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Posts Tagged llc tax rules

Tax Return for LLC

Generally, if you are the only member of your LLC and you have not filed a tax election, you do not have to file a special tax return. For tax purposes, you will file the LLC’s income on your own federal tax return. Your LLC is an ignored or “disregarded” entity. This means that you will report your LLC income and expenses on your own Form 1040, Schedule C, E, or F. Your income is passed through your LLC directly to you. Remember this is only for tax purposes. It does not change the fact that your business is legally a Limited Liability Company.

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