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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You can claim the standard deduction or itemize deductions to lower your taxable income. The standard deduction lowers your income by one fixed amount. On the other hand, itemized deductions are made up of a list of eligible expenses. You can claim whichever lowers your tax bill the most.
