How to File Taxes for an LLC

Many forms of business entities exist, but all pay taxes. Although there is no way to avoid them, your choice of business entity can alter the amount of the tax. The IRS treats sole proprietorships, partnerships and corporations differently when it comes to paying taxes on earnings. If a single person owns the LLC, the payment of taxes is the same as for a sole owner.

Instructions

1. Determine the taxation status of the LLC. Place a call to the IRS and ask them what type of taxation they have recorded for the LLC. With a broad brush of simplification, if you are the only owner, you will treat the company taxes as if you were a sole proprietary business. If there are multiple owners, then the taxes on profits become the liability of the individual partners. The expenses and profits all divide between the partners based on the percentage of the business that they owned.

2. File all the pertinent profit, costs and expenses on Form C for business income as if you were a sole owner. The LLC is required to issue a Form K-1 denoting the percent of income for the LLC that you are responsible to report and pay taxes on. The percentage also applies to the costs and expenses of operating the business. Payment of taxes for an LLC is similar to the payment of taxes for an "S" corporation.

3. Send your tax forms in by the deadline for the year you are paying taxes upon. Your taxes have the same filing date as a normal taxpayer or other self-employed taxpayer. File estimated taxes due with the return. There will be penalties and interest on the unpaid balance of tax due. You will need to call the IRS and make arrangements for a payment schedule.