Which return your business files
| Entity | Federal return | Due (calendar year) |
|---|---|---|
| Sole proprietor or single-member LLC | Schedule C on the owner's Form 1040 | April 15 |
| Partnership or multi-member LLC | Form 1065, with a K-1 for each partner | March 15 |
| S corporation (or LLC taxed as one) | Form 1120-S, with a K-1 for each shareholder | March 15 |
| C corporation | Form 1120 | April 15 |
Form 7004 extends the 1065 and 1120-S to September 15 and the 1120 to October 15. An extension gives time to file, not to pay.
S corporation elections
An LLC or corporation can elect to be taxed as an S corporation with Form 2553. For the election to apply from the start of a tax year, it generally has to be filed within two months and fifteen days of that year beginning. An S corporation pays its owner-employees a reasonable salary through payroll, which adds payroll filings, so we look at the numbers with you before you elect.
Texas franchise tax
Most Texas LLCs, corporations and limited partnerships also file a franchise tax report every May 15, even when no tax is due. See Texas sales tax and franchise tax.
Books first
A business return is only as good as the books behind it. If your books are current with us, the return is prepared from reconciled figures. If they are not, we catch them up first, at a fixed fee agreed in advance.
Questions
Should my LLC become an S corporation?
It depends on your profit, the salary you would pay yourself and the extra payroll cost. We run the numbers for your situation before you file Form 2553.
Do you prepare the owners' personal returns too?
Yes. K-1 income flows to the owners' Form 1040, and we can prepare both.
Talk to a CPA about your situation
The introduction is free. You get a written quote before any work starts.
Book a free introduction