Single Member LLC – What tax return to file?
- If you own a limited liability company and are the only member,
- You file Schedule C form 1040 to report your income or loss from your business.
- You use your name and your Employer Identification Number EIN.
- I would suggest you enter your name, your SSN, your LLC name, and your EIN on the first page of your schedule C
- IRS doesn’t view your LLC as a separate entity for tax purposes.
- If you materially participate in the business and are in business to sell service or physical goods that you manufacture or purchase to resell you have an active income activity. You file Schedule C
- If your LLC owns a rental real estate, you have a passive income activity. You would file Schedule E to report your income not subject to Self- Employment tax.
- If your LLC is in farming or fishing, you would file Schedule F.
Single Member LLC Treated as a Corporation: What tax forms to File?
Election to treat LLC as a Corporation
- If you file Form 8832 with the IRS to treat your LLC as a Corporation,
- Instead of schedule C, you would file Form 1120 S for your LLC if you elect to treat your LLS as an S-Corporation for tax purposes
- You would file Form 1120 if you elect to treat your LLC as a Corporation for tax purposes.
Single Member LLC with Employee: What tax forms to file?
If you have and employee but you are the only owner of your LLC
- You would file Schedule C
- You would file Form 940 unemployment tax using your LLC name and your LLC Employer Identification Number EIN. You don’t use your name and the EIN.
- You would file Form 944 Annual Federal Employment Tax Return or Form 941 for Quarterly Return using your LLC name and its EIN. You don’t use your name and EIN.
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