{"id":132,"date":"2026-09-29T07:20:15","date_gmt":"2026-09-29T07:20:15","guid":{"rendered":"https:\/\/velan-bookkeeping.com\/blog\/?p=132"},"modified":"2026-09-29T11:24:59","modified_gmt":"2026-09-29T11:24:59","slug":"must-know-things-an-llc-owner-should-be-aware-of-about-taxes","status":"publish","type":"post","link":"https:\/\/www.velan-bookkeeping.com\/blog\/must-know-things-an-llc-owner-should-be-aware-of-about-taxes\/","title":{"rendered":"LLC Taxes: What Every Business Owner Should Know?"},"content":{"rendered":"<p>Single-member, multi-member and S-Corporation LLC formations discussed, federal and state requirements, deductions, deadlines, and common errors are covered in this blog. You\u2019ll find clear explanations, comparison tables, a worked example and a planning checklist that\u2019s based on official IRS guidance.<\/p>\n<p>Creating an LLC does not automatically determine the tax consequences of the LLC. An LLC is not a tax classification, it\u2019s a business structure established by the state that will be <a href=\"https:\/\/www.velan-bookkeeping.com\/services-tax-processing\">taxed<\/a> by the IRS based on the number of owners and any tax elections the two can be taxed very differently.<\/p>\n<h2><strong>How Are LLCs Taxed?<\/strong><\/h2>\n<p>Unless it chooses to do otherwise by filing Form 8832 or 2553 with the IRS:<\/p>\n<ul>\n<li>1 owner &#8211; taxed as a \u201cdisregarded entity\u201d similar to a sole proprietorship.<\/li>\n<li>2+ owners &#8211; Normally taxed as a partnership.<\/li>\n<li>Election available &#8211; the LLC is also able to elect either S-corp or C-corp taxation.<\/li>\n<\/ul>\n<h2><strong>LLC Tax Classification at a Glance<\/strong><\/h2>\n<table style=\"height: 318px\" width=\"850\">\n<tbody>\n<tr>\n<td width=\"202\"><strong>Ownership<\/strong><\/td>\n<td width=\"202\"><strong>Default Classification<\/strong><\/td>\n<td width=\"202\"><strong>Main Tax Form<\/strong><\/td>\n<\/tr>\n<tr>\n<td width=\"202\">1 member<\/td>\n<td width=\"202\">Disregarded entity<\/td>\n<td width=\"202\">Schedule C\/E\/F + Form 1040<\/td>\n<\/tr>\n<tr>\n<td width=\"202\">2+ members<\/td>\n<td width=\"202\">Partnership<\/td>\n<td width=\"202\">Form 1065 + Schedule K-1<\/td>\n<\/tr>\n<tr>\n<td width=\"202\">Any (elected)<\/td>\n<td width=\"202\">S corporation<\/td>\n<td width=\"202\">Form 1120-S + K-1<\/td>\n<\/tr>\n<tr>\n<td width=\"202\">Any (elected)<\/td>\n<td width=\"202\">C corporation<\/td>\n<td width=\"202\">Form 1120<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3><strong>What are Single-Member LLC Taxes?<\/strong><\/h3>\n<ul>\n<li>Type of payment &#8211; profits\/losses are reported on the owner\u2019s Form 1040.<\/li>\n<li>Self-employment tax &#8211; active owners pay SE tax of 15.3% on net earnings, plus income tax.<\/li>\n<li>Filed forms &#8211; Schedule C, Schedule SE, and estimates (Form 1040-ES).<\/li>\n<li>Reporting &#8211; A <a href=\"https:\/\/www.velan-bookkeeping.com\/services-bookkeeping\">personal return is used for reporting net income<\/a>, no separate filing.<\/li>\n<\/ul>\n<h3><strong>Understanding Taxes for Multi-Member LLCs<\/strong><\/h3>\n<ul>\n<li>Taxation &#8211; assumed to be a partnership, with the LLC not paying any federal income tax.<\/li>\n<li>Form 1065 &#8211; Annual informational return reporting total income and each member\u2019s share.<\/li>\n<li>Schedule K-1 &#8211; shows <a href=\"https:\/\/www.velan-bookkeeping.com\/outsourced-accounting-services\">each member\u2019s share of income<\/a>\/deductions to report individually.<\/li>\n<li>Profit division &#8211; typically is determined by the operating agreement and not simply the ownership percentage.<\/li>\n<li>SE tax &#8211; this is usually paid by active members of the group, possibly not by passive investors.<\/li>\n<\/ul>\n<h3><strong>What is the S-Corp Taxation of an LLC?<\/strong><\/h3>\n<ul>\n<li><strong>Election<\/strong> &#8211; An LLC can be treated as an S-corp by filing Form 2553.<\/li>\n<li><strong>Why consider it<\/strong> &#8211; can reduce SE tax if profit is clearly more than a reasonable salary.<\/li>\n<li><strong>Payroll salary (taxable) vs distributions (usually not subject to SE tax)<\/strong> &#8211; owner-employees receive salary, with the rest of the profits distributed as dividends (usually not subject to SE tax)<\/li>\n<li><strong>Fair market value<\/strong> &#8211; Salary should be in line with the fair market value or the IRS will take notice if the salary is below market value.<\/li>\n<li><strong>Drawbacks<\/strong> &#8211; additional payroll administration and compliance expenses that can make up for the savings for smaller LLCs.<\/li>\n<\/ul>\n<h2><strong>Federal Taxes LLC Owners May Need to Consider<\/strong><\/h2>\n<table style=\"height: 426px\" width=\"823\">\n<tbody>\n<tr>\n<td width=\"288\"><strong>Tax Type<\/strong><\/td>\n<td width=\"288\"><strong>Applies To<\/strong><\/td>\n<\/tr>\n<tr>\n<td width=\"288\">Federal income tax<\/td>\n<td width=\"288\">All owners, on their share of profit<\/td>\n<\/tr>\n<tr>\n<td width=\"288\">Self-employment tax<\/td>\n<td width=\"288\">Active owners of disregarded entities\/partnerships<\/td>\n<\/tr>\n<tr>\n<td width=\"288\">Payroll tax<\/td>\n<td width=\"288\">LLCs with employees, incl. S-corp owner-salaries<\/td>\n<\/tr>\n<tr>\n<td width=\"288\">Excise taxes<\/td>\n<td width=\"288\">Specific regulated industries<\/td>\n<\/tr>\n<tr>\n<td width=\"288\">Estimated taxes<\/td>\n<td width=\"288\">Owners expecting to owe $1,000+ for the year<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3><strong>Do LLCs pay state taxes?<\/strong><\/h3>\n<p>The treatment in a state depends on the individual and may include any or all of the following:<\/p>\n<ul>\n<li>State income tax<\/li>\n<li>Franchise tax<\/li>\n<li>Annual LLC fees<\/li>\n<li>State filing fees<\/li>\n<li>State estimated tax<\/li>\n<\/ul>\n<p><em>Requirements vary from state to state and are subject to change &#8211; check with your state taxing authority for the latest requirements, do not assume from a \u201clist.\u201d<\/em><\/p>\n<h3><strong>Does an LLC Need to Collect Sales Tax?<\/strong><\/h3>\n<ul>\n<li><strong>Taxable items<\/strong> &#8211; not all items of goods\/services are taxable and different states have different definitions.<\/li>\n<li><strong>Registration<\/strong> &#8211; usually a prerequisite before an LLC can charge sales tax.<\/li>\n<li><strong>Collection &amp; filing<\/strong> &#8211; tax is collected at the time of the sale and filed with the state in accordance with the schedule.<\/li>\n<\/ul>\n<p><strong>Economic Nexus<\/strong> &#8211; if sales cross state lines, and thresholds are reached, then registration is necessary in the other state.<\/p>\n<h2><strong>Understanding what LLC Tax Deductions and Write-Offs means<\/strong><\/h2>\n<ul>\n<li><strong>Home office<\/strong> &#8211; an amount for home expenses for regularly and exclusively using a space for business.<\/li>\n<li><strong>Vehicle\/mileage<\/strong> &#8211; business use of vehicle or actual business expenses.<\/li>\n<li><strong>Software &amp; subscriptions<\/strong> &#8211; the tools that are used to run the business.<\/li>\n<li><strong>Professional fees<\/strong> &#8211; legal, accounting, consulting fees.<\/li>\n<li><strong>Advertising<\/strong> &#8211; costs to promote the business.<\/li>\n<li><strong>Equipment &amp; depreciation<\/strong> &#8211; cost of business assets spread over useful life or deducted up front.<\/li>\n<\/ul>\n<p><em>Important: be careful not to mix up a business expense with a personal expense as this is one of the main audit red flags.<\/em><\/p>\n<h3><strong>What does the LLC Tax Deadlines look like?<\/strong><\/h3>\n<table style=\"height: 305px\" width=\"851\">\n<tbody>\n<tr>\n<td width=\"288\"><strong>Filing<\/strong><\/td>\n<td width=\"288\"><strong>Typical Deadline<\/strong><\/td>\n<\/tr>\n<tr>\n<td width=\"288\">Quarterly estimated taxes<\/td>\n<td width=\"288\">~April 15, June 15, Sept 15, and Jan 15<\/td>\n<\/tr>\n<tr>\n<td width=\"288\">Form 1065 (partnership)<\/td>\n<td width=\"288\">March 15, extensions available<\/td>\n<\/tr>\n<tr>\n<td width=\"288\">Form 1120-S (S-corp)<\/td>\n<td width=\"288\">March 15, extensions available<\/td>\n<\/tr>\n<tr>\n<td width=\"288\">Form 1040 (individual)<\/td>\n<td width=\"288\">April 15, extensions available<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><em>The IRS and state taxing authorities have up to date deadlines so always check.<\/em><\/p>\n<h3><strong>How much will an LLC incur in taxes?<\/strong><\/h3>\n<p>There are no set rates for LLCs. It depends on:<\/p>\n<ul>\n<li>Tax classification<\/li>\n<li>Taxable income minus deductions.<\/li>\n<li>Income, expenditure, capital gains, and personal tax numbers of the owner.<\/li>\n<li>All self-employment tax (where applicable)<\/li>\n<li>State taxes<\/li>\n<li>Elections made<\/li>\n<\/ul>\n<h4><strong>LLC Tax Example<\/strong><\/h4>\n<p><strong>Example:<\/strong> Single-Member LLC &#8211; Revenue: $150,000, Expenses: $50,000, Net income: $100,000.<\/p>\n<p>The $100,000 is not the final amount &#8211; the owner\u2019s tax situation and personal deductions and credits, as well as self-employment tax, all have an impact on what is owed.<\/p>\n<h2><strong>LLC Tax Planning Checklist<\/strong><\/h2>\n<ul>\n<li>Keep funds for business and personal needs separate<\/li>\n<li>Keep <a href=\"https:\/\/www.velan-bookkeeping.com\/blog\/why-is-reconciliation-so-important-in-accounting\/\">business accounts balanced on a regular basis.<\/a><\/li>\n<li>Record deductible expenses and receipts<\/li>\n<li>Oversize the estimated tax needs.<\/li>\n<li>Examine state taxes and entity classification<\/li>\n<li>When applicable, consult with a tax professional about S-corp election.<\/li>\n<li>Prepare financial statements and\/or review books prior to filing<\/li>\n<\/ul>\n<h2><strong>What are the most frequent LLC tax issues to avoid?<\/strong><\/h2>\n<ul>\n<li><strong>An LLC is not sufficient to make taxes lower<\/strong> &#8211; it is the classification and planning that makes the difference.<\/li>\n<li><strong>Non-separation of Personal and Business Expenses<\/strong> &#8211; increases the audit risk.<\/li>\n<li><strong>Underpayment penalties<\/strong> &#8211; can occur if taxes are not paid by the deadline.<\/li>\n<li><strong>Failing to pay state fees<\/strong> &#8211; franchise and annual fees can be easily forgotten.<\/li>\n<li><strong>Excessive deductions<\/strong> &#8211; ordinary, necessary expenses are allowed.<\/li>\n<li><a href=\"https:\/\/www.velan-bookkeeping.com\/blog\/basic-bookkeeping-tips\/\"><strong>Poor record keeping<\/strong><\/a> &#8211; makes filing &#8211; and defending it &#8211; harder.<\/li>\n<li>One of the compliance issues most owners don\u2019t account for is electing S-corp without understanding the payroll.<\/li>\n<\/ul>\n<h2><strong>LLC Taxes vs Sole Proprietorship vs S Corporation<\/strong><\/h2>\n<table style=\"height: 399px\" width=\"899\">\n<tbody>\n<tr>\n<td width=\"144\"><strong>Feature<\/strong><\/td>\n<td width=\"144\"><strong>LLC (default)<\/strong><\/td>\n<td width=\"144\"><strong>Sole Proprietorship<\/strong><\/td>\n<td width=\"144\"><strong>S Corporation<\/strong><\/td>\n<\/tr>\n<tr>\n<td width=\"144\">Liability protection<\/td>\n<td width=\"144\">Yes<\/td>\n<td width=\"144\">No<\/td>\n<td width=\"144\">Yes<\/td>\n<\/tr>\n<tr>\n<td width=\"144\">Federal filing<\/td>\n<td width=\"144\">Sch. C or Form 1065<\/td>\n<td width=\"144\">Schedule C<\/td>\n<td width=\"144\">Form 1120-S<\/td>\n<\/tr>\n<tr>\n<td width=\"144\">SE tax<\/td>\n<td width=\"144\">On full net earnings<\/td>\n<td width=\"144\">On full net earnings<\/td>\n<td width=\"144\">Only on salary<\/td>\n<\/tr>\n<tr>\n<td width=\"144\">Payroll required<\/td>\n<td width=\"144\">Only if electing S-corp<\/td>\n<td width=\"144\">No<\/td>\n<td width=\"144\">Yes<\/td>\n<\/tr>\n<tr>\n<td width=\"144\">Compliance burden<\/td>\n<td width=\"144\">Low-moderate<\/td>\n<td width=\"144\">Low<\/td>\n<td width=\"144\">Higher<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h2><strong>How Can Velan Bookkeeping Services contribute?<\/strong><\/h2>\n<p>Knowing about LLC tax regulations is one thing and keeping up with these regulations throughout the entire year is quite a different story. <a href=\"https:\/\/www.velan-bookkeeping.com\/\">Velan Bookkeeping Services<\/a> assists LLC owners and accounting firms in keeping neat accounting records throughout the whole year, making sure that any classification, deductions and estimation of quarterly taxes are done based on actual information, not assumptions. Being experienced with regulations regardless of entity type, Velan Bookkeeping Services allows LLC owners to concentrate on running their business.<\/p>\n<h2><strong>Frequently Asked Questions about LLC Taxes:<\/strong><\/h2>\n<h3><strong>How are LLCs taxed?<\/strong><\/h3>\n<p>By ownership it can include, Single-member LLCs are disregarded entities, multi-member LLCs are partnerships unless there is a corporate election.<\/p>\n<h3><strong>Does an LLC have to pay federal income taxes?<\/strong><\/h3>\n<p>Typically, not at the entity level (disregarded entities\/partnerships) &#8211; profits are passed through to owners.<\/p>\n<h3><strong>Do the LLC owners pay self-employment tax?<\/strong><\/h3>\n<p>The average active owner in general pays, on net earnings, 15.3% plus regular income tax.<\/p>\n<h3><strong>Do LLCs have to pay state taxes?<\/strong><\/h3>\n<p>Very often, yes &#8211; pay income tax, franchise tax or annual fee, depending on the state.<\/p>\n<h3><strong>Do LLCs have to pay sales tax?<\/strong><\/h3>\n<p>It is required to generally register, collect and pay sales tax according to state laws if it is selling taxable goods\/services.<\/p>\n<h3><strong>Should an LLC elect S-corp taxation?<\/strong><\/h3>\n<p>It could be a good idea when profits are definitely above a reasonable salary, but also the numbers must be verified by a tax professional for payroll compliance.<\/p>\n<h3><strong>When are LLC taxes due?<\/strong><\/h3>\n<p>Typically, federal estimates are submitted in April, June, September and January, annual in March\/April as required by classification.<\/p>\n<h3><strong>Can bookkeeping alleviate tax issues?<\/strong><\/h3>\n<p>Legitimate deductions are easier to make and errors in filing less costly because books are consistent and accurate.<\/p>\n<div class=\"flex-container\">\n<div class=\"flex-child magenta\">\n<p>Our <b>Real Estate Bookkeeping Experts<\/b> are here to help.<\/p>\n<\/div>\n<div class=\"flex-child\"><a href=\"https:\/\/www.velan-bookkeeping.com\/blog\/contact-us\/\">Schedule A Call<\/a><\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Single-member, multi-member and S-Corporation LLC formations discussed, federal and state requirements, deductions, deadlines, and common errors are covered in this blog. You\u2019ll find clear explanations, comparison tables, a worked example and a planning checklist that\u2019s based on official IRS guidance. Creating an LLC does not automatically determine the tax consequences of the LLC. An LLC<a href=\"https:\/\/www.velan-bookkeeping.com\/blog\/must-know-things-an-llc-owner-should-be-aware-of-about-taxes\/\">&nbsp;Continue More<\/a><\/p>\n","protected":false},"author":4,"featured_media":1237,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[20],"tags":[],"class_list":["post-132","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-taxation"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>LLC Taxes: What Every Business Owner Should Know?<\/title>\n<meta name=\"description\" content=\"Understand LLC taxes, federal and state filing requirements, deductions, deadlines and tax classifications to help manage your business finances.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link 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