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LLC Tax Guide

This is information that is directly from the IRS. At Five Star Brokerage we file taxes for LLC's. Depending on the amount of members the LLC files taxes in different ways. Heres some information on how LLC's file their income tax return:

1. Single-Member LLC's

If you are a single-member LLC, you will initially be classifies as a "disregarded entity" for the purposes of filing a federal tax reutn.

If the only member of the LLC is an individual, the LLC income and expenses are reported on Form 1040 (U.S. Individual Income Tax Return), Schedule C, E, or F.

If you do not wish to accept the default classification you can:

File Form 8832(Entity Classification Election) to elect corporate status, or

File Form 2553(Election by a Small Business Corporation) to elect S Corporation Status,

Single-Member LLC'S may not file a partnership return.


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