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IT Tax and Business Solutions LLC
IT Tax and Business Solutions LLC
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Frequently Asked Questions

HOW SO I FILE TAXES FOR MY LLC?

  How do I file taxes for my LLC?

You must first ask yourself these questions. If your response is no, then you must file your taxes as a sole-owner using the tax form 1040 Schedule C Profit or Loss for your LLC business.

https://www.irs.gov/forms-pubs/about-publication-334  

QUESTIONS TO ASK YOURSELF

  f you answer yes to these questions you may need to make an election to file your LLC as a S-Corporation using an 1120S tax form and Schedule K1 for your personal taxes.  

  • Do you plan to have employees?
  • Do you plan to be self-employed and pay yourself as an employee of your business?
  • Do you plan to have shareholders?
  • Do plan to be the only shareholder?

  

https://www.irs.gov/forms-pubs/about-form-1120-s 

HOW DO I PAY MYSELF?

  How do I pay myself?

https://www.irs.gov/businesses/small-businesses-self-employed/paying-yourself 

  • If you plan to file your taxes as a sole-owner LLC business, you may pay yourself distributions after you determine the profits from your LLC business. Your profit is subject to 15.3% tax rate.
  • If your business is setup as a S-Corporation, you may pay yourself a reasonable pay as an employee and withhold employment taxes. 

For employers: https://www.irs.gov/publications/p1

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