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Do you have to file a separate federal or state tax return for an LLC?
Wiki User
∙ 13y ago
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.
Wiki User
∙ 13y ago
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What tax return do you get first state or federal?
I think you are asking what must you file first. My state requires that you file federal taxes first because information from the federal forms is transferred to the state forms.
DO you file taxes if you get state aid?
Yes when you have taxable income you would file a federal and state income tax return.
Can you file two tax returns for the same year?
You can file one federal return. And you can file one return in each state. If you made a mistake or left something out, you have to file what is called an "amended return."
Is a Colorado state income tax extension automatic?
Yes, as long as you file the extension for your Federal return.
Can you still get a federal tax refund if you didn't pay state tax the year prior?
You can file a federal tax return and get a refund regardless of the status of your state taxes. If you owe overdue taxes to the state and they have gotten around to it, the state can intercept your federal refund. So, your refund might go to paying your overdue state taxes instead of being sent to you. But unless you file a federal tax return, no refund will be generated and your state taxes will not be paid.
What states can you file a state return but not federal?
All of them.
What tax return do you get first state or federal?
I think you are asking what must you file first. My state requires that you file federal taxes first because information from the federal forms is transferred to the state forms.
DO you file taxes if you get state aid?
Yes when you have taxable income you would file a federal and state income tax return.
Can you file two tax returns for the same year?
You can file one federal return. And you can file one return in each state. If you made a mistake or left something out, you have to file what is called an "amended return."
Can you file a tax return from unemployment which you drew in another state?
Yes on your federal 1040 income tax return ALL of your gross worldwide income is REPORTED on the only1 federal income tax return that would be ALLOWED to file for the tax year.
Is a Colorado state income tax extension automatic?
Yes, as long as you file the extension for your Federal return.
Do you have to file a state return?
Each state has its own rules as to who has to file a return.
Can you still get a federal tax refund if you didn't pay state tax the year prior?
You can file a federal tax return and get a refund regardless of the status of your state taxes. If you owe overdue taxes to the state and they have gotten around to it, the state can intercept your federal refund. So, your refund might go to paying your overdue state taxes instead of being sent to you. But unless you file a federal tax return, no refund will be generated and your state taxes will not be paid.
If you have children and didn't work do you file taxes?
Yes! You do file taxes, it is a State and Government law plus, having children should make it you get a tax return from your State and Federal.
Do you send a copy of your federal tax return with your state tax return?
It depends on the state (we don't know what state you are in) and the complexity of your return. Some states require a copy of your federal return. Some states require a copy only if you have certain types of income or file certain forms. Some states do not require a copy at all. Check the instruction booklet that came with your state tax forms. It should tell you what you need to send. If you are filing your state return electronically you do not need to mail in a copy of your federal return. If you are mailing in your state return then yes a copy of your federal return must be attached.
What tax to file if you move states?
One federal 1040 income tax return and a resident state income tax return an a nonresident or part year resident state income tax return.
HOW DO I FILE A FREE STATE TAX RETURN?
HOW DO I FILE A FREE STATE TAX RETURN
