…In this last video on the chapter, we'll explore the federal tax obligations for…an LLC and the related IRS forms.…Let's take a look at the forms that an LLC needs to file with the IRS.…First, any LLC filing as a disregarded entity, single member,…must file form 1040 Schedule C like a sole proprietor.…In contrast, an LLC as a partnership must file Form 1065,…the partnership tax return, just like owners in a traditional partnership.…
An LLC filing as a C-Corporation needs to submit Form 1120,…the corporation income tax return.…And an LLC filing as an S-Corporation needs to submit Form 1120S,…income tax return for an S-Corporation.…Now we'll look at the federal employment taxes that an LLC must pay.…This depends, of course, on how the LLC has elected to be taxed.…In a single member LLC, also know as a disregarded entity,…the sole owner is not considered an employee of the LLC.…
Just like a sole proprietorship, the owner needs to…pay self-employment taxes on the entire net income of the business.…The owner will use Schedule SE to make quarterly payments.…
- Understanding your business-structure options
- Choosing your business structure using five key questions
- Establishing business names and fictitious business names
- Obtaining local licenses and permits
- Applying for city/county tax receipts
- Opening a business bank account
- Understanding state and federal taxes
Skill Level Beginner
1. Overview of Business Structures
2. Sample Businesses
3. Forming a Sole Proprietorship
4. Forming a Limited Liability Company (LLC)
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