Small business · LLC · English / Español
Your LLC or small business return, prepared and explained in your language.
Own an LLC, a partnership or an S corporation, or just started one? I prepare the business return and the owners' personal returns so the numbers match, keep track of the deadlines, and explain every step in English or Spanish.
How your business is taxed
- An LLC with one owner is taxed on the owner's personal return by default, usually on Schedule C. It files no separate federal income tax return.
- An LLC with two or more owners is taxed as a partnership by default: it files Form 1065 and gives each owner a Schedule K-1.
- An LLC can choose to be taxed as a corporation instead (Form 8832), or as an S corporation (Form 2553). An S corporation files Form 1120-S and gives each owner a K-1.
- Partnerships and S corporations generally pay no federal income tax themselves. The profit passes through to the owners, who report it on their personal returns.
- Working on your own without an LLC? That is self-employment: see 1099 and self-employed taxes
Good to know for the 2027 season
- Partnership and S corporation returns for 2026 are due Monday, March 15, 2027. Form 7004, filed by that date, gives 6 more months, to September 15, 2027.
- A late partnership or S corporation return can be charged a penalty for each month it is late, for each owner, even when no tax is owed.
- An LLC with one owner is reported on the personal return, due Thursday, April 15, 2027.
- To be taxed as an S corporation for all of 2027, an LLC generally files Form 2553 by March 15, 2027.
- If your business paid a contractor $2,000 or more in 2026, you generally send the contractor and the IRS a Form 1099-NEC by February 1, 2027. Before 2026, the amount was $600.
- An S corporation must pay owners who work in the business a reasonable salary through payroll before it pays them distributions.
- Texas has no state income tax, but LLCs (even with one owner), corporations and limited partnerships file a franchise tax report or an information report every year.
- In 2027 that report is due Monday, May 17, since May 15 is a Saturday.
- A business with $2.65 million or less in total revenue owes no Texas franchise tax and files only the Public Information Report or Ownership Information Report.
What to have ready
- A profit and loss summary for 2026, or the business bank and credit card statements for the year
- Last year's business return and the owners' personal returns
- Payroll reports and W-2s, if the business has employees or pays an owner a salary
- Every 1099 the business received, and a list of the contractors it paid
- Loan statements, and the papers for any equipment or vehicles bought or sold
- Money each owner put into or took out of the business during the year
- If I have not prepared this business's return before: its formation papers and the IRS letter with its EIN
The request form on this site never asks for a Social Security number.
How it works
- Tell me about the business Send a request with what the business does, how many owners it has and what records you have. Phone photos are fine.
- Hear what is missing I reply with exactly which records I still need, for the business and for each owner.
- Review, then file I prepare the business return and any K-1s, go over them with you, and file once you approve. The owners' personal returns use the same numbers.
Questions
Does my LLC file its own tax return?
It depends on how it is taxed. An LLC with one owner is usually reported on the owner's personal return, on Schedule C. An LLC with two or more owners files a partnership return, Form 1065, unless it chose to be taxed as a corporation.
Should my LLC be taxed as an S corporation?
Sometimes. An S corporation pays its working owners a reasonable salary through payroll, and the rest of the profit is not subject to self-employment tax. It also means running payroll and filing a separate return every year, so compare the cost with the savings for your numbers.
I just started my business. What do I need?
An EIN, which the IRS gives for free, a bank account used only for the business, and a record of income and expenses from the first day. Send a request and I will tell you what your first return needs.
My business made no money. Do I still file?
Usually yes. A partnership files if it had any income or expenses, and an S corporation files every year its election is in effect, even with no income. An LLC with one owner usually reports a loss on Schedule C.
How much does it cost?
It depends on the kind of return, the number of owners and the state of the records. You get a quote before any work starts.