made an LLC with just me in it in September of '22. Should I have done two Schedule Cs for '22 or just one?
AI accountant’s answer:
Since you operated as a sole proprietor for part of the year and then transitioned to an LLC, you should file two separate Schedule Cs for the 2022 tax year. One Schedule C should report your income and expenses from your gig work as a sole proprietor (pre-LLC), and the second Schedule C should report your income and expenses from your business activities after forming the LLC. Make sure to clearly differentiate the income and expenses for the two periods on their respective Schedule Cs.
Comment from reviewer
Ieva Ivanauskas, EA
Not Correct.
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