The Internal Revenue Service (IRS) states that over 70% of U.S. businesses are sole proprietorships, making sole proprietorship the most common business structure in the United States.

This is because sole proprietorships come with many benefits, such as simplified business ownership, less paperwork, and a more straightforward tax setup. That’s why entrepreneurs overwhelmingly choose to operate their businesses under sole proprietorship over other business structures.

But when their small businesses grow and gain income, the business owners prefer to change the business from a sole proprietorship to a limited liability company (LLC) to protect the business from personal liability.

Where the Limited Liability Company (LLC) Provides liability Protection to your business, it also brings many tax formalities that you have to complete. This guide will tell you the tax forms you need to file as an LLC.

Related: How to Form an LLC in the United States

What Tax Forms Do I Need to File as an LLC

What Tax Forms Do You Need to File as an LLC?

Here’s a list of the forms you need to file as an LLC, whether you run your business as a Single-member LLC or a partnership.

Tax Forms for Single-Member LLC Owners

If you own Single-member LLC, you may need these forms when filing your taxes:

Form 1099-NEC: This form is filed for nonemployees like freelancers, contractors, and other professionals who provide services for at least $600.

Form 1099-MISC: This form reports payments for rents, medical and healthcare, and attorney fees. 

Form W-2: This form reports wages and other earnings like tips and withheld income, including taxes, Social Security, and Medicare. 

Form 1040: LLC tax form 1040 is used by U.S. taxpayers filing individual income tax returns.

Form 1040 Schedule A: It is used for taxpayers itemizing tax-deductible expenses.

Form 1040 Schedule C: It is used reports the profit or loss of a sole proprietorship. 

Form 1040 Schedule E: This form is used for supplemental income or loss from assets such as rental real estate, royalties, partnerships, Corporations, estates, and trusts. 

Form 1040 Schedule F: It covers profit or loss from farming and other forms of agricultural activity. 

Form 1040 Schedule SE: It figures out the self-employment and Medicare tax that would apply to sole proprietors. 

Form 4797: It reports the sale or exchange of property.

Tax Forms for LLC’s Filing as a C Corp 

An LLC that is treated as a corporation will need to file a Form 1120 (U.S. Corporation Income Tax Return) and have to pay regular corporate tax.

Form 1120: This form reports income, credits, profit, loss, and deductions used to access tax liability for filing as a C Corp.

Form 8832: It allows a taxpayer elect for tax purposes to change the structure of his or her business from one type of entity to another.

Tax Forms for LLC’s Filing as an S Corp 

If your limited liability company chooses to be treated as an S Corp, you need these two forms to file your taxes.

Form 1120-S: It is used for income, credits, profit, loss, etc., by a domestic corporation electing to file as an S Corp. 

Form 8832: It allows a taxpayer elect for tax purposes to change the structure of his or her business from one type of entity to another.

Tax Forms for Multi-member LLC 

If you own Multi-member LLC, you may need these forms when filing your taxes:

Form 1065: LLC tax form 1065 is used to declare profits, losses, deductions, and credits of a business partnership for tax filing purposes.

Schedule K-1: This form reports each partner’s share in profit, loss, credits, and deductions. 

How to File Taxes for an LLC

If you are looking to file LLC taxes yourself, read this complete guide to Filing Taxes for an LLC in the United States.

But filling out LLC’s taxes yourself can be tedious if you’re unfamiliar with IRS regulations. Therefore, I suggest hiring a CPA if you don’t want to make a mistake and pay the penalty.