{"id":2644,"date":"2021-08-09T16:43:31","date_gmt":"2021-08-09T21:43:31","guid":{"rendered":"https:\/\/www.northone.com\/blog\/?p=2644"},"modified":"2025-02-26T15:27:31","modified_gmt":"2025-02-26T20:27:31","slug":"llc-taxes","status":"publish","type":"post","link":"https:\/\/www.northone.com\/blog\/accounting\/llc-taxes","title":{"rendered":"LLC Taxes: 2024 Guide"},"content":{"rendered":"\n<p>You\u2019ve set up your <a href=\"https:\/\/www.northone.com\/blog\/start-a-business\/sole-proprietorship-vs-llc\">LLC<\/a> \u2014 now it\u2019s time to handle taxes. But how exactly does LLC taxation work? What rates apply? What options do you have when filing?<\/p>\n\n\n\n<p>As an LLC owner, you have flexibility in how your business is taxed. Since the IRS doesn\u2019t recognize LLCs as a separate tax category, you\u2019ll need to choose how your business will be treated for federal tax purposes. Whether you\u2019re a single-member LLC or have multiple partners, let\u2019s break down what you need to know.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"How_LLCs_are_Taxed\"><\/span>How LLCs are Taxed<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>To understand how your LLC is taxed, you must first make sense of how your business is classified. Unlike corporations, LLCs don\u2019t have a fixed tax structure under federal law. Instead, the IRS treats them as either <a href=\"https:\/\/www.northone.com\/blog\/taxes\/sole-proprietorship-taxes\">sole proprietorships<\/a> or <a href=\"https:\/\/www.northone.com\/blog\/taxes\/partnership-taxes\">partnerships<\/a> by default, depending on the number of owners. However, you can also elect to be taxed as an S Corporation or C Corporation if that aligns better with your financial goals.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Default_Taxation_for_LLCs\"><\/span>Default Taxation for LLCs<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Single-Member LLCs<\/strong>: If you\u2019re the sole owner, the IRS disregards your LLC as a separate entity for tax purposes. Instead of filing a business tax return, you\u2019ll report all income and expenses on <a href=\"https:\/\/www.irs.gov\/forms-pubs\/about-schedule-c-form-1040\">Schedule C<\/a>, which is attached to your personal Form 1040.<\/li>\n\n\n\n<li><strong>Multi-Member LLCs<\/strong>: If your LLC has more than one owner, it\u2019s automatically treated as a partnership. The business itself doesn\u2019t pay taxes directly. Instead, each owner reports their share of profits and losses on their personal tax return using <a href=\"https:\/\/www.irs.gov\/pub\/irs-pdf\/f1065sk1.pdf\">Schedule K-1<\/a>, and the LLC must also file <a href=\"https:\/\/www.irs.gov\/pub\/irs-pdf\/f1065.pdf\">Form 1065<\/a> to report earnings to the IRS.<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"LLC_Tax_Election_Options\"><\/span>LLC Tax Election Options<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>While LLCs default to sole proprietorship or partnership taxation, they can elect to be taxed as an S Corp or C Corp for potential tax benefits.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Electing_S_Corp_Status\"><\/span>Electing S Corp Status<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>LLCs can opt for <a href=\"https:\/\/www.northone.com\/blog\/northone\/other\/s-corp-taxes\">S Corporation taxation<\/a> by filing <a href=\"https:\/\/www.irs.gov\/pub\/irs-pdf\/f2553.pdf\">Form 2553<\/a> with the IRS. This allows the business&#8217;s income to be split into:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Owner salaries<\/strong>: Subject to income tax and self-employment tax (15.3%<strong>)<\/strong>. The IRS requires salaries to be \u201creasonable\u201d based on industry standards.<\/li>\n\n\n\n<li><strong>Distributions<\/strong>: Profits left after salaries and expenses can be distributed to owners. These aren\u2019t subject to self-employment tax, reducing the overall tax burden.<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Electing_C_Corp_Status\"><\/span>Electing C Corp Status<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Choosing to be taxed as a <a href=\"https:\/\/www.northone.com\/blog\/taxes\/c-corp-taxes\">C Corporation<\/a> means filing <a href=\"https:\/\/www.irs.gov\/forms-pubs\/about-form-8832\">Form 8832<\/a> and submitting an annual Form 1120 tax return. Unlike LLCs and S Corps, C Corps face double taxation: the corporation pays a flat 21% corporate tax on profits, and shareholders pay individual income tax on dividends.<\/p>\n\n\n\n<p>Despite this extra tax layer, structuring as a C Corp can sometimes result in lower overall tax liability, depending on the business\u2019s size and financial strategy.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"How_LLCs_pay_taxes\"><\/span>How LLCs pay taxes<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>By default, LLCs benefit from pass-through taxation, meaning that the business itself doesn\u2019t pay federal income taxes. Instead, profits and losses &#8220;pass-through&#8221; to the owners, who report them on their personal tax returns. This differs from C Corporations, which are taxed separately at the corporate level before distributing dividends that are taxed again.<\/p>\n\n\n\n<p>However, LLC owners still have multiple tax obligations that impact their total liability, including self-employment taxes, federal\/state\/local income taxes, and estimated taxes.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Self-Employment_Taxes_153\"><\/span>Self-Employment Taxes (15.3%)<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Since LLC owners aren\u2019t considered employees of their business, they don\u2019t receive W-2 paychecks with payroll tax withholdings. Instead, they\u2019re responsible for covering both the employer and employee portions of Social Security and Medicare taxes, which total 15.3% of net earnings:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>12.4% for Social Security<\/strong> (on the first <strong>$168,600<\/strong> of earnings for 2024).<\/li>\n\n\n\n<li><strong>2.9% for Medicare<\/strong> (applies to all net earnings).<\/li>\n\n\n\n<li><strong>Additional 0.9% Medicare tax<\/strong> on earnings exceeding <strong>$200,000<\/strong> (single filers) or <strong>$250,000<\/strong> (married filing jointly).<\/li>\n<\/ul>\n\n\n\n<p>These taxes apply to all net business income for sole proprietors and multi-member LLC members unless the LLC elects S Corporation taxation, in which case only the salary portion (not distributions) is subject to self-employment taxes.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Federal_State_and_Income_Taxes\"><\/span>Federal, State, and Income Taxes<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>LLC owners must also pay federal, state, and local income taxes on their share of the LLC\u2019s profits.<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Federal Income Tax<\/strong>: Pass-through LLC income is taxed at the owner\u2019s personal tax rate, which follows the IRS\u2019s marginal tax brackets (ranging from 10% to 37% in 2024).<\/li>\n\n\n\n<li><strong>State Income Tax<\/strong>: Most states tax LLC profits at personal income tax rates, which vary by state. Some states, like Texas and Florida, don\u2019t impose state income taxes on LLC owners, while others, like California, charge an annual franchise tax (minimum $800).<\/li>\n\n\n\n<li><strong>Local Taxes<\/strong>: Certain cities or municipalities may impose local income taxes on LLC earnings.<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Quarterly_Estimated_Taxes\"><\/span>Quarterly Estimated Taxes<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Since LLC profits pass through to the owner, taxes aren\u2019t withheld from earnings automatically. To avoid penalties, LLC owners who expect to owe $1,000 or more in federal taxes must pay estimated taxes quarterly using Form 1040-ES.<\/p>\n\n\n\n<p>Each estimated payment should cover income tax and self-employment tax liabilities based on projected earnings. If owners underpay, they may face IRS penalties and interest on unpaid amounts.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"LLC_Payroll_Taxes\"><\/span>LLC Payroll Taxes&nbsp;<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>If a Limited Liability Corporation has employees, it will need to pay payroll taxes.\u00a0 Keep in mind that this does not apply to single-member LLCs or multi-member LLCs without any non-ownership employees.<\/p>\n\n\n\n<p>For employees, the LLC is responsible for paying half of the 15.3% FICA\/Medicare\/Social Security.\u00a0 The employee pays the other half out of their paycheck.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"State_Taxes_Fees\"><\/span>State Taxes &amp; Fees<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>In addition to state income taxes, LLCs may be responsible for state franchise taxes, annual filing fees, and sales taxes, depending on the state where they operate. Franchise taxes are charged by some states as a cost of doing business, either as a flat fee (e.g., $300 in Delaware) or based on revenue (e.g., California\u2019s sliding scale starting at $900). Many states also require annual or biennial report filings, which come with a fee to keep the LLC in good standing.<\/p>\n\n\n\n<p>If an LLC sells taxable goods or services, it may need to collect and remit <a href=\"https:\/\/www.northone.com\/business-tools\/sales-tax-calculator\">sales tax<\/a> to the state. Sales tax rates and requirements vary, but generally, LLCs must register for a sales tax permit if they have a physical presence (like a store or warehouse) or economic nexus (exceeding a certain revenue threshold in a state). Even if an LLC is not based in a state, it may still be required to collect sales tax on online sales to customers in states where it meets the economic nexus rules.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"LLC_Tax_Forms_and_Deadlines\"><\/span>LLC Tax Forms and Deadlines<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><tbody><tr><td><strong>LLC Type<\/strong><\/td><td><strong>Tax Form<\/strong><\/td><td><strong>Filing Deadline<\/strong><\/td><\/tr><tr><td>Single-Member LLC (Default &#8211; Sole Proprietorship)<\/td><td>Form 1040 + Schedule C<\/td><td>April 15, 2025<\/td><\/tr><tr><td>Multi-Member LLC (Default &#8211; Partnership)<\/td><td>Form 1065 + Schedule K-1<\/td><td>March 17, 2025 (because the 15th falls on a Saturday)<\/td><\/tr><tr><td>LLC Electing S Corp Status<\/td><td>Form 1120-S + K1s<\/td><td>March 17, 2025 (because the 15th falls on a Saturday)<\/td><\/tr><tr><td>LLC Electing C Corp Status<\/td><td>Form 1120<\/td><td>April 15<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Frequently_Asked_Questions\"><\/span><strong>Frequently Asked Questions<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Is_an_LLC_better_for_Taxes\"><\/span>Is an LLC better for Taxes?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>A Limited Liability Corporation is a legal entity formed to protect the owner\u2019s assets in a legal matter pertaining to the business.&nbsp; However, there are certain situations, such as the Jobs Act, that provide tax deductions for LLCs.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"How_much_does_an_LLC_get_taxed\"><\/span>How much does an LLC get taxed?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Taxes depend on how the LLC is structured:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Sole proprietorships &amp; partnerships<\/strong>: Pay federal, state, local, and self-employment tax.<\/li>\n\n\n\n<li><strong>S Corps<\/strong>: Pay federal, state, and local taxes, but self-employment tax only applies to wages, not distributions.<\/li>\n\n\n\n<li><strong>C Corps<\/strong>: Pay corporate tax (21%) and dividend tax on distributions.<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Does_an_LLC_save_money_on_taxes\"><\/span>Does an LLC save money on taxes?&nbsp;<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>There is a tax deduction through the Jobs Act.&nbsp; Additionally, many business expenses can be deducted from taxable income.&nbsp; Finally, filing as an S-Corp could potentially reduce some Self-Employment Taxes by earning through a&nbsp;distribution rather than a paycheck.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"How_often_does_an_LLC_pay_taxes\"><\/span>How often does an LLC pay taxes?&nbsp;<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>LLCs file taxes annually. LLCs can file estimated taxes quarterly based on the previous year&#8217;s earnings or actual quarterly earnings. Then, when it comes time to do taxes at the end of the year, the total quarterly payments will be deducted from the total tax expense. If the quarterly payments were greater than the total for the year, the LLC will be refunded the difference.\u00a0<\/p>\n\n\n\n<div class=\"wp-block-columns emailcapturecontainer has-background is-layout-flex wp-container-core-columns-is-layout-9d6595d7 wp-block-columns-is-layout-flex\" style=\"background-color:#edce81\">\n<div class=\"wp-block-column is-vertically-aligned-center is-layout-flow wp-block-column-is-layout-flow\" style=\"flex-basis:55%\"><\/div>\n\n\n\n<div class=\"wp-block-column is-vertically-aligned-center is-layout-flow wp-block-column-is-layout-flow\" style=\"flex-basis:45%\"><div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><img decoding=\"async\" data-expand=\"1\" src=\"https:\/\/www.northone.com\/blog\/wp-content\/plugins\/media-ace\/includes\/lazy-load\/images\/blank.png\" data-src=\"https:\/\/www.northone.com\/blog\/wp-content\/uploads\/2021\/10\/N1-DeviceLockup.png\" alt=\"\" class=\"lazyload wp-image-3928\"\/><\/figure>\n<\/div><\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>You\u2019ve set up your LLC \u2014 now it\u2019s time to handle taxes. But how exactly does LLC taxation work? What rates apply? What options do you have when filing? As&#8230;<\/p>\n","protected":false},"author":4,"featured_media":4660,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[155],"tags":[],"class_list":["post-2644","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-accounting"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.6 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>LLC Taxes: 2024 Guide | NorthOne<\/title>\n<meta name=\"description\" content=\"There are several types of LLC taxes that you might be responsible for. Learn the correct forms you&#039;ll need to pay your LLC taxes at the right time.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.northone.com\/blog\/accounting\/llc-taxes\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"LLC Taxes: 2024 Guide | NorthOne\" \/>\n<meta property=\"og:description\" content=\"There are several types of LLC taxes that you might be responsible for. Learn the correct forms you&#039;ll need to pay your LLC taxes at the right time.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.northone.com\/blog\/accounting\/llc-taxes\" \/>\n<meta property=\"og:site_name\" content=\"North One Blog\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/northonebanking\/\" \/>\n<meta property=\"article:published_time\" content=\"2021-08-09T21:43:31+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2025-02-26T20:27:31+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.northone.com\/blog\/wp-content\/uploads\/2025\/02\/LLC-Taxes-2024-Guide.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"863\" \/>\n\t<meta property=\"og:image:height\" content=\"558\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Carter Grieve\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@NorthOneApp\" \/>\n<meta name=\"twitter:site\" content=\"@NorthOneApp\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Carter Grieve\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"12 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.northone.com\\\/blog\\\/accounting\\\/llc-taxes#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.northone.com\\\/blog\\\/accounting\\\/llc-taxes\"},\"author\":{\"name\":\"Carter Grieve\",\"@id\":\"https:\\\/\\\/www.northone.com\\\/blog\\\/#\\\/schema\\\/person\\\/1d9ccac27f234254fafe34ebbeca437a\"},\"headline\":\"LLC Taxes: 2024 Guide\",\"datePublished\":\"2021-08-09T21:43:31+00:00\",\"dateModified\":\"2025-02-26T20:27:31+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.northone.com\\\/blog\\\/accounting\\\/llc-taxes\"},\"wordCount\":1342,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\\\/\\\/www.northone.com\\\/blog\\\/#organization\"},\"image\":{\"@id\":\"https:\\\/\\\/www.northone.com\\\/blog\\\/accounting\\\/llc-taxes#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.northone.com\\\/blog\\\/wp-content\\\/uploads\\\/2025\\\/02\\\/LLC-Taxes-2024-Guide.jpg\",\"articleSection\":[\"Accounting\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.northone.com\\\/blog\\\/accounting\\\/llc-taxes#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.northone.com\\\/blog\\\/accounting\\\/llc-taxes\",\"url\":\"https:\\\/\\\/www.northone.com\\\/blog\\\/accounting\\\/llc-taxes\",\"name\":\"LLC Taxes: 2024 Guide | NorthOne\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.northone.com\\\/blog\\\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\\\/\\\/www.northone.com\\\/blog\\\/accounting\\\/llc-taxes#primaryimage\"},\"image\":{\"@id\":\"https:\\\/\\\/www.northone.com\\\/blog\\\/accounting\\\/llc-taxes#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.northone.com\\\/blog\\\/wp-content\\\/uploads\\\/2025\\\/02\\\/LLC-Taxes-2024-Guide.jpg\",\"datePublished\":\"2021-08-09T21:43:31+00:00\",\"dateModified\":\"2025-02-26T20:27:31+00:00\",\"description\":\"There are several types of LLC taxes that you might be responsible for. 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