Hi everyone, I’m Bette Hochberger, CPA, CGMA. As the tax season quickly approaches, I wanted to discuss the 2024 LLC tax deadlines. Limited Liability Companies pose unique tax considerations for business owners. Grasping the specific deadlines based on your LLC’s tax classification is crucial to ensure compliance. So, let’s dive in and unravel the web of tax deadlines for single-owner LLCs, multiple-owner LLCs treated as partnerships, and those opting for C corporation status in 2024.
Single-Owner LLCs: Sole Proprietorship Treatment
For single-owner LLCs, the IRS treats you as a sole proprietorship. Business income is reported on Schedule C as part of IRS Form 1040 (personal income tax return). The deadline for filing Form 1040 is April 15 without an extension and October 15 with an extension for the 2023 tax year filed in 2024.
Multiple-Owner LLCs: Partnership Treatment
If your LLC has multiple owners, the IRS treats it as a partnership. Complete IRS Form 1065 to report business income and expenses. Business owners receive a Schedule K-1, detailing their share of income, to be filed with personal income tax returns. The filing deadline for Form 1065 is March 15 without an extension and September 15 with an extension for the 2024 tax year.
LLCs Opting for C Corporation Status
If your LLC elected to be treated as a C corporation (via Form 8832), it is subject to double taxation. File IRS Form 1120 for C corporation income tax returns. C corporations face a 21% flat federal corporate income tax rate, with additional state corporate income taxes (if applicable). The filing deadline for Form 1120 is April 15 without an extension and October 15 with an extension for the 2024 tax year.
As you navigate the world of LLC tax deadlines in 2024, understanding your business’s classification is crucial. Whether you’re a single-owner, part of a partnership, or operating as a C corporation, understanding the specific filing timelines is essential. Mark these dates on your calendar, and consider consulting with a tax professional for personalized guidance to ensure a smooth and compliant tax season for your LLC.
I hope you learned something new today. As always, stay safe, and I will see you next time.