Form | Use this form to – |
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Schedule C (Form 1040) – Profit or Loss from Business | Generally, when an LLC has only one member, the fact that it is an LLC is ignored or “disregarded” for the purpose of filing a federal tax return.Remember, this is only a mechanism for tax purposes. It does not change the fact that the business is legally a Limited Liability Company.
If the only member of the LLC is an individual, the LLC income and expenses are reported on Form 1040, Schedule C, E, or F. |
Schedule E (Form 1040) Supplemental Income and Loss | Generally, when an LLC has only one member, the fact that it is an LLC is ignored or “disregarded” for the purpose of filing a federal tax return.Remember, this is only a mechanism for tax purposes. It does not change the fact that the business is legally a Limited Liability Company.
If the only member of the LLC is an individual, the LLC income and expenses are reported on Form 1040, Schedule C, E, or F. |
Schedule F (Form 1040) – Profit or Loss from Farming | Generally, when an LLC has only one member, the fact that it is an LLC is ignored or “disregarded” for the purpose of filing a federal tax return.Remember, this is only a mechanism for tax purposes. It does not change the fact that the business is legally a Limited Liability Company.
If the only member of the LLC is an individual, the LLC income and expenses are reported on Form 1040, Schedule C, E, or F. |
Schedule SE (Form 1040) – Self-Employment Tax | LLCs filing Schedule C or F
LLCs filing Partnership Returns
Use Schedule SE (Form 1040) to figure the tax due on net earnings from self-employment. |
W-2 and W-3 – Wage and Tax Statement; and Transmittal of Wage and Tax Statements | Employees of all LLCs are subject to withholding tax.Report wages, tips, and other compensation, and withheld income, social security, and Medicare taxes for employees. |
W-2G – Certain Gambling Winnings | Report gambling winnings from horse racing, dog racing, jai alai, lotteries, keno, bingo, slot machines, sweepstakes, wagering pools, etc. |
941 ( 943 for Farm Employees) Employer’s Quarterly Federal Tax Return | If you are an employer, you must file a quarterly Form 941 to report:
After you file your first Form 941, you must file a return each quarter even if you have no taxes to report. |
940 or 940-EZ – Employer’s Annual Federal Unemployment (FUTA) Tax Return | Report and pay FUTA tax if the corporation either:
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1040 – U.S. Individual Income Tax Return | See 1040 Instructions |
1065 – U.S. Return of Partnership Income | Most LLCs with more than one member file a partnership return, Form 1065. If you would rather file as a corporation, Form 8832 must be submitted. You don’t need to file a Form 8832 is you want to file as a partnership. |
1096 – Annual Summary and Transmittal of U.S. Information Returns | Transmit paper Forms 1099, 1098, 5498, and W-2G to the IRS. |
1099-A, B, C, CAP, DIV, INT, LTC, MISC, OID, PATR, R, S and, SAImportant: Every corporation must file Forms 1099-MISC if, in the course of its trade or business, it makes payments of rents, commissions, or other fixed or determinable income (see section 6041) totaling $600 or more to any one person during the calendar year.
Also use these returns to report amounts received as a nominee for another person. For more details, see the General Instructions for Forms 1099, 1098, 5498, and W-2G. |
Report the following:
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1120 U.S. Corporation Income Tax Return | Generally, when an LLC has only one member, the fact that it is an LLC is ignored or “disregarded” for the purpose of filing a federal tax return.Remember, this is only a mechanism for tax purposes. It does not change the fact that the business is legally a Limited Liability Company.
If the only member of the LLC is a corporation, the LLC income and expenses are reported on the corporation’s return, usually Form 1120 or Form 1120S |
1120-S U.S. Income Tax Return for an S Corporation | Generally, when an LLC has only one member, the fact that it is an LLC is ignored or “disregarded” for the purpose of filing a federal tax return.Remember, this is only a mechanism for tax purposes. It does not change the fact that the business is legally a Limited Liability Company.
If the only member of the LLC is a corporation, the LLC income and expenses are reported on the corporation’s return, usually Form 1120 or Form 1120S |
8832 – Entity Classification Election | If you prefer to file as a corporation instead of a “disregarded entity” Form 8832 must be submitted. Otherwise, you don’t need to file Form 8832. |