Updated 7 min readBy the Elite B Taxes team
Quick answer
By default, a single-member LLC is reported on the owner's personal return (Schedule C), and a multi-member LLC files a partnership return (Form 1065) and gives each member a Schedule K-1. An LLC can instead elect to be taxed as an S corporation (Form 1120-S) or a C corporation (Form 1120).
Key points
- An LLC is a legal structure; how it's taxed is a separate choice.
- Calendar-year partnership (1065) and S-corp (1120-S) returns are generally due March 15.
- C-corporation returns (1120) are generally due April 15.
- Form 7004 extends the time to file — not the time to pay.
How is a single-member LLC taxed?
The IRS treats it as a "disregarded entity" by default. Business income and expenses go on Schedule C of the owner's Form 1040, and profit is subject to income tax and self-employment tax. Foreign-owned single-member LLCs have extra reporting (Form 5472).
How is a multi-member LLC taxed?
By default it's a partnership. The LLC files Form 1065 and issues a Schedule K-1 to each member, who reports their share on their own return. The LLC itself usually doesn't pay federal income tax.
Should my LLC elect S-corporation status?
An S-corp election (Form 2553) can reduce self-employment tax once profits are high enough, because owners take a reasonable salary through payroll and receive the rest as distributions. It also adds payroll filings and a separate return (Form 1120-S), so it isn't right for every business.
What are the LLC tax deadlines?
For calendar-year businesses:
- Form 1065 (partnership) and Form 1120-S (S corporation): March 15
- Form 1120 (C corporation) and single-member LLCs on Schedule C: April 15
- Quarterly estimated taxes: generally April, June, September and January
- Form 7004 gives an automatic extension to file business returns
Do I also need to file state returns?
Usually, yes. Most states have their own business filings or annual reports, and some charge a minimum franchise tax even when the LLC has no profit.
This guide is general information, not tax or legal advice for your situation. Tax rules change — talk to a professional before acting.