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How to File a Single Member LLC Tax Return

Single Member LLC Tax Returns

When you create a single-member LLC to operate your business, you have some flexibility in choosing how to treat the LLC for tax purposes. Since you are the sole member, the IRS will disregard the LLC and automatically designate it as a sole proprietorship for federal income tax purposes. This means that it isn’t necessary to file a separate business tax return to report LLC income. Instead, you report your business earnings on a 1040 with your other taxable income that doesn’t relate to the LLC’s operations. However, you can always make an election to treat the LLC as a corporation and separately report the business income on Form 1120 or 1120A instead.

Schedule C to Report LLC Income

If you choose to stick with the IRS designation of your LLC as a sole proprietorship, you are subject to the same income tax reporting requirements that other sole proprietors must adhere to. Therefore, when you prepare your 1040 form, it’s necessary to report the LLC’s earnings and deductible expenses on a Schedule C attachment to the return. The Schedule C separately calculates the net income of your LLC–which is the taxable amount of your profit after reducing gross earnings by the allowable business expenses you deduct. Once you complete Schedule C, simply transfer the net earnings to the first page of your 1040 and calculate your tax liability using personal income tax rates.

Corporate Tax Treatment for Single Member LLC

Once you make the election to treat your single-member LLC as a corporation, your decision is binding for a minimum of five years. This means that your LLC earnings are subject to corporate tax rates rather than personal tax rates. In addition, the IRS treats the LLC as a separate taxpayer and requires the filing of a corporate tax return each year on Form 1120 or 1120A–regardless of whether the LLC is profitable or not. Keep in mind that electing corporate tax treatment not only increases your tax filing obligations, but it may also increase your tax bill. This is because of the “double taxation” that corporations are subject to. Corporate taxation is referred to as double taxation because the business first pays income tax on its earnings before you take a distribution or dividend payment. However, unless your distributions are eligible for qualified dividend treatment, you must report all dividends you receive on your personal tax return and pay a second income tax on the same earnings that the corporation paid tax on.

Reference: IRS Publication 3402: Taxation of Limited Liability Companies