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Single Member LLC Tax Return Options

Single Member LLC Tax Return

If you operate a business as the sole member of a Limited Liability Company (LLC), there are a number of single-member LLC tax return options available. However, there is no such thing as an LLC-specific federal income tax return. An LLC is a hybrid entity that utilizes the pass-through taxation principles of partnerships and sole proprietorships while maintaining the personal liability protection of a corporation. As the only owner of the LLC, you have two options for filing a tax return for the business with the IRS.

The IRS will automatically designate your LLC business as a sole proprietorship for tax purposes only. This designation is effective at the moment you create the LLC. As a result, this requires you to report the LLC’s earnings on a Schedule C attachment to your personal Form 1040. Although you are eligible to claim the same business expense deductions as all other business entities, the IRS holds you personally responsible for paying the correct income tax on the LLC’s earnings. The Schedule C simply requires you to report all business earnings and expenses to arrive at your net income, which you transfer to the first page of your 1040 and include with all other types of income you receive during the year. And if your LLC doesn’t incur more than $5,000 in deductible business expenses, you qualify to submit the simpler Schedule C-EZ instead.

Single Member LLC Can Elect Corporate Tax Treatment on Form 8832

If you prefer to have your LLC pay tax as a corporation rather than a sole proprietor, the IRS allows you to modify the original designation by making an appropriate corporate election on Form 8832. Be aware, however, that once you make a corporate election for your LLC, you must continue to pay tax as a corporation for at least five years before the IRS will allow you to switch back to the original sole proprietor designation. Paying tax as a corporation means the IRS treats the LLC as a separate taxpayer from you, and requires the LLC to file a tax return on Form 1120 or 1120A. One thing to remember with a corporation is that there is the issue of double taxation. Corporate double taxation exists because the LLC must pay income tax on its earnings first, and then you will pay a second level of tax on your personal return for any dividends or profits you receive.

IRS Reference: Form 8832, Entity Classification Election