How do I file an extension for my LLC taxes?
Last modified 6/23/2020 1:35:40 AM EST | Added by ExpressExtension Team

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A Limited Liability Company (LLC) is a business structure that is allowed as per the state statute. Hence, all the states recognize LLC companies. The owners of LLC are referred to as members. The IRS does not recognize a limited liability company for tax purposes. That doesn’t mean there is no obligation for an LLC to pay its income tax. Perhaps, the IRS taxes them depending on the number of members, and how they elect to organize. 
 
For federal tax purposes, the IRS treats an LLC as a corporation (single-member & multi-member) or a partnership (multi-member) or be disregarded as an entity separate from its owner.
 
How does a single-member LLC file taxes?
 
According to the IRS, a single-member is considered a disregarded entity- meaning the LLC and its owner act as two separate entities. But for federal tax purposes, they are taxed as a sole proprietorship. Hence, the information about an LLC’s income, expenses, and net income must be reported through Schedule C of Form 1040. 
 
Federal Extension for single-member LLC sole proprietorship: The due date to file Form 1040 is the 15th day of the fourth month after the tax period ends. If in case, the entity misses the deadline date, they must file Form 4868 to request an automatic extension of time. 
 
When a single-member LLC doesn’t wish to go by the default classification as a disregarded entity, they can file Form 2553 to elect as an S-Corporation or file Form 8832 to elect as a C-Corporation. 
 
Single-Member LLC S-Corp Taxes: A single-member LLC elected as S-Corp must file Form 1120-S by the 15th day of the third month after the tax period ends. If they couldn’t file by the due date, an extension of time has to be sought by filing Form 7004. The deadline to file this extension is the same as the due date of the original tax return. 
 
Single-Member LLC C-Corp Taxes: A single-member LLC elected as C-Corp must file Form 1120 by the 15th day of the fourth month after the tax period ends. As a special relief due to the COVID-19 outbreak, the IRS has granted an additional 90-day extensio i.e, until July 15, 2020 to file the tax return. If they couldn’t file on time, an extension of time can be sought by filing a business tax extension Form 7004. The deadline to file this extension is the same as the extended due date of the original tax return. 
 
How does a multi-member LLC file taxes?
 
An LLC with more than one member can elect to be taxed as a partnership or S-Corporation or C-Corporation. 
 
Multi-Member LLC taxed as a partnership: In a multi-member LLC organized as a partnership, it’s the individual partners who pay taxes to the IRS depending on their share of ownership in a partnership. And, they must file Form 1065 by the 15th day of the third month after the tax year ends. Once done, each partner gets a Schedule K-1, that outlines the share of profit/loss in the partnership, which in turn, has to be reported in the partner’s individual tax return Form 1040. 
 
If Form 1065 can’t be filed by the due date, an extension of time can be obtained by filing Form 7004. The deadline to file this extension is the same as the due date of the original tax return. 
 
Multi-Member LLC taxed as S-Corporation: A multi-member LLC elected as S-Corp must file Form 1120-S by the 15th day of the third month after the tax period ends. If they couldn’t file by the due date, an extension of time has to be sought by filing Form 7004. The deadline to file this extension is the same as the due date of the original tax return. 
 
Multi-Member LLC taxed as C-Corporation: A multi-member LLC elected as C-Corp must file Form 1120 by the 15th day of the fourth month after the tax period ends. For this year, due to the COVID-19 outbreak, the due date has been deferred by another 90 days i.e., until July 15, 2020. If they couldn’t file by the due date, an extension of time has to be sought by filing Form 7004. The deadline to file this extension is the same as the extended due date of the original tax return. 
 
For step-by-step instructions on filing the LLC tax extension online, click here.

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