Tax Resource Guide
LLC Tax Deadlines & Requirements
Understand your LLC's tax obligations, key filing deadlines, and required forms. Whether you're a US resident or international founder, this guide covers what you need to know.
Tax Structure
How LLCs Are Taxed
Your LLC's tax treatment depends on the number of members. Both structures are "pass-through" entities.
Single-Member LLC
Treated as a "disregarded entity" for tax purposes. All income passes through to your personal return.
- File Schedule C with Form 1040
- Self-employment tax (15.3%) on net earnings
- Quarterly payments if owing $1,000+
- Can elect S-Corp or C-Corp status
Multi-Member LLC
Taxed as a partnership by default. The LLC files an informational return and issues K-1s to members.
- LLC files Form 1065 (partnership return)
- Schedule K-1 issued to each member
- Members report K-1 income on personal returns
- Can elect S-Corp or C-Corp status
Key Forms
Tax Forms Reference
The main tax forms you may need to file depending on your LLC structure and ownership
Schedule C
Single-Member LLC
Reports business income/loss on your personal return (Form 1040)
Form 1065
Multi-Member LLC
Partnership return filed by the LLC itself
Schedule K-1
All Multi-Member LLCs
Reports each member's share of income, deductions, and credits
Form 8832
Optional Election
Entity classification election to change how LLC is taxed
Form 5472
Foreign-Owned LLCs
Required annual report for foreign-owned single-member LLCs
FBAR (FinCEN 114)
US Persons with Foreign Accounts
Report foreign bank accounts exceeding $10,000 aggregate
Filing Requirements
Requirements by Residency
Tax obligations differ significantly based on your residency status
US Resident Requirements
Standard Filing Requirements
- Report all LLC income on personal return
- Schedule C (single-member) or K-1 (multi-member)
- State income taxes where applicable
Self-Employment Tax
- 15.3% on net self-employment earnings
- Covers Social Security (12.4%) + Medicare (2.9%)
- Deduct half as adjustment to income
Quarterly Estimated Payments (Form 1040-ES)
If you expect to owe $1,000 or more in taxes, make quarterly payments to avoid penalties.
Non-Resident Requirements
Form 5472 Required
Foreign-owned single-member LLCs must file Form 5472. Penalty for not filing: $25,000 per form.
Filing Requirements
- Form 5472 with pro forma 1120 (annual)
- Taxed only on ECI (Effectively Connected Income)
- Need ITIN if no SSN (apply with W-7)
Key Differences
- No self-employment tax typically
- May qualify for treaty benefits
- May need state returns depending on nexus
What is ECI (Effectively Connected Income)?
ECI is income from conducting a trade or business in the United States. This includes income from selling products or services to US customers. Non-residents are only taxed on ECI, not on passive income like interest from US bank accounts (which may be subject to withholding).
Tax Calendar
Key Tax Dates
Important deadlines throughout the tax year
W-2s and 1099s Due
Issue W-2s to employees and 1099s to contractors
Partnership Returns Due
Form 1065 due for multi-member LLCs (or extension)
Personal Returns & Q1 Estimated Tax
Individual returns due, including Schedule C for single-member LLCs
Q2 Estimated Tax
Second quarterly estimated tax payment due
Q3 Estimated Tax & Extended Returns
Third quarterly payment and extended partnership returns due
Q4 Estimated Tax
Fourth and final quarterly estimated tax payment
FAQ
Common Questions
Answers to frequently asked questions about LLC taxes
It depends on your LLC structure. Single-member LLCs file with your personal return by April 15. Multi-member LLCs (partnerships) must file Form 1065 by March 15. You can request a 6-month extension for either, but any taxes owed are still due by the original deadline.
Generally yes. Multi-member LLCs must file Form 1065 even with no activity. Single-member LLCs may not need to file Schedule C if there was truly no business activity, but it's often wise to file anyway to document the lack of income. Foreign-owned LLCs must always file Form 5472.
For Form 1065 (partnerships), the penalty is $235 per partner per month (up to 12 months). For Form 5472 (foreign-owned LLCs), the penalty is $25,000 per form. Personal returns have a failure-to-file penalty of 5% per month up to 25%, plus interest on unpaid taxes.
Non-resident LLC owners are taxed only on Effectively Connected Income (ECI), which is income from US trade or business activities. Passive income like interest may be subject to withholding. Non-residents typically don't pay self-employment tax. Consult a tax professional for your specific situation.
File Form 7004 for business returns (Form 1065) by the original due date. For personal returns including Schedule C, file Form 4868. Extensions give you more time to file, not more time to pay. Estimated taxes are still due by the original deadline.
Form 5472 is required for any foreign-owned single-member LLC, even if it had no income. It reports transactions between the LLC and its foreign owner. The penalty for failing to file is $25,000, so this is critical for international founders.
If you expect to owe $1,000 or more in taxes for the year, you should make quarterly estimated payments to avoid penalties. This is especially important for self-employed LLC owners who don't have taxes withheld from a paycheck.
Yes, LLCs can elect S-Corp tax treatment by filing Form 2553. This can reduce self-employment taxes if you pay yourself a reasonable salary. However, S-Corps have additional requirements and may not be beneficial for all businesses. Consult a tax professional.
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