Facts & Tips To Filing Business Taxes For LLC For The First Time

LLCs

LLCs offer flexibility in choosing how the IRS should tax business earnings, with options like sole proprietorship, partnership, or corporation status.

Filing taxes for a single-member LLC involves using Schedule C for personal income tax returns.

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Multi-member LLCs are treated as partnerships by default and require Form 1065, Schedule K-1, and IRS Form 1040 for tax filing.

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LLCs can choose to become a C Corporation or an S Corporation for tax purposes by submitting the appropriate IRS forms.

Seeking guidance from a tax professional may be beneficial when navigating the various tax options for LLCs.