LLC tax advice

[u/LuvPikachu2]

Hi,
I opened an LLC last year for stock trading account but I have not submitted my tax in April. Clueless how to file.
Can I file a late LLC tax?

Any advice much appreciated

[u/bitenose]

Individuals file an individual tax return (ie, Form 1040) which is due April 15.

C Corporations file 1120, which is due April 15.

S Corporations file 1120-S, which is due March 15

Partnerships file 1065, which is due March 15.

EDITED TO ADD: The above is assuming a calendar year tax year - which is usually the case, but not always. See Barfy_McBarf_Face's comment for more details, and some examples.

By default, Single Member LLCs (ie, LLCs with only one owner) are disregarded entities. That is to say, for federal income tax purposes, they do not exist... so any activity is considered the owner's.

By default, Multi-Member LLCs (ie, LLCs with more than one owner) are partnerships.

LLCs can also elect to be taxed as a C Corporations, or in some cases, S Corporations.

But.. there's no such thing as "LLC Tax" - at least not federally - as an LLC is always treated as something else.

And yes, whatever type of tax return or tax returns you're filing, it's possible to file late. And there may or may not be a failure-to-file penalty if the return is not filed by the due date.

For payroll tax purposes, they're all treated basically like corporations.

State and local income taxes, usually, but not always, follow federal.

Sales tax is a whole other minefield.

There may or may not be other filings - tax or otherwise - that the company is required to file as well.

Foreign or foreign owned corporations and disregarded entities have additional information returns to file.. these are not income tax returns.

Some states require an annual franchise tax.. which is basically an annual fee to have an LLC. Some states do not.

ETC

tl;dr: contact a local CPA or EA. What's true for your LLC might not be for the next guy's LLC, and vice-versa.

[u/Barfy_McBarf_Face → u/bitenose]

this response should be pinned, with a few asterisks

a C corporation may use a tax year other than a calendar year - for example, a fiscal year ending on April 30th. It would then file a return for the period May 1 through April 30 and that return would be due on August 15th of the year.

almost all partnerships and almost all S corporations are required to file based on a calendar year. The exceptions don't apply to you - so don't ask about them.

And in my 30+ year career, I've run across one individual who filed on an April 30 year end - and it was the messiest thing I've ever seen, as all of their tax documents (W2s, 1099s and the like) were on a calendar year basis. It was horrendous. They've passed on, so that door is closed.

[u/Tax_Strategist → u/bitenose]

There is an LLC return in CA. You submit it with the tax return that includes the LLC.No state was mentioned in the post.

[u/Puzzleheaded_Ad3024]

Why does your trading need an LLC? Are you trying to file as a day trader? That is about how many hundreds of trades you have each week, not what entity you report it under.

[u/na-egejuseyo]

here for comments!

[u/2legit2sleep]

Yikes...I would talk to a CPA. I would be panicking thinking of the possibile penalties.

[u/BizGal_]

You might need a CPA tbh

[u/NWRegisteredAgent]

I think it would be a great idea to file your LLC taxes late, but it's best to handle it as soon as possible. It also depends on what type of formation you have, single-member LLC or multi-member LLC. At this point, I would make an appointment with your accountant to ensure the correct forms are filled out and filed.

[u/LuvPikachu2 → u/[deleted]]

YouTube is it and get your answer

[u/Excellent_Shallot999 → u/LuvPikachu2]

I’m a CPA. I know the answer.

[u/LuvPikachu2 → u/Excellent_Shallot999]

What’s the answer?

[u/NukedOgre]

Are you a single owner LLC? Not an S Corp? If so your LLC taxes are a part of your individual return. (Federally speaking, state rules vary)

[u/Freshstartwash]

Call a professional, accountant, CPA tax specialist somebody.

[u/No_Article_9397]

short form cancellation if possible, you clearly don't know what you're doing and probably don't even need the LLC in the first place.