You should consult a tax professional for a detailed analysis of your situation. It will depend on how your LLC is treated for tax purposes, both at the federal level and at the state level. If the LLC is treated as a sole proprietorship or "disregarded entity" then the income is shown on schedule C of your personal tax return and a corporate return is not needed. If the entity is treated as a partnership, S-corp or C-corp for federal and/or state tax purposes then it may be necessary to file a corporate tax return. It is important that you consult a tax professional to assess your particular situation.
It depends on how your LLC is taxed. An LLC can be taxed as an S-Corporation, C-Corporation, partnership, or sole proprietorship. Craig W Smalley EAAdmitted to Practice before the Internal Revenue Service
You would want to file a regular 1040 and itemize your business income and expenses on Schedule C. In most cases, people who fill out Schedule C will also have to fill out Schedule SE, "Self-Employment Tax." But you should probably talk with a tax professional to ensure you are filing all the proper forms.
WalletHub Answers is a free service that helps consumers access financial information. Information on WalletHub Answers is provided “as is” and should not be considered financial, legal or investment advice. WalletHub is not a financial advisor, law firm, “lawyer referral service,” or a substitute for a financial advisor, attorney, or law firm. You may want to hire a professional before making any decision. WalletHub does not endorse any particular contributors and cannot guarantee the quality or reliability of any information posted. The helpfulness of a financial advisor's answer is not indicative of future advisor performance.
WalletHub members have a wealth of knowledge to share, and we encourage everyone to do so while respecting our content guidelines. Please keep in mind that editorial and user-generated content on this page is not reviewed or otherwise endorsed by any financial institution. In addition, it is not a financial institution’s responsibility to ensure all posts and questions are answered.
Ad Disclosure: Certain offers that appear on this site originate from paying advertisers, and this will be noted on an offer’s details page using the designation "Sponsored", where applicable. Advertising may impact how and where products appear on this site (including, for example, the order in which they appear). At WalletHub we try to present a wide array of offers, but our offers do not represent all financial services companies or products.