How does sole proprietorship taxation work with an LLC?
I recently formed a single-member LLC for my small business, and I'm trying to understand what actually changes when it comes to taxes.
I know a single-member LLC is usually taxed like a sole proprietorship unless you choose a different tax election. If that's true, then what difference does the LLC make at tax time.
Do I still report the business income and expenses on my personal tax return like I did before? Are there any additional tax forms or payments I need to worry about now that I have an LLC?