An LLC company is a great option for small business owners for growth, protection and credibility. This guide will cover the deadline for filing LLC taxes, LLC examples, how are LLCs taxed, how to file taxes for LLCs, LLC tax filing deadline 2024, filing business taxes for LLC for the first time, can you deduct LLC filing fees and LLC tax benefits.

Most Asked Questions to a FlyFin CPA

How much percent does an LLC get taxed in Delaware?

In Delaware, an LLC itself isn't taxed on income. Instead, members report profits on personal tax returns. However, there's an annual $300 LLC tax. Deductions and specific tax rates depend on individual circumstances. Always consult for personalized advice.

How do I file taxes for an LLC with no income?

As a tax CPA, I advise you to file Form 1065 for your LLC, even with no income, to report any deductions and maintain compliance. This helps avoid penalties and keeps your LLC in good standing with the IRS.

Do you pay federal income tax with an LLC?

An LLC itself typically doesn't pay federal income tax. Instead, profits pass through to members who report them on personal tax returns. Members can claim deductions to reduce taxable income. However, an LLC can elect to be taxed as a corporation.

Do you pay federal taxes as an LLC in Nevada?

As an LLC in Nevada, you typically don't pay federal taxes at the entity level. Instead, profits pass through to members who report them on personal tax returns. However, you may owe self-employment taxes and can claim deductions to reduce taxable income.

How much are the taxes for a state business LLC?

The taxes for a state business LLC vary by state and income. Typically, you'll face state income tax, franchise tax, and self-employment tax. Deductions can reduce taxable income. Consult a tax CPA for specifics tailored to your business.

How do you file taxes for an LLC?

To file taxes for an LLC, report income, expenses, and deductions on Form 1065 if multi-member, or Schedule C if single-member. Each member gets a K-1 for their share. Pay self-employment tax and possibly state taxes. Always consult a tax CPA for specifics.

Where is the annual fee deducted for an LLC by the California Franchise Tax Board?

The annual fee for an LLC by the California Franchise Tax Board is deducted on the LLC's state tax return. It is listed as part of the LLC's tax deductions, reducing the total taxable income for the year.

How do you do taxes for an LLC?

As a tax CPA, I handle LLC taxes by preparing and filing Form 1065 for partnerships or Form 1120 for corporations. I ensure all income, expenses, and deductions are accurately reported, maximizing allowable deductions to minimize tax liability.

When are LLC taxes due in 2024?

LLC taxes for 2024 are generally due by April 15, 2024. However, if your LLC has elected to be taxed as an S-Corp or C-Corp, deadlines may differ. Ensure all deductions are accounted for to minimize tax liability.

Are LLC taxes hard?

LLC taxes can be complex due to various tax classifications (sole proprietorship, partnership, S-Corp) and potential deductions. It's essential to understand how your LLC is taxed and keep detailed records to maximize deductions and ensure compliance.

Does my LLC need a Broward business tax receipt?

Yes, your LLC needs a Broward business tax receipt to legally operate in Broward County. This local tax is separate from state and federal taxes and is not a deductible expense. Ensure compliance to avoid penalties.

How do I file LLC taxes as a sole proprietor?

As a sole proprietor of an LLC, you report business income/expenses on Schedule C (Form 1040). Include all revenue and eligible deductions. Your net income is subject to self-employment tax. Consult a tax CPA for specific advice.

How much will your LLC get taxed in California?

In California, your LLC faces an $800 annual franchise tax, plus a fee based on income if over $250K. Profits pass through to members, who pay personal income tax. Deductions can lower taxable income. Consult for specifics.

How do I file business taxes for an LLC?

To file business taxes for an LLC, report income and expenses on Form 1065 if multi-member, or Schedule C if single-member. Pay self-employment tax and claim deductions. State requirements vary. Consult a CPA for personalized guidance.

How do I get a tax ID for an LLC?

To get a tax ID for your LLC, apply for an Employer Identification Number (EIN) through the IRS website. This ID is essential for tax filing, opening a business bank account, and claiming deductions. It’s free and usually issued immediately.

How can I utilize an LLC for saving taxes on W-2 income?

Using an LLC for W-2 income can help you save on taxes by allowing you to take business deductions. By converting some of your W-2 income into business income, you can deduct expenses like home office, travel, and supplies, reducing your taxable income.

What happens if an LLC does not pay sales tax?

If an LLC does not pay sales tax, it may face penalties, interest, and legal action from tax authorities. Unpaid sales tax can't be claimed as deductions and can result in liens or business closure. Always ensure timely payment to avoid issues.

Does an LLC get taxed at both the state and federal levels?

An LLC can be taxed at both state and federal levels. Federally, it's typically a pass-through entity, so income is taxed on personal returns. State taxes vary by state. Deductions may apply to reduce taxable income. Consult a tax CPA for specifics.

How much does an LLC get taxed in California?

In California, LLCs pay an $800 annual franchise tax, plus a fee based on income over $250,000. Profits pass through to owners and are taxed on their personal returns. Deductions may reduce taxable income. Consult a CPA for personalized advice.

How much does an LLC get taxed in Delaware?

In Delaware, an LLC typically pays an annual $300 tax. LLCs don't pay state income tax but must file a federal tax return. Taxation depends on income, deductions, and how the LLC is structured (e.g., sole proprietorship, partnership, or corporation).

How much does an LLC get taxed in Nevada?

In Nevada, an LLC doesn't pay state income tax. Instead, members report profits on personal tax returns. Nevada has no state income tax, but federal taxes apply. Deductions can reduce taxable income. Always consult a CPA for personalized advice.

How much percent does an LLC get taxed in Delaware?

How do I file taxes for an LLC with no income?

Do you pay federal income tax with an LLC?

Do you pay federal taxes as an LLC in Nevada?

Table of contents

What is an LLC and how does it work?...Read more

What does LLC stand for?...Read more

Benefits of an LLC...Read more

Is an LLC a partnership?...Read more

LLC vs S Corp...Read more

Can an LLC be an S Corp?...Read more

LLC vs C Corp...Read more

LLC vs Sole Proprietorship...Read more

How are LLCs taxed?...Read more

Can you deduct LLC filing fees?...Read more

What is the LLC tax filing deadline for 2024?...Read more

What is the difference between single member LLC and multi member LLCs?...Read more

What are the important LLC tax forms?...Read more

How does online tax filing for an LLC work?...Read more

Filing business taxes for an LLC for the first time...Read more

What are some LLC examples?...Read more

Can a small business be an LLC?...Read more

What is an LLC and how does it work?

An LLC is a type of business entity that is a combination of a sole proprietorship and a partnership. Like a corporation, an LLC can have a bank account, buy property and hire employees. One perk of an LLC company is that it offers liability protection. So if your business faces debt or legal trouble, you’re personally protected and your private assets are safe. The owner of an LLC is called a member. There are single person LLCs and multiple member LLCs. LLCs can have only one or multiple members owning different percentages of the business. Even though more than one person can own it, someone cannot buy their way into becoming an owner. So with an LLC, you can’t sell any stock like you can with a corporation. Some famous LLC examples include Hertz, Sony, Nike, eBay, IBM and Amazon. The members, or owners, share in the profits and losses of the business. You don’t need an operating agreement, which defines the responsibilities and investor percentages, to start an LLC company. The management of an LLC varies depending on the company’s size or structure. Managers could include all the members, a committee made up of members or a non-employee that’s hired for the role. When it comes to voting rights, this depends on the amount of capital investments the member holds. Members can also sell or give their portion of the company’s interest to someone else. But this matter needs to be voted on first. One important requirement you’ll need when forming an LLC company is the articles of organization. This outlines how your business will operate, including the management structure, business type and financial details. You’ll also list the names of all the owners or members, the name of the registered agent and the company address and name.

What does LLC stand for?

The LLC meaning is limited liability company. The limited liability company definition is a company in which the owners are only responsible for debts that match the invested capital. So, what does LLC mean? Limited liability is a legal structure where private assets are protected if the business fails, or has debts or lawsuits. So as the business owner, you aren’t held personally responsible for business debts.

Benefits of an LLC

When it comes to small businesses, LLC companies are the best option for certain reasons. It’s important to know the LLC tax benefits and general benefits of forming this business structure.

Image comparing LLC and Partnership on taxation, registration, legal entity, types, and formation. No mention of self-employed, 1099, freelancer, or taxes.

Credibility

Affordability

Flexibility with taxes

Liability protection

Simplicity

Is an LLC a partnership?

You might be wondering, is an LLC a partnership? Although they both offer pass-through taxation, LLCs and partnerships have distinct differences.

Image with text describing the benefits of starting an LLC, including low cost, tax flexibility, liability protection, and simplicity. Relevant for self-employed, 1099, and freelance workers managing taxes.

LLC vs S Corp

Limited liability companies and S corporations have some things in common, but they also have significant differences. Let’s start with the similarities. Both entities offer limited liability protection, meaning individual business owners aren’t held personally responsible for any debts or liabilities. Also, both are considered entities that are separate and pass-through. A separate entity needs to be started at the state level and pass-through entities don’t pay any taxes at the business level. LLCs and S Corps have to follow certain state regulations like appointing a registered agent and paying annual fees. Now onto the differences between LLCs and S Corps. LLCs can have unlimited members, whereas S Corps can only have up to 100. With an S corporation, all the shareholders must be U.S. citizens, but LLCs have no restrictions. They also can’t be owned by an LLC, corporation, partnership or most trusts. S Corporations have officers and directors to help oversee business affairs and handle any big decisions. In terms of taxation, S corporations can consider the owner an employee, saving on self-employment taxes. LLC taxation involves paying self-employment taxes on their income because they’re taxed on a personal income level and not a business level. And quarterly tax payments will be due. Filing taxes for an LLC can file as a sole proprietorship, partnership, S Corp or C Corp. The tax forms needed will differ based on if you’re filing your personal and business taxes together or not.

Can an LLC be an S Corp?

An LLC can elect to be taxed as an S Corporation. To change its tax status, the LLC must file Form 2553 with the IRS to elect S Corp taxation. Instead of reporting all the profits as personal income, the LLC’s owners can pay themselves a reasonable salary. Even though the legal structure remains the same, LLC tax reporting will change to S Corp rules. So when you file LLC documents, it might be different.

LLC vs C Corp

When it comes to comparing an LLC vs C Corp, each has advantages to consider. For example, both companies limit the liability of owners when it comes to company debt. Both can also own other companies and get banking services. LLCs are often chosen for side projects, small teams or businesses unsure of their long-term business goals. This is because money and intellectual property can freely flow between the LLC itself and the LLC members without tax implications. Although possible with a C Corp, this route requires you to keep extensive records. C Corps are attractive to investors because of the tax structure, business management and ownership. When choosing a business entity, the taxation process plays an important role when making decisions. C Corps file their own taxes and are taxed twice. The company pays corporate taxes, and the owners are taxed when they receive profits or salaries. LLC taxes filing depends on the business structure it chooses to be taxed as.

LLC vs Sole Proprietorship

LLCs and sole proprietorships are two of the most common business structures. Sole proprietorships require minimal paperwork, making it the simplest option. On the other hand, forming an LLC company involves a lot of cost and paperwork upfront. Choosing an LLC over a sole proprietorship can protect you from liability and help your business grow.

Image explaining why to choose an LLC over a Sole Proprietorship for business. Protect personal assets, expand with multiple owners, and capitalize on tax benefits.

There are a few distinctions when comparing an LLC vs sole proprietorship. When you operate a sole proprietorship, there is no distinction between the business owner and the business. So there’s no need to have a separate bank account or credit card, but having a separate account could make it easier to track business expenses. With an LLC, everything needs to be separate, including your bank account and credit card, since you'll be making purchases and signing documents or contracts on behalf of the business. When it comes to taxes, the IRS considers sole proprietors as self-employed. So you’ll list all business expenses on Schedule C. Filing taxes as an LLC depends on the entity it is taxed as.

How are LLCs taxed?

LLCs are pretty flexible when it comes to taxes. By default, if you’re a small business LLC with one owner, the IRS treats it as a “disregarded entity,” meaning you’ll report the business income on your personal tax return using Schedule C. If your LLC has more than one owner, it’s treated as a partnership, and you’ll need to file a partnership tax return using Form 1065. However, LLCs can also choose to be taxed as a corporation, either C Corp or S Corp, by filing the appropriate LLC tax form with the IRS. No matter how your LLC is taxed, you should stay on top of LLC taxes.

Can you deduct LLC filing fees?

You can deduct LLC filing fees as a business expense. When you're filing business taxes for your LLC, the IRS allows you to write off the costs associated with setting up and maintaining your business, including state filing fees. These are considered ordinary and necessary expenses. One of the benefits of an LLC is the ability to deduct startup and operating costs, which can reduce your taxable income. As long as you track your expenses carefully during the year to make the most of your LLC tax filing, you can maximize your deductions.

What is the LLC tax filing deadline for 2024?

The LLC tax filing deadline for 2024 depends on how your LLC is taxed. If your LLC is taxed as a sole proprietorship, the deadline aligns with your personal tax return, which is April 15. For LLCs taxed as a partnership, the deadline for filing LLC taxes is March 15. If you miss the deadline, you can file for an extension, giving you six more months, but any taxes owed are still due by the original deadline. Make sure to stay on top of your paperwork and file LLC taxes on time to avoid penalties and interest.

What is the difference between single member LLC and multi member LLCs?

The main difference between a single member LLC and a multi-member LLC is how they're owned and taxed. A single person LLC has just one owner, while a multi-member LLC has two or more. For a single person LLC, the owner reports business income and expenses on their personal tax return using Schedule C. In this case, the LLC tax filing date is usually around April 15. A multi-member LLC is taxed as a partnership by default. The LLC itself files Form 1065, and each member reports their share of profits or losses on their personal returns via a Schedule K-1. The LLC tax reporting for partnerships has an earlier deadline—March 15—than single member LLCs. Both types of LLCs provide liability protection for owners, and there are plenty of LLC examples that benefit from this flexibility, depending on how many members are involved and how you want to handle taxes.

What are the important LLC tax forms?

When filing taxes with an LLC, there are a few LLC tax forms you'll need to know. If you're a single-member LLC, you’ll use Schedule C. For multi-member LLCs, the IRS requires Form 1065, which is a partnership return, and each member gets a Schedule K-1 showing their share of the profits or losses. If your LLC has elected to be taxed as an S Corporation, you’ll file Form 1120-S. For C Corporation taxation, you’ll need Form 1120. These different LLC tax forms have different deadlines: the LLC tax filing date for a partnership or S Corp is March 15, while single-member LLCs and C Corps must file their LLC tax forms by April 15.

How does online tax filing for an LLC work?

Online tax filing for an LLC makes the process more convenient and faster. Whether you run a single member LLC or a small business LLC with multiple members, the process typically starts with choosing a reputable tax filing service. These platforms guide you through the steps, asking for information about your business income, expenses, and deductions. For a single member LLC, you’ll file your business income on Schedule C. For multi-member LLCs, you'll use Form 1065. Once you've entered all your information, the software will calculate your taxes, check for any errors, and allow you to electronically file LLC taxes directly with the IRS. Make sure to submit your LLC tax filing by the relevant deadlines.

Filing business taxes for an LLC for the first time

Filing business taxes for an LLC for the first time can feel like a big step, but it’s manageable with the right approach. If you're running a single person LLC, you’ll be reporting your business income directly on your personal tax return. The key here is to track all your business expenses. Deducting these costs can significantly reduce your taxable income. If your LLC has more than one member, you'll need to file LLC taxes using Form 1065 and Schedule K-1 to report their share of profits or losses on their personal returns. LLCs also have the option to be taxed as an S Corp or C Corp. Choosing the right LLC taxation option is key, especially in your first year. Whether you're filing as a small business LLC or considering more complex options, getting your paperwork in order and staying ahead of deadlines will make the process smoother. Using tax software or hiring a professional for your first LLC tax filing can help you understand how to file taxes for an LLC.

What are some LLC examples?

A wide variety of businesses benefit from the LLC structure. A freelance graphic designer might set up an LLC to separate personal and business finances. This single member LLC would file taxes using Schedule C on their personal return, simplifying LLC tax reporting. On the other hand, a small consulting firm with multiple partners might form a multi-member LLC. In this case, the company would need to file LLC taxes using Form 1065. This allows for LLC taxes to be distributed among members, avoiding double taxation. Another common LLC example is a family-owned restaurant. Whether it's a single-member LLC or a multi-member operation, the structure allows flexibility in management and protection from personal liability. For a family business, LLC tax filing helps simplify the allocation of income and expenses, making financial management easier. If your LLC has elected to be taxed as an S Corporation or C Corporation, the process involves different LLC tax forms and potentially different LLC tax filing deadlines. Currently, the LLC tax filing deadline 2024 is March 15 for partnerships and S Corps, and April 15 for single-member LLCs and C Corps.

Can a small business be an LLC?

A small business can be an LLC. This structure is popular among entrepreneurs because it combines the benefits of both a corporation and a sole proprietorship. One of the main perks of an LLC is that it provides personal liability protection. This means that if your business faces legal issues or debts, your personal assets are typically safe. When you decide to file LLC, you’ll also want to consider how the LLC taxation works. By default, single-member LLCs are taxed like sole proprietorships, while multi-member LLCs are taxed as partnerships. Filing taxes as LLC can seem daunting at first, but understanding the basics can make the process smoother. You’ll need to fill out specific forms depending on how your LLC is taxed, and stay on top of deadlines. Many small business owners find it helpful to work with a tax professional to ensure everything is filed correctly and to maximize potential deductions. FlyFin's Ultimate Plan is perfect for LLCs, available for just $41 per month. This comprehensive package includes a dedicated CPA who specializes in complex business structures, full state tax filing services, and free audit insurance. Users also benefit from expert guidance on international tax matters, unlimited tax support through one-on-one video calls, and strategic planning. The plan features a business deduction calculator, estimated tax calculator, an income tracker and calculates monthly set-aside amounts.

NPO

Nonprofit status may be right for your business if you're ready to incorporate and your organization seeks to benefit society.

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Federal Taxes

Paying business tax means following the US corporate tax rate, dealing with federal and state level tax liabilities and filing accurate returns.

LEARN MORE →

C Corp

Everything you need to know about C Corp taxes in our comprehensive guide. Learn about Form 1120, understand corporate tax, and how to tax plan for a C Corporation.

LEARN MORE →

S Corp

Master S Corp taxes by learning how to fill out Form 1120-S. Get clear insights into S Corp taxation to simplify your filing and keep your business compliant.

LEARN MORE →

Sole Proprietor

A sole proprietorship is a business that has only one employee, who is also the owner. Check how sole proprietors file their taxes.

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Partnership

Learn about Form 1065 and SChedule K-1 for your partnership taxes. Get guidance for your partnership tax return and make partnership LLC tax filing easy and accurate.

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LLC vs S Corp vs C Corp

When we look for an LLC Vs SCorp Vs CCorp comparison, we find a lot of differences between the three, and then there are similarities in taxes and business rules and regulations.

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NPO

Nonprofit status may be right for your business if you're ready to incorporate and your organization seeks to benefit society.

LEARN MORE →

Federal Taxes

Paying business tax means following the US corporate tax rate, dealing with federal and state level tax liabilities and filing accurate returns.

LEARN MORE →

C Corp

Everything you need to know about C Corp taxes in our comprehensive guide. Learn about Form 1120, understand corporate tax, and how to tax plan for a C Corporation.

LEARN MORE →

S Corp

Master S Corp taxes by learning how to fill out Form 1120-S. Get clear insights into S Corp taxation to simplify your filing and keep your business compliant.

LEARN MORE →

What’s FlyFin?

FlyFin caters to the tax needs of freelancers, gig workers, independent contractors and sole proprietors. But anyone can file taxes through FlyFin! FlyFin tracks all your business expenses automatically using A.I. to find every possible tax deduction. Then, the CPA team files a guaranteed 100% accurate tax return for you – to save you a couple thousand dollars and a ton of time on your taxes. Download the FlyFin app and have your taxes filed in less than fifteen minutes, saving time and more money on your taxes than last year, guaranteed.