In certain states, all corporation are required to file a tax return regardless of income. This is also to pay their annual dues or fees to the state.
LLC (Limited Liability Company) is a type of business that's allowed by state statute. But LLC isn't recognized as a classification for federal tax purposes. This means that an LLC must file a tax return as a corporation, partnership, or sole proprietorship. An LLC with at least two members can choose to be classified as a corporation or as a partnership. If you choose corporation status, you must file Form 8832 (Entity Classification Election). You don't need to file Form 8832 if you're an LLC filing as a partnership. Corporations file Form 1120 (U.S. Corporation Income Tax Return). Partnerships file Form 1065 (U.S. Return of Partnership Income). Each partner's share of income, expenses, etc., is then entered on Schedule C (Profit or Loss from Businss). For more information, go to the IRS Small Business screen at www.irs.gov/business/small. Select from the left column A-Z Index for Business to view/print the article, Limited Liability Company (LLC).
It depends on how you have elected your LLC to be taxed. An LLC does not have its own tax return per se; it is taxed as either a sole proprietor, a partnership, or a corporation. If you have not made any election on how you want the LLC to be taxed, there are default rules: A Single-Member LLC (one owner): by default, is taxed as a sole proprietorship. In this case, the LLC would not have its own tax return -- its income and expenses would be reported on Schedule C of the owner's individual tax return (Form 1040). A Multi-Member LLC (more than one owner): by default, is taxed as a partnership. If this is the case, the LLC will file Form 1065 Partnership tax return. If the LLC does not want to fall into one of these two default classifications, they can also elect to be taxed as a corporation by filing Form 8832 "Entity Classification Election" with the IRS. If the LLC does this, they will file a corporate income tax return, Form 1120. The LLC can also elect to be taxed as a Subchapter-S Corporation by filing Form 2553 "Election by a Small Business Corporation" with the IRS. If the LLC does this, they will file an S-Corporation tax return, Form 1120-S. Most states do not require you to make an election on how you will be taxed, they simply say that they will follow whatever election that you make with the IRS. So, the first step is to determine which form you are required to file with the IRS and then you should do the same with the State. If you have not already done so, it would probably be wise for you to sit down with an Attorney or Accountant who can explain the pros and cons of each of these choices. Each tax structure has subtle differences and one may be preferable for you over the others.
An LLC can elect how it will be taxed, as a Corp or Partnership...and of course the forms follow.
This depending on the type of business you have. A Sole Proprietorship has the exact same due dates as personal taxes as it is reported on your personal return. A Corporation, LLC, etc. are due on March 15th. Most businesses cannot file their return by this date so they file for an extension which is automatic if requested and gives you to September 15th.
LLC is Limited Liability Company. It's allowed by state statute. But the IRS doesn't recognize LLC as a classification for federal tax purposes. Under IRS Default Rules, a Limited Liability Company with at least two members is considered as a partnership. Form 8832 is Entity Classification Election. An LLC with two or more members would only have to file Form 8832 if the LLC didn't want to file as a partnership. As a partnership, the LLC would file Form 1065 (U.S. Return of Partnership Income). For more information, go to www.irs.gov/formspubs for Publication 541 (Partnerships) and Publication 3402 (Tax Issues for Limited Liability Companies).
Filing a LLC tax return is required of any LLC operating in the United States. If you are just an wage earner that does not own a business, then you would not have to file a LLC tax return.
LLC (Limited Liability Company) is a type of business that's allowed by state statute. But LLC isn't recognized as a classification for federal tax purposes. This means that an LLC must file a tax return as a corporation, partnership, or sole proprietorship. An LLC with at least two members can choose to be classified as a corporation or as a partnership. If you choose corporation status, you must file Form 8832 (Entity Classification Election). You don't need to file Form 8832 if you're an LLC filing as a partnership. Corporations file Form 1120 (U.S. Corporation Income Tax Return). Partnerships file Form 1065 (U.S. Return of Partnership Income). Each partner's share of income, expenses, etc., is then entered on Schedule C (Profit or Loss from Businss). For more information, go to the IRS Small Business screen at www.irs.gov/business/small. Select from the left column A-Z Index for Business to view/print the article, Limited Liability Company (LLC).
This site has all the answers!http://www.finweb.com/taxes/llc-tax-return-the-forms-you-need-to-file.html
It depends on how you have elected your LLC to be taxed. An LLC does not have its own tax return per se; it is taxed as either a sole proprietor, a partnership, or a corporation. If you have not made any election on how you want the LLC to be taxed, there are default rules: A Single-Member LLC (one owner): by default, is taxed as a sole proprietorship. In this case, the LLC would not have its own tax return -- its income and expenses would be reported on Schedule C of the owner's individual tax return (Form 1040). A Multi-Member LLC (more than one owner): by default, is taxed as a partnership. If this is the case, the LLC will file Form 1065 Partnership tax return. If the LLC does not want to fall into one of these two default classifications, they can also elect to be taxed as a corporation by filing Form 8832 "Entity Classification Election" with the IRS. If the LLC does this, they will file a corporate income tax return, Form 1120. The LLC can also elect to be taxed as a Subchapter-S Corporation by filing Form 2553 "Election by a Small Business Corporation" with the IRS. If the LLC does this, they will file an S-Corporation tax return, Form 1120-S. Most states do not require you to make an election on how you will be taxed, they simply say that they will follow whatever election that you make with the IRS. So, the first step is to determine which form you are required to file with the IRS and then you should do the same with the State. If you have not already done so, it would probably be wise for you to sit down with an Attorney or Accountant who can explain the pros and cons of each of these choices. Each tax structure has subtle differences and one may be preferable for you over the others.
An LLC can elect how it will be taxed, as a Corp or Partnership...and of course the forms follow.
This depending on the type of business you have. A Sole Proprietorship has the exact same due dates as personal taxes as it is reported on your personal return. A Corporation, LLC, etc. are due on March 15th. Most businesses cannot file their return by this date so they file for an extension which is automatic if requested and gives you to September 15th.
LLC (Limited Liability Company) is a type of business that's allowed by state statute. But LLC isn't recognized as a classification for federal tax purposes. This means that an LLC must file a tax return as a corporation, partnership, or sole proprietorship. A single member LLC can choose to be classified as a corporation or as a 'disregarded entity' (i.e., disregarded as a business entity separate from its owner). The IRS Default Rule is for a single member LLC to be a 'disregarded entity'. If you follow the Default Rule, you don't have to file Form 8832 (Entity Classification Election). If you choose to be classified as a corporation, you must file Form 8832. In the 'disregarded entity' classification you report your LLC income, expenses, etc. on Schedule C (Profit or Loss from Business). Corporations file Form 1120 (U.S. Corporation Income Tax Return). For more information, go to the IRS Small Business screen at www.irs.gov/business/small. Select from the left column A-Z Index for Business to view/print the article, Limited Liability Company (LLC).
LLC is Limited Liability Company. It's allowed by state statute. But the IRS doesn't recognize LLC as a classification for federal tax purposes. Under IRS Default Rules, a Limited Liability Company with at least two members is considered as a partnership. Form 8832 is Entity Classification Election. An LLC with two or more members would only have to file Form 8832 if the LLC didn't want to file as a partnership. As a partnership, the LLC would file Form 1065 (U.S. Return of Partnership Income). For more information, go to www.irs.gov/formspubs for Publication 541 (Partnerships) and Publication 3402 (Tax Issues for Limited Liability Companies).
It depends. Unless the owners of the LLC elect to have it treated as a corporation, then an LLC which has at least two members is treated as a partnership and files a partnership tax return, Form 1065. If there is only one member of the LLC, then the IRS disregards the LLC as a separate tax reporting entity entirely. If the single member is an individual, then the member reports the LLC's income and deductions on the individual's person 1040, usually on Schedule C (for a business) or Schedule E (for real estate). If the single member of the LLC is a corporation, partnership or trust, it likewise files the information on its entity tax return (1120, 1120 S, 1065, 1041, etc...) If the members of the LLC file an election, the LLC may be treated as a corporation or an S corp. In that case, the LLC would file an appropriate return (Form 1120 or 1120 S).
Do I have to file personal taxes if I own a small LLC? Or just file business taxes.
Here is a lot of information on LLC tax returns: http://www.irs.gov/businesses/small/article/0,,id=98277,00.html
you can if you believe you can