Tax Question


D

Dave Zass

I'm self employed and have formed an LLC. If I do not have any partners, do
I still need to file a 1065?
 
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B

Bill Brown

Dave said:
I'm self employed and have formed an LLC. If I do not have any partners, do
I still need to file a 1065?
If you are the only member of the LLC then filing a partnership return
is not an option for you. By default, you ignore the existence of the
LLC and report the transactions on Schedule C (and/or D, F, form 4797
etc.)

Almsot certainly you should have a local tax professional (one
experienced in small business taxation) prepare your return for the
first tax year of the LLC's existence.
 
S

San Diego CPA

Dave Zass said:
I'm self employed and have formed an LLC. If I do not have any partners,
do
I still need to file a 1065?
If you're the 100% owner of the LLC and didn't opt for special treatment,
the LLC is a "disregarded entity" for federal tax purposes. You do not file
a 1065 and you report your income on Sch C for federal purposes. State
treatment may vary.
 
R

Robert Daniels

Dave Zass said:
I'm self employed and have formed an LLC. If I do not have any partners,
do
I still need to file a 1065?
No. A single-member LLC (or a husband-wife owned LLC in a community property
state) is a "disregarded entity", such that LLC items are reported on the
owner's Schedule "C" as self-employment income and expenses. Note that some
states (California, for example) do require a separate filing for a single
member LLC.

Bob Daniels ("The Tax Code -- software written by lawyers.")
 
M

Mark A

Dave Zass said:
I'm self employed and have formed an LLC. If I do not have any partners,
do
I still need to file a 1065?
No, you have a sole proprietorship, not a partnership. You report your
business income and expenses on Schedule C of your 1040 return. This is the
case even if you have a federal EIN tax id number for your business.
Computerized tax software like Turbo Tax can handle this easily.

Don't forget to pay your quarterly estimated taxes.
 
J

JMc

I'm self employed and have formed an LLC. If I do not have any partners,
do
I still need to file a 1065?
What you have is a single member LLC (SMLLC). Unless you elect to treat
your LLC as a corporation, the IRS considers the SMLLC to be a disregarded
entity. You would report your LLC's income on your personal tax return on
either schedule C or schedule E (rental activities).

Your state may have different filing requirements, though. For example, PA
(my home state) requires you to file the income portion of the SMLLC on your
personal return (PA40). However, the SMLLC is also required to file the
coroprate tax report, RCT-101 for their capital stock tax (Provided the
SMLLC is not a resricted professional company)..

Josh
 
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H

Herb Smith

Dave said:
I'm self employed and have formed an LLC. If I do not have any partners, do
I still need to file a 1065?
No, you report your business activities on either Schedule C or a
1120-S, depending on the tax entity created under the LLC.
 
J

James Lewis

Dave Zass said:
I'm self employed and have formed an LLC. If I do not have any partners, do
I still need to file a 1065?
No, you can file it on form 1040 schedule C like a sole proprietor for
federal purposes. Be sure and research your state law on this subject. For
instance, in TX where I live/work, we have a franchise tax that corps and
LLC's must file which amounts to a 4.5% income tax. In TX you would have
that even if you filed a 1065.

Mike Lewis, CPA
 
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P

Paul Thomas, CPA

Dave Zass said:
I'm self employed and have formed an LLC.
If I do not have any partners, do I still need to file a 1065?



Single menber LLC's file a Schedule C (same as a self-employed person)
unless you elected to be taxed as a corporation.
 

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