I am the sole owner of an LLC and I have a question regarding my LLC tax filing. I include my LLC income and expenses on my Schedule C. In doing so, do I still need to file a separate LLC tax return?
No, you do not need a separate LLC tax filing or return. Because LLCs are registered with the states they do not require federal returns. So, unless the LLC chooses to be treated as a corporation:
- A single-member LLC should file Form Schedule C.
- A multimember LLCs should file Form 1065.
Your state might require a separate LLC tax return, please check with your state tax office to find out.
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If you made a contribution to a candidate or to a political party, campaign, or cause, you may be wondering if your political contributions are tax deductible. The answer is no – donations to political candidates are not tax deductible on your personal or business tax return. The same goes for campaign contributions.