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Kenneth L. Sheppard, Jr. IRS, State, & Local  Tax Lawyer (877) 505-9455

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LLC Income Tax Preparation



Limited Liability Company Income Tax Return Preparation


When filing income taxes as a Limited Liability Company your business is typically considered a pass-through entity by the IRS as all income generated by the business is passed through to your personal income tax return 1040 from IRS Schedule C. If it is beneficial for tax purposes, the LLC may elect to be treated as a corporation and taxed separately from its members (owners).  An LLC with more than one owner will be classified as a partnership unless elects to be treated as a corporation. Business income tax return preparation can seem like a daunting task for owners of small-mid size businesses as there are constant changes and new tax laws and rules added by the IRS. As a year-round tax service, we stay abreast of the current income tax provisions which may have an impact on your business and personal tax responsibility.


IRS Schedule C Profit or Loss

A single owner LLC that doesn't elect to be treated as a corporation is a pass-through entity for purposes of federal income taxes and must file a IRS Schedule C with the owners personal income tax returns on IRS form 1040. The Schedule C lists all of your business income earned as a LLC and subtracts business expenses to calculate the net profit or net loss that is to be reported on your personal income tax return IRS form 1040.


IRS Schedule SE Self Employment Tax

As a member of an LLC, since Social Security and Medicare taxes are not withheld by an employer, an IRS Schedule SE is used to determine self-employment tax due on net earnings. The self-employment tax included on Schedule SE is for Social Security and Medicare taxes only, and does not include other income taxes that self-employed individuals may need to file.


Deductions for LLC's

As a Limited Liability Company, the member can deduct business expenses including operation expenses, inventory cost, advertising expenses, travel expenses, health insurance, charitable contributions, business meals, and business entertainment expenses, in addition to being able to write off the cost of business equipment and other business assets. It is also common for home based LLC's to claim a home office expense to deduct rent and utilities.




As each small business owner faces unique situations, it is important to discuss your specific circumstances with an income tax preparer in order to maximize your deductions and minimize the amount you pay to the IRS. At Sheppard Tax Prep we work with taxes year-round and therefore are available to assist our clients with business and personal income tax preparation, tax planning, as well as larger tax issues.


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Sheppard Law Offices

Law offices of Columbus, Ohio based Tax lawyer  Kenneth L. Sheppard, Jr. serving clients on a national and local scale. We serve clients throughout the United States and abroad in dealing with the IRS, State, and Local taxation authorities. We have Ohio tax law offices located in Columbus, Canton, Newark, and Mt. Vernon. We handle tax issues for clients located  throughout the country, including Ohio, North Carolina, California, Florida, Illinois, Indiana, Maryland, New Jersey, New York, Pennsylvania, Texas, and Virginia.

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