If you own an LLC, taxes are more complicated. For this reason, we’re going to cover the basic types of forms you’ll need to fill out based on your business type.
We’ll also include some deadline information which you’ll need to know.
However, if you need to know anything else we can help. We’re always here to answer any questions you have.
Determine Your Filing Status
You’ll need to fill out a Form 8832 to elect how to be classified for federal tax purposes. There are three options:
- A corporation
- A partnership
- An entity disregarded as separate from its owner (equivalent to a sole proprietorship)
To simplify, if you have no partners your business will be treated as a sole proprietorship. If you do have partners, you will be classified as a partnership unless you elect to be treated as a corporation.
To clarify, here’s a more detailed guide on selecting filing status.
Single-Member LLC’s
You’ll need to report all your income tax return on a schedule C and file it with your 1040 tax return.
For a more detailed guide to how to do this right, you can see the IRS article on this topic here.
These will be due on April 15th.
Multi-Member LLC’s
What you need to file changes based on your filing status:
If you register as a partnership: You’ll need to submit a Form 1065. Each partner will receive a Schedule K-1 to show his/her portion of profit or loss.
These are due on March 15th.
If you file as a corporation: You’ll need to fill out a Form 1120. Filling these out is relatively complex, so we’ll include the instructions from the IRS here.
These will be due on April 15th.
If you file as an s-corp, you fill out similar paperwork, a Form 1120S. You can see the instructions for those here, and they are due at the same time 1120’s are.
Do You Want Help Filing Taxes For Your LLC?
Cash Tax & Accounting has been helping small businesses like you for years. We’ll make it pain-free & straightforward for you.
Feel free to get in touch, and we’ll get your taxes done in a snap!