What is a LLC?
A Limited Liability Company or LLC is a type of business classification. It helps protects the owner and separates the business from the ownerʼs personal affairs. This is an business entity or legal entity, but not a tax classification. So if you have an LLC, you will still need to find your tax classification in order to know when you file.
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What is a Tax Classification?
A Tax Classification is how your business is classified for tax purposes. You can classify your business as:
- S-Corporation
- C-Corporation
- Partnership
- Sole Proprietorship
How do I find my Tax Classification?
If you donʼt know your businessʼs tax classification, check your business records. If you have a Form 8832 (Entity Classification Form) or Form 2553 (Election by a Small Business Corporation), that should let you know. If you donʼt have any of these forms or donʼt remember filing any additional forms, you have a Sole Proprietorship by default. A Sole Proprietorship flows onto your personal taxes, or 1040 Schedule C.
So when is the LLC 2024 Tax Deadline?
Technically, there is no LLC 2024 Tax Deadline. Thatʼs because an LLC is not a tax classification, but a legal distinction. In that case, If you have a partnership or S- Corp, the filing deadline is March 15. If you have a Sole Proprietorship, or C-Corp, you have until April 15. You can also check on IRS Publication 509 if you have further questions.