I.R.S. Forms

Use For

Schedule C (Form 1040)
Profit or Loss from Business

• Generally, when an LLC has only one member, the fact that it is an LLC is ignored or “disregarded” for the purpose of filing a federal tax return.
• Remember, this is only a mechanism for tax purposes. It does not change the fact that the business is legally a Limited Liability Company.
• If the only member of the LLC is an individual, the LLC income and expenses are reported on Form 1040, Schedule C, E, or F

Schedule E (Form 1040)
Supplemental Income and Loss

• Generally, when an LLC has only one member, the fact that it is an LLC is ignored or “disregarded” for the purpose of filing a federal tax return.
• Remember, this is only a mechanism for tax purposes. It does not change the fact that the business is legally a Limited Liability Company.
• If the only member of the LLC is an individual, the LLC income and expenses are reported on Form 1040, Schedule C, E, or F.

Schedule F (Form 1040)
 Profit or Loss from Farming

• Generally, when an LLC has only one member, the fact that it is an LLC is ignored or “disregarded” for the purpose of filing a federal tax return.
• Remember, this is only a mechanism for tax purposes. It does not change the fact that the business is legally a Limited Liability Company.
• If the only member of the LLC is an individual, the LLC income and expenses are reported on Form 1040, Schedule C, E, or F.

Schedule SE (Form 1040)
 Self-Employment Tax

• Members of LLCs filing Schedule C or F are subject to self-employment taxes on earnings.

LLCs filing Partnership Returns

• Generally, members of LLCs filing Partnership Returns pay self-employment tax on their share of partnership earnings.
• There is a special rule for members who are the equivalent of limited partners. They pay self-employment tax only if the LLC pays them for services.

Use Schedule SE (Form 1040) to figure the tax due on net earnings from self-employment.

W-2 and W-3
Wage and Tax Statement; and Transmittal of Wage and Tax Statements

• Employees of all LLCs are subject to withholding tax.
• Report wages, tips, and other compensation, and withheld income, social security, and Medicare taxes for employees.