IRS Filings for LLCs


The type of tax return you’ll prepare (and its due date) will depend on its tax status.

If your LLC is a single-member disregarded entity operating as a service or product based business, you’ll prepare a Schedule C listing its income and expenses, which will be filed along with your personal tax return. Taxes will follow the personal schedule, and your return will be due on April 15th. If you live in a state with a state-level income tax, you’ll be required to prepare and file the corresponding state return at the same time.

If your LLC is taxed as an S Corporation, you’ll be preparing a Form 1120S, listing the income and expenses. You’ll also be preparing a set of Schedule K-1s; one for each member that sets out that member’s share of the profits. One set of Schedule K-1s will be filed with the Form 1120S, and the other set will be distributed to the members. Your LLC’s return (together with the Form K-1s) will be due on March 15th. In most states you’ll be filing a corresponding state tax return at the same time. You can apply for a 6-month extension of time to prepare and file the return, in which case it will be due September 15th. The extension must be filed on or before March 15th. You may have to file a corresponding extension at the state level, although many states accept filing at the federal level as proof that you have properly extended your time to file.

If your LLC is taxed as an C Corporation, you’ll be preparing a Form 1120, listing the income and expenses. The return will be due 2.5 months after the LLC’s fiscal year-end, meaning a December 31st year-end will result in a March 15th filing deadline, a June 30th year-end will result in a September 15th deadline, and so on. In most states you’ll be filing a corresponding state tax return at the same time. You can apply for a 6-month extension of time to prepare and file the return, as long as the extension is filed on or before the original due date of the tax return. You may have to file a corresponding extension at the state level, although many states accept filing at the federal level as proof that you have properly extended your time to file.

There are many variables when you’re structuring a business. That’s why it’s hard to go through a quick-service website. Unless you talk to someone who’s got some knowledge and experience on both the tax and the legal side, it’s hard to know what you don’t know. And that can leave you vulnerable.

Got questions? Contact us! We’re here for you.

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