Taxes

LLC taxes, explained

The costliest LLC tax mistakes are usually a missed form or a missed date. These guides show how your LLC is taxed, which forms it files, when they’re due and when an S corp election is worth the extra work, with every rule linked to the IRS.

Where to start

First confirm how your LLC is taxed today. By default a single-member LLC reports on the owner’s return and a multi-member LLC files Form 1065. Put the federal dates in your calendar. If a foreign person owns the LLC, Form 5472 is the filing to get right, because missing it costs $25,000. Look at the S corp election only once your profit comfortably covers a reasonable salary plus the extra payroll and filing costs; the calculator shows you where that point is.

How is an LLC taxed?The four IRS options, forms and due dates.LLC vs S corpWhen the S corp election saves money, with worked numbers.S corp tax calculatorFree tool: SE tax vs payroll tax, 2026–2027.LLC tax deadlines 2027Every federal date for every type of LLC.How to file LLC taxesStep by step, by LLC type.Form 1065Multi-member LLCs. $255 per member per month if late.Form 5472Foreign-owned LLCs. $25,000 penalty if missed.How to pay yourself from an LLCOwner draws, salary and distributions.How to get an EINFree from the IRS, including from abroad.

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General information from IRS publications, not tax advice. Your situation may differ — confirm with a CPA or enrolled agent before you act. Verified October 18, 2026. We may earn a commission if you sign up through our links, at no cost to you. How we’re funded.

Frequently asked questions

When are LLC taxes due?

March 15 for multi-member LLCs (Form 1065) and S corps (Form 1120-S); April 15 for single-member LLCs on the owner’s return and for C corps. 2027 calendar.

Does an LLC pay taxes?

Not federal income tax by default — profit passes through to the owners, who pay income and self-employment tax. States may charge their own taxes or fees.

Should my LLC be an S corp?

Often worth considering once profit is high enough to cover payroll and extra filing costs. Run the calculator.

What is self-employment tax?

15.3% (12.4% Social Security up to $184,500 in 2026, plus 2.9% Medicare) on 92.35% of net self-employment earnings.