How to File a Tax Return for an LLC
Filing a Tax return for a Limited Liability Company may seem difficult, given the complex nature of the form if you are viewing it for the first time. However, knowing the structure of your LLC will make the process easier.
Instructions
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1
Visit the Internal Revenue Service website. You will need to find the forms and publication page to download the relevant form. Depending on your LLC structure – corporation, partnership or sole-proprietorship, you will need the relevant form. To summarize our discussion, let us focus on the 1065 form. Download schedule K-1 version and the instruction manual, all in PDF format. Fill the form on your computer, as you have the option of editing it.
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2
Begin by inserting the details of your LLC including the Employer Identification Number, address, and name etc. Pick the relevant code that matches your business and insert it in BOX C. If you have any trouble, revert to the instructions page.
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Now add the total assets of the company in box F. Enter the number of K-1 forms you need to include. It the form which is prepared by the company to determine the income, loss and deductions made for owners or shareholders. It is only applicable for an LLC. Moreover, refer to the instructions to check whether you need to fill the Schedule M-3 form.
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4
Now refer to your financial statements to complete the income section. Generally you will be subtracting all your expenses or the cost of goods sold to determine the gross profit. The left over amount will be subject to tax. In addition to that, a 4797 form will also need to be filled if you have generated any income from selling a property for business use.
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Now refer to the deduction section of the form. You will be listing items such as wages, rents, depreciation. Most of the expenses will be itemized, but if not, then add the total dollar amount as Other Deductions, which could include office expense or professional fees.
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There will be other pages on the form, so insert any added, relevant information. However, most will not apply in your case. Again refer to the instructions manual for clarity.
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7
Sign the document and note the date before mailing or filing it back to the IRS. Any unsigned document will be rejected by the IRS. Mail the K-1 schedule form to each member.
