I have an LLC, How Does it Effect My Personal Taxes?

You have a couple choices:

- If there's one owner, the LLC is treated as sole proprietorship and goes on that person's personal 1040 via a Schedule C.

- If there's two owners, the LLC is treated as a partnership, which requires a 1065 to be filed which results in a K-1 that goes on your personal 1040.

- Form 8832 can be filled out to declare the LLC a corp but then we must file a full 1120 or 1120S corporate filing naming officers, wages and such.

Basically the first two ways are the only easy way to do it. 

SOURCES:

https://www.irs.gov/instructions/i1065/ch02.html#d0e3908

https://www.taxact.com/tsupport/FAQDisplay.asp?Question=740