When Are Taxes Due for an LLC?

By Brette Sember, J.D.

When Are Taxes Due for an LLC?

By Brette Sember, J.D.

When you set up your limited liability company (LLC), one of your responsibilities is paying your business taxes on time. Determining the tax deadlines for your LLC depends on the type of entity you choose for tax purposes: corporation, partnership, or sole proprietor. There are also other factors that determine your deadlines.

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Fiscal Year vs. Calendar Year

For corporation and partnership returns, you must select an accounting method for your tax year: either fiscal year or calendar year. A fiscal year is a 12-month period you designate as your LLC's business year. You could say your fiscal year runs from April 1 to March 30, for example. If you choose a calendar year, your LLC will operate with a business year that runs from January 1 to December 31.

If you decide to change your tax year later on, you can do so by filing Application to Adopt, Retain or Change a Tax Year (Form 1128), which allows you to switch from fiscal year to calendar year, or vice versa.

Corporation Tax Dates

If you choose to treat your LLC as a corporation for tax reasons—and you must specifically elect to do this—there are different options for the tax returns:

  • If you select a calendar year for your accounting purposes, your taxes are due on April 15.
  • If you select a fiscal year, then your taxes are due on the 15th day of the fourth month after your year ends. So, if your business year ends March 30, your taxes are due July 15.
  • If you are an S corporation, you must use a calendar year and your taxes are due on March 15.

Corporations file U.S. Corporation Income Tax Return (IRS Form 1120), along with any amount owed, on their yearly due date.

Partnership Tax Dates

If you form your LLC as a partnership for tax purposes, then there are three possible ways to calculate the tax date for the LLC:

  • Your tax accounting calendar should be the one used by the members who own a majority interest in the LLC. So, if a majority use a calendar year, then the LLC's taxes are due on March 15. If the members use a fiscal year ending March 30, as in the example above, July 15 is the deadline.
  • If a majority do not use the same accounting periods, then your LLC is required to use the same calendar that the principal partners use. A principal partner is one holding five percent or more of an interest in the LLC's capital or profit.
  • If that rule doesn't work—for example, if no member holds five percent—then the LLC is required to choose an accounting period that creates the least deferral of income to the members.

Whichever accounting method you use, the taxes are due on the 15th day of the fourth month after your tax year ends. You must file U.S. Return of Partnership Income ( IRS Form 1065) for the LLC and each partner must report their own share of the profits and losses on their own personal tax returns.

Sole Proprietorship Tax Dates

If you are the only owner of your LLC, it is considered a "disregarded entity" by the Internal Revenue Service (IRS). Basically, this means the IRS ignores the fact that you've set up the LLC and instead taxes you as an individual. All of the income and expenses from your LLC are reported on your personal tax return, which is due on April 15. File U.S. Individual Income Tax Return (Form 1040) along with payments you owe. You do not need to file any separate paperwork for the LLC itself.

Filing your LLC taxes is important but relatively easy — if you follow the correct steps and meet all the necessary deadlines. Not filing taxes promptly could put your company in noncompliance, so make sure you note when your forms and payments are due.

This portion of the site is for informational purposes only. The content is not legal advice. The statements and opinions are the expression of author, not LegalZoom, and have not been evaluated by LegalZoom for accuracy, completeness, or changes in the law.