When are LLC taxes due?

When are LLC taxes due?

The due date for LLC taxes depends on how the LLC elects to be taxed and the specific tax that is due.

If an LLC elects to be taxed as a sole proprietorship or partnership, the profits and losses of the business are passed through to the individual members and taxed at the individual level. The individual members of the LLC are responsible for paying income taxes on their share of the profits, as well as self-employment taxes if they are actively involved in the business. The due date for individual income tax returns is April 15th (Date may vary by year).

If an LLC elects to be taxed as an S corporation, the profits and losses of the business are also passed through to the individual members and taxed at the individual level. The due date for S corporation tax returns is March 15th.

If an LLC elects to be taxed as a C corporation, the profits of the business are taxed at the corporate level and any dividends paid to shareholders are taxed again at the individual level. The due date for C corporation tax returns is April 15th.

In addition to income taxes, LLCs may also be subject to other taxes, such as sales tax and employment taxes if they have employees. The due dates for these taxes may vary depending on the specific tax and the jurisdiction in which the LLC operates.

It’s worth noting that the rules for LLC taxation and the due dates for LLC taxes may vary depending on the jurisdiction. LLCs should consult with their tax advisors and local tax authorities for more information about the specific taxes that apply to their business and the due dates for those taxes.

Prominent Financial Consultants offers a range of services to help our clients succeed, and we would love the opportunity to discuss how we can help you. If you would like to schedule an appointment with us, please schedule a free 15 Minute Financial Clarity Call so that we can learn more about your needs and goals or schedule your tax appointment here.