LLC taxed as Sole Proprietorship

Sole proprietors, equity partners, or members of LLCs are statutorily required to file their LLC business numbers on form 1040, Schedule C. It’s a part of your individual tax return and not required to be filed separately at the federal level, even though the applicable schedules are not the same. On the state level, an annual reporting requirement or separate form when submitting is not a must, depending on which state you’re in.

Our filing capacity extends throughout all 50 states, and we’re able to help you file yours without any hassle or delay.

LLC taxed as Partnership

Does your LLC have more than one partner, founder, owner, or member? If so, you’re statutorily required to file as a partnership on Federal Form 1065 and all other forms that may need filing at the state level. The good bit? Whichever of the 50 states we’re in, we’re able to support returns especially if the state also requires additional LLC reporting.

1065 returns should be filed differently as it generates K-1s that go into each owner’s individual return. If you need help in this area? Our expert team is available to chip in with assistance whether it’s an individual return, partnership return, or both while skilfully applying specific tax strategies you need to get the most from your filing.

LLC taxed as an S-Corp

The S-Corp classification must be applied for with the IRS. Converting to an S-corp structure is highly recommended once you tick the boxes since it helps you snap up the opportunity of decreased self-employment taxes. This is why it’s so popular among individuals.

But to do this, you need an S-Corp election filed and approved at the level of the IRS on certain conditions.

If you need a bit of help with this, we’re always at your beck and call.