Knowing when LLC taxes need to be filed is an essential part of owning an LLC. The deadline can change based on whether you’re part of a single-member or multi-member LLC.

Table of contents

Key takeaways:...Read more

What is the deadline for filing taxes in 2024?...Read more

What happens if you miss LLC tax deadline?...Read more

What is the IRS filing extension deadline for LLC?...Read more

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

Do I file LLC and personal taxes together?...Read more

What are the new tax laws for 2024?...Read more

What happens if I forget to file my taxes in 2024?...Read more

Is it okay to skip a year of filing taxes?...Read more

How many years can you legally not file taxes?...Read more

What happens if I don't file taxes but I don't owe anything?...Read more

Key takeaways:

The LLC tax filing deadline for 2024 is in March for multi-member LLCs and in April for single-member LLCs.
The LLC tax filing deadline is for both filing returns and paying owed taxes.
LLC owners can apply for an extension by the filing deadline to get another six months to hand in their returns.

What is the deadline for filing taxes in 2024?

The deadline for filing taxes is generally around April 15th. This is the date by which you need to file your federal income tax return for the previous year. This is the most important LLC tax filing deadline in 2024 for single-member LLCs. If April 15th falls on a weekend or holiday, the deadline might be extended to the next business day. Multi-member LLCs have an earlier deadline for filing and paying, on March 15th. For many LLC owners, the LLC tax filing date is also when you need to pay any owed taxes to avoid penalties. If you can't file your taxes by the deadline, you can request an extension, giving you six extra months to file your return. Keep in mind that an extension to file is not an extension to pay. You still need to estimate and pay any taxes you owe by the tax deadline to avoid IRS penalties.

Infographic entitled LLC Tax Filing Due Dates showing the deadlines for filing LLC taxes.

What happens if you miss LLC tax deadline?

If you miss the LLC tax return filing deadline, there can be several consequences. The IRS may impose a penalty for late filing. This penalty is usually a percentage of the taxes you owe and increases the longer you wait to file. Additionally, if you owe taxes and miss the deadline, you’ll face penalties and interest on the unpaid amount. These charges begin accumulating from the day after the deadline and can quickly add up, creating a significant financial burden. It’s also important to remember that your state may have its own penalties for missing the LLC tax filing date. Each state has different rules, so check with your state’s tax agency to understand your specific obligations. Constantly missing tax deadlines can also impact your business’s credibility. It might also complicate your finances, making it harder to manage cash flow and plan for future expenses. If you’re struggling to meet the deadline to file taxes in 2024 for your LLC, consider getting an extension. If you’ve already missed the deadline, it’s best to file as soon as possible to minimize penalties.

What is the IRS filing extension deadline for LLC?

If you need more time to file your LLC taxes, the IRS gives you an option to request an extension. The extended LLC tax filing deadline is six months after the original deadline. This means that if you can't get everything together by the regular due date for filing your LLC tax return, you can ask for extra time to prepare your paperwork. To request this extension, you need to file Form 7004. This form must be submitted by the general LLC tax filing date. Filing Form 7004 will automatically extend your LLC tax filing date. Remember, this extension only applies to the filing of your return, not to the payment of any taxes you owe. You still need to estimate how much tax you owe and make those payments to avoid the IRS' bad books. If you’re not sure how much you’ll owe, use an LLC estimated tax calculator or get a tax pro to help you figure it out.

What are the LLC tax forms?

Let’s talk about important LLC forms. For single-member LLCs, you'll use Schedule C to report your business income and expenses. This is part of your personal tax return and you'll need to file this by the deadline for LLC tax filing. If your LLC has multiple members, you’ll file Form 1065, which is a partnership return. Each member also gets a Schedule K-1 with their share of the profits or losses. This form needs to be sent to the members on time so they can use it to get their paperwork in by the LLC tax filing date. If your LLC is treated as a corporation, you’ll need to file Form 1120 (for C Corps) or Form 1120-S (for S Corps). For LLCs with employees, Form 941 is required quarterly to report income taxes, Social Security tax and Medicare tax withheld from paychecks. Additionally, Form 940 is another annual form used to report federal unemployment taxes (FUTA) if you have employees.

Do I file LLC and personal taxes together?

Filing LLC and personal taxes together depends on the type of LLC you have. If you own a single-member LLC, the process is simple. You’ll just report your business income and expenses on Schedule C by the LLC tax filing deadline for 2024. So, in this case, you file your LLC and personal taxes together. For a multi-member LLC, the process is a bit different. The LLC itself needs to file Form 1065, a partnership return and every member has to use Schedule K-1 to complete their personal returns. While the LLC files its own return, you still need to include your share of the LLC’s income on your personal tax return. The same applies to S Corps, as it is also a pass-through entity. For LLCs treated as C Corps, it will file its own tax return using Form 1120. In this case, the business taxes are separate from your personal taxes. However, if you receive a salary or dividends from the LLC, you’ll need to report that income on your personal tax return.

What are the new tax laws for 2024?

There are some updates to a few tax laws that LLC owners need to know.

Beneficial Ownership Information

The Corporate Transparency Act is a new law that will require many small businesses to report their owners' information to the Financial Crimes Enforcement Network (FinCEN) starting in 2024. Small businesses with 20 or fewer full-time employees and less than $5 million in sales must report their owner information to FinCEN. This applies to LLCs and other similar entities. This rule was established to improve transparency by disclosing who owns and controls these businesses.

Qualified Business Income Deduction

An important deduction that you should take advantage of before the LLC tax filing deadline for 2024 is the QBID. This deduction lets eligible small business owners deduct up to 20% of their qualified business income on their taxes. For 2024, the limits increase to $191,950 for single filers and $383,900 for joint filers. If your income exceeds these limits, you may still qualify for a partial deduction.

Updated standard deduction and tax brackets

What happens if I forget to file my taxes in 2024?

If you forgot to file your LLC taxes in 2024, it’s important to act quickly. Here’s what you need to know. Missing the deadline for LLC tax filing can lead to penalties and interest on any taxes you owe. These penalties can increase the longer you wait. So file your taxes even if you can't pay the full amount, as the penalties for not filing are usually higher than those for not paying on time. If you're expecting a refund, there’s generally no penalty for filing late, but you have to file within three years to claim it. After that, the IRS typically keeps your money.

Is it okay to skip a year of filing taxes?

Skipping a year of filing taxes, including the due date for filing LLC tax returns can lead to several complications. Filing taxes each year is mandatory by law and failing to do so can result in penalties and interest on any taxes owed. Even if you don't anticipate owing taxes, filing ensures you receive any refunds you're entitled to. The IRS is also more likely to audit you if you miss deadlines often.

How many years can you legally not file taxes?

Legally, you're required to file taxes every year if you earn income above a certain threshold. There's no specific limit on how many years you can legally skip filing taxes. The IRS expects LLC owners to report their income annually by the LLC tax filing date. If you don’t file for a year in which your LLC earned income, the IRS can hit you with penalties. Skipping the LLC tax return filing deadline for years can lead to high penalties and legal actions like wage garnishment or asset seizure, to collect unpaid taxes.

What happens if I don't file taxes but I don't owe anything?

If you don't file taxes but don’t owe anything, you might not face immediate penalties, but there are still important reasons to file. Even if you don’t owe any taxes, the IRS expects you to file a return if your income is above the filing threshold. Missing the LLC tax filing deadline in 2024 could mean missing out on potential refunds or tax credits you’re entitled to. Not filing can also create complications down the road. The IRS has a record of your income and if you don’t file, they might file a substitute return on your behalf. This return won’t include any deductions or credits you might qualify for and could show a higher tax bill than you actually have. FlyFin offers an Ultimate Plan subscription to businesses to help them navigate the LLC tax filing date. Expert CPAs offer unlimited tax support on the app and an in-built calculator helps accurately calculate what you’ll owe by the LLC tax filing deadline for 2024.

LLC tax loopholes

LLCs can use tax loopholes to lower taxable income and their tax bill. FlyFin offer expert CPA support to handle business taxes on the app.

What To Know About The LLC Tax Filing Deadline For 2024