LLC and Partnership

LLC TAXED AS SOLE PROPRIETORSHIP

If you’re the only owner, member or equity partner of your LLC, then your LLC should be filed on form 1040, Schedule C. This is a component of your individual tax return. It may not require a separate return at the federal level, although it does involve separate schedules. You may or may not have an annual reporting requirement or separate form to submit, depending on which state(s) you file in. Whatever your needs, SichTaxServices can assist with LLCs registered in any of the 50 states.

LLC TAXED AS AN S-CORP

The S-Corp classification must be applied for with the IRS. The purpose of converting to an S-Corp is to take advantage of decreased self-employment taxes. To take advantage of this tax strategy, an S-Corp election must be filed and approved by the IRS based on specific terms. We would be happy to show you how this can be done.

LLC TAXED AS PARTNERSHIP

If your LLC has more than one owner, partner or member, you should file as a Partnership using Federal Form 1065 and any applicable state forms. Depending on the state(s) you file in, you may have to complete an additional LLC report. The 1065 form is a separate return altogether that will generate K-1s. These forms must also be submitted as part of each owner’s individual return. We’d be happy to assist with your partnership and individual returns, creating strategies to save you as much as possible on both federal and state returns.