Unfortunately you MIGHT still have to file tax documents for your LLC even if it didn’t make any mo

19 Aug 2022 · 1 min
1:14

The speaker explains that filing tax returns for an LLC depends on how the entity is taxed. For a single‑member LLC that has not elected S‑ or C‑corporation status, the default is a disregarded entity, which must file a Schedule C only if the LLC earned more than $400 in a year. A multi‑member LLC defaults to partnership treatment; if it earned no income, filing is not required, though filing can be useful to claim credits or deductions. If the LLC elected to be taxed as an S corporation or C corporation, a tax return must be filed every year regardless of income. The speaker also advises that owners of unused or dormant LLCs should consider formally dissolving the entity to avoid ongoing annual fees and filing obligations.

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