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Every entrepreneur, after forming an LLC, worries about two major seasons: peak season, when the business is at its peak level and off-season, when the business does not shine much. Each LLC has its own way to handle two seasons. The real panic starts among the owner(s) when the real monster season arrives, the tax filing season. Tax filing for an LLC is quite an interesting part of running an LLC.
A limited liability company has the liberty of electing any business structure, from a sole proprietorship to a C-Corp. It is a bit tricky when LLC taxes are filed, as based on the elected structure, their taxes are calculated. This article maps out different structures an LLC can elect and how an LLC files taxes.
- An LLC can elect partnership, S-corp, and C-corp while registering for the taxation.
- Based on the elected structure, LLC’s tax is calcualted.
- LLCs have a pass-through taxation that allows LLCs not to pay any corporate tax as a business entity.
- Separate tax structure has separate IRS forms to file.
How to File LLC Taxes?
Typically, an LLC has a pass-through taxation. That is, it does not have to pay any taxes as a business. Owners file their respective federal income taxes and pay their taxes based on the income from the LLC. However, LLC taxes are not as easy as it sounds. Based on the taxation structure they elect, the LLC gets taxed. Hence, before we get to the steps to file an LLC tax, let’s dig a little into the classification of LLC taxes.
Sole Proprietorship
The Internal Revenue Service (IRS) considers a single-member LLC as a disregarded entity. For a single-member LLC, it can file Form 1040 – Schedule C as an individual based on income earned from the LLC. If you elect a sole proprietorship, you will only have to file the Schedule C of Form 1040. However, if you want to be taxed as self-employed, then you have to file Schedule SE.
Multi-member LLC
If an LLC has more than one member (at least two), it is called a multi-member LLC. The IRS considers it a partnership firm. In this case, if the LLC elects partnership taxation, it has to file the Form 1065. Each member will have to file Schedule K-1.
S-Corp
For the S-Corp structure, the LLC has to file Form 1120 – S. As an S-Corp, the LLC has to pay tax, not as an individual, but as a business.
C-Corp
An LLC can elect C-corp status when registering the business. In such a case, the LLC has to pay taxes as a business and not as an individual. They eventually have to file personal income tax, but as for the LLC, it will be taxed according to the C-corp setup. LLCs that elect C-Corp have to file Form 8822 and elect C-Corp structure.
Steps to File LLC Taxes in 2026
As per the above classifications, an LLC can elect any of the four structures. Once you decide on which type of tax structure you are going to elect, the rest is not that complicated.
Step 1: Elect the Tax Structure
So, the first step is to decide on which type of tax structure you are going to have for taxation for your LLC. You can choose anyone from a sole proprietorship (for a single-member LLC only) to a C-Corp, whichever is best-suited for your business.
Apart from deciding on the tax structure, an LLC should be prepared for the tax filing before the deadline hits. For an LLC, it is required to update its accounts from the very beginning. Separating business accounts from personal accounts, take note of expenses, income, and other financial transactions throughout the year, and record them for smooth auditing at the time of tax filing.
Step 2: Get the Correct Tax Form from the IRS
You decided on the structure you want; now, it is time to tell the IRS about it. You must choose the correct form to file. You are required to choose the correct form from the list below, based on the taxation structure you selected.
- Sole Proprietorship: For this one, you must choose the Form 1040 – Schedule C.
- Partnership: For a multi-member LLC, if it has more than one member (at least two), it is considered a Partnership. Hence, Form 1065 is to be filed if the LLC is not choosing the corporation structure otherwise.
- S-Corp: For this structure, you must get the Form 1120-S from the IRS.
- C-Corp: For this taxation structure, get the Form 8832. In case you want to turn your LLC into a corporation structure, you might be required to file Form 1120. Check with the IRS before you file the form.
Once you get the right form, fill it out and submit it within the time frame without missing the deadlines.
Step 3: Details to be Shared in the Form
The next step is to carefully fill out the form. Remember, making a mistake while filling out the form can mess up the whole process, and you can be wrongly taxed. Hence, the details should be carefully shared in the right places, as given in the form.
The following details must be shared,
- Legal name of the LLC
- Official address of the LLC
- EIN (Employer Identification Number)
- LLC tax classification you want to elect
- State tax ID
- Full list of income and expenses
- Full list of business deductions
- Employees’ tax documents and payroll (if applicable)
- Additional forms (if required) based on the classification you elect
These are the general details one has to share while filing the corporate tax for an LLC. However, in some cases, additional documents or details may be required. Based on the state your LLC is located in, you may or may not need to submit additional details and documents.
Step 4: Calculate and Pay Taxes
Finally, once you submit everything (full information about your income, expenses, and deductions), the calculated tax amount will be shown on the screen. Pay your taxes online using a credit or debit card. You can use internet banking as well. Once the payment is done successfully, your process is completed.
Make sure to get the tax filing copy saved. To complete the process, all the details you shared must be correct and aligned with your documents. Any financial discrepancies can put your LLC in a questionable situation.
LLC Tax Filing Deadline
- April 15: This is a general date to file taxes for almost all types of businesses, including an LLC.
- June 15: If your company’s financial year does not end on December 31, then June 15 is your tax filing date.
- September 15: For partnerships and S-Corp, the deadline for filing taxes is September 15 of every year.
- October 15: This is the final date given by the IRS for filing your taxes, irrespective of business structure. If you miss the deadline, you can apply for a tax extension. October 15 is the end date for the extension.
Points to be Carefully Noted in Filing LLC Taxes
Many people encounter several issues while filing LLC taxes. That is not because their LLC has issues, but because of some careless mistakes. Some basic points to be noted when filing your taxes as an LLC are as follows,
- Electing Wrong Tax Classification
- Wrong Form Submission
- Income and Expenses Discrepancies
- Not Transparent about Financial Transactions
- Missing Deadlines
Missing out on any of the above points can put your business into trouble or lead you to pay a hefty penalty.
In Conclusion
Filing an LLC tax is not that difficult if you have everything in check. You can file it yourself and dodge a pricey lawyer to do that for you. However, the complexity starts when you wrongly elect the classification or get an incorrect form. In that case, you might fall into a penalty trap.
You may need a lawyer’s help if that happens. Another type of mess can take place if your LLC does not have a trasparent finance record. You have to share the real income, expenses, and deductions from a year properly so that the tax amount can be calculated properly.