LLC Taxation

How are LLCs taxed and what forms do you need to file? Below is a brief discussion on the three most common formats:

At our firm, we are well-versed in the taxation of limited liability companies (LLCs). If your LLC operates as a sole proprietorship, with you as the sole owner, member, or equity partner, your business numbers would be reported on Schedule C of your personal tax return. This may also involve separate state forms, which we can assist with, regardless of which state your LLC is registered in.

In the event that your LLC has multiple owners, partners, or members, it will be taxed as a partnership. This requires the filing of a Federal Form 1065 and any applicable state forms, which we are equipped to support in all 50 states. Our team will ensure that all necessary tax strategies are considered, and that the partnership return generates K-1s for each owner to input into their individual returns.

For those seeking to take advantage of reduced self-employment taxes, our team can also guide you through the process of converting your LLC to an S-Corp. The S-Corp classification must be approved by the IRS, and our team can assist you in filing the necessary election based on specific terms.

Please contact us to learn more about our LLC tax services and to have any questions regarding the taxation of LLCs answered. We stand ready to assist you in navigating these complex tax matters.

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