LLC Tax Filing: What Documents and IRS Forms Do You Need

Establishing your small business as a limited liability company (LLC) offers numerous advantages. You'll enjoy simplicity and flexibility in how you are taxed and the peace of mind of knowing your personal assets are shielded from business liabilities.

An LLC is one of several entities businesses can choose to form as, and it is the entity our tax experts typically recommend. To make an LLC entity selection official, you must submit paperwork to your state along with a fee.

If you handle your business's financial work, you must know the forms you'll be responsible for preparing and filing. Whether you're experienced or new to the process, avoiding mistakes and filing on time is imperative. Use this detailed guide to learn about the information you'll need to complete each form, their deadlines, and other insights to help you move your LLC forward while staying compliant.

How Does an LLC Report Taxes?

LLC owners can choose to be taxed as sole proprietorships, partnerships, S corporations, or C corporations. The business structure you operate as will dictate the forms and other protocols you may have to take to prepare and file your business tax return. Refer to the following information for detailed LLC entity guidance. 

Which LLC Tax Forms Do I Need?

While there's commonality between the entities, such as the pass-through taxation feature, there are specific forms you will use for each. For example, if your LLC is taxed as an S corporation, you'll file form 1120-S, while multi-member partnerships use IRS Form 1065. 

Form 1040: Disregarded entity or single-member LLC

Single-member LLCs are taxed as sole proprietorships by default if they do not elect to be taxed as a corporation. The sole LLC owner is known as a member. The IRS refers to this type of business as a disregarded entity, which indicates that LLC income passes through from the LLC business to its owner to address on a personal income tax return.

Sole proprietors will attach a Schedule C to IRS Form 1040, which reports business income and expenses. Schedule C helps the tax preparer or accountant calculate taxable business income for Form 1040. Sole proprietors may also use Schedule E to report supplemental income or losses and Schedule F to report profits or losses from farming.

Form 1065: Multi-member partnership

Similar to a single-member LLC, a multi-member LLC is taxed by default as a partnership unless it elects to be taxed as a corporation. Partnerships must complete and file IRS Form 1065 by the appropriate deadline.

Once Form 1065 is filed, each owner (called members) will receive a Schedule K-1. They will use Schedule K-1 to report their portion of the business's profits and losses on their personal income tax returns. Members won't be able to complete their personal income tax returns until Form 1065 is submitted to the IRS.  

Form 1120-C: C corporation

LLCs must file Form 8832 to change their tax classification to a C corporation. Unlike other entities, C corporation income is subject to double taxation, meaning it is taxed twice for federal income tax purposes: first at the corporate level and then when profits are distributed to shareholders (owners) as dividends.

C corporations must also file IRS Form 1120 annually, which details business profits and losses, tax deductions, income, and credits.

Form 1120-S: S corporation

Like C corporations, LLCs must also elect to be taxed as an S corporation. If the business meets eligibility requirements, IRS Form 2553 must be filed to tax your business as an S corporation.

Unlike C corporations, S corps are pass-through entities like sole proprietorships and partnerships. Thus, they avoid being taxed twice. However, to maintain compliance, S corporations must complete and file IRS Form 1120-S annually. 

Information Necessary for LLC Tax Forms

Use this list to gather information, documents, and other essential materials required to complete and submit the LLC tax forms your small business is responsible for.

EIN

Your Employer Identification Number (EIN) functions as a Social Security number for your business entity. The IRS uses it to identify you on your LLC tax forms.

Without an EIN, your LLC will be restricted. If you plan to hire employees, you need an EIN. If you’re interested in running a corporation or partnership, opening a business bank account, or filing Employment, Excise, or ATF returns, you’ll need an EIN.

If you haven't secured your business's EIN, let our experts help you apply for it online today.

Income records

You will need to provide supporting materials to justify the income you're reporting. Income records you may need include: 

• Your business's bank deposits 

• All receipts issued to customers 

• All invoices issued to clients

• Additional forms your business received for paid work

The materials you gather should be from the same calendar or fiscal year, whichever your business adheres to. 

Expense records

Similar to your income records, you must provide supporting documentation for deductions you intend to claim related to your operating expenses.  A tax deduction reduces your taxable income, while a tax credit pays off a portion of what you owe in taxes. Maximizing the use of every available deduction and credit will decrease your tax liability and increase your tax refund.

Supporting materials that qualify as expense records include: 

• Invoices for services or products

• Vendor payments 

• Credit card statements 

• Bank statements

Asset and depreciation records

If your LLC owns assets used for business purposes, you must maintain current tax records. Information to record includes: 

• When and how an asset was obtained

• The full purchase price

• Any costs to improve the asset

• Any deductions taken for a previous depreciation expense

• How the asset is used for business purposes 

Payroll records

Retaining records and documentation related to each pay period is important if you have employees. Key payroll documents include: 

• A copy of IRS Form W-2 issued to each employee

• Full pay records 

• Annual and quarterly payroll tax returns 

• Payroll tax and unemployment state tax returns

Form 1099-NEC

If you paid a non-employee worker $600 or more during the tax year, you must complete and file IRS Form 1099-NEC detailing those payments. NEC is short for nonemployee compensation. The deadline to file this form is January 31st.Unlike W-2 employees, you'll have fewer responsibilities when paying self-employed individuals, particularly when it comes to tax withholdings. Unlike your employees, you are not responsible for withholding taxes for self-employed freelancer contractors.  

Deadlines for Filing LLC Tax Forms

You must file your completed forms, schedule, and supporting documents with the IRS by the deadline. Failure to file on time may result in penalties and increased scrutiny from the IRS. If you've missed a deadline, file as soon as you can. The IRS will charge interest on top of the initial penalty until your materials are submitted. 

Any deadline that falls on a Saturday, Sunday, or legal holiday is pushed to the next business day. For example, IRS Form 1065 and IRS Form 1120-S would normally be due on March 15 if not for that date falling on a weekend in 2025. 

How to File LLC Tax Forms

Once your tax form is ready for submission, you may transmit your materials to the IRS via traditional mail or electronically via e-filing to pay taxes you owe. However, there are exceptions.For example, if your partnership has more than 100 partners, you are required to file electronically. You can only submit partnership materials by mail if you have fewer than 100 partners.

LLC Tax Filing FAQs

What if I don’t have some of my internal documentation?

Gathering all documentation required to prepare and submit your business tax return to the IRS is important. However, there may be instances where you don't receive the materials promptly or at all. For example, your single-member LLC may have performed freelance contract work that requires an IRS Form 1099-NEC from the payor. If attempts to secure a copy have failed by the deadline, attach IRS Form 1099-R, Distributions From Pensions, Annuities, Retirement or Profit-Sharing Plans, IRAs, Insurance Contracts, etc., to your return to estimate your income when materials are missing or incomplete. 

Can I get an LLC tax filing extension?

You can get a six-month business tax filing extension for your LLC as long as it is filed before the deadline. The form you'll file depends on how your business is structured. The extension provides extra time to complete and file your return, but you'll still have to pay any taxes owed by the original deadline to avoid IRS penalties. While many businesses typically apply for a federal income tax extension, they may also have to file for state and local extensions depending on the region.   

Can I change my LLC from C Corporation to S Corporation now?

File IRS Form 2553, Election by a Small Business Corporation, and follow these steps to change your business status from a C corporation to an S corporation. There are limitations on when you can make this change. You have two and a half months from the start of your tax year, March 15 for businesses who follow the calendar year, to file. 

What tax forms does an LLC need to give to independent contractors?

If your LLC paid an independent contractor $600 or more during the year, you will send them IRS Form 1099-NEC, Nonemployee Compensation, no later than January 31 of the following year. You will also send a copy of Form 1099-NEC to the IRS. Unlike W-2 employees, you are not responsible for independent contractor tax withholdings. Instead, they pay taxes themselves, including the 15.3% self-employment tax.

What tax forms does an LLC need to give an employee?

If you use employees for your LLC, you will send them IRS Form W-2, Wage and Tax Statement, no later than January 31 of the following year. Unlike self-employed independent contractors, you will withhold taxes from employee wages throughout the tax year. Your employees can see yearly earnings and tax withholding totals for the year on their W-2 form. 

What IRS forms do I need to claim deductions on my pass-through income taxes?

Use Schedule C (Form 1040), Profit or Loss from Business (Sole Proprietorship) to claim your pass-through business income deductions. Once completed, you will attach Schedule C and any other required documents to IRS Form 1040, U.S. Individual Income Tax Return, and submit it to the IRS. You can report expenses such as software and website costs, education and training, bad business debts, and business mileage. 

Work With Small Businesses LLC Experts

Gathering all documents and materials, entering data into the correct forms, and submitting them to the IRS on time can be daunting, especially without a professional accounting team or CPA by your side. That's why many small business owners and entrepreneurs trust the tax professionals at 1-800Accountant, America’s leading virtual accounting firm, for their LLC tax filing and small business tax needs.

Save time and achieve your annual financial goals with our suite of affordable, tax-deductible financial services. Schedule a quick consultation–usually 30 minutes or less—to learn how business tax preparation and advisory will help you maintain full IRS compliance with maximum LLC tax savings.