How to File Your Taxes as a LLC Owner in 2024 [Step-by-Step]

Let's look at how to file your taxes as an LLC owner in 2024. Now in order to do this, we have to look at single-member LLCs, multi-member LLCs and LLCs taxed as an S Corporation. Because although they're all limited liability companies, they file different tax returns.

And I want to make sure you file your taxes correctly in 2024.

So today, I’ll be going over:
What tax returns do you need to file as an LLC Owner
What you need to record and need to put on your tax return
How to pay your current and future taxes
And tips and FAQs so you stay out of trouble with the IRS

So, if all that sounds good to you make sure you like this video!

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How to File Taxes a LLC (0:00)
Step #1 (1:18)
Step #2 (4:00)
Step #3 (5:30)
Step #4 (6:10)
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Step #6 (8:29)

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Now, every LLC is to record information about you and your business on your tax return.

You’re going to need to enter stuff like:
- Your Business name
- Your Business address
- Your Business EIN number
- Your Principal Business or Professional (like what you sell)
- Your Principal Business Code or Activity Code
- Your Accounting Method
- If you "Materially Participated” in operations of the Business
- If you just Started or Acquired the Business
- If you Filed 1099 Forms

And other pertinent information about your business.

Please be sure to give this video a like and subscribe to our channel so you don't miss out on future videos!

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Disclaimer: The information provided in this video is for informational purposes only and is not meant to take the place of professional legal, accounting, or financial advice. If you have any legal questions about this video or the subjects discussed, or any other legal matter, you should consult with an attorney or tax professional in your jurisdiction (i.e. where you live).

[rickkix]

I’ve been avoiding filing my taxes bc this is my first year owning a LLC, but breaking it down and approaching it step by step really helped me. Thank you!!

[FogmanFisheries]

Outstanding! I've just finished my first year with my LLC and have thought about seeking a tax professional for my return. Your presentation, along with a little research on my own, has given me the confidence to prepare it myself. Thanks!

[willylowman]

Estimated tax payments. Each year is so different. I chose to pay the penalty because if you over pay they never give it back to you. I’d rather keep my hard earned money than give it away to someone who never answers the phone. 👍

[DigitalNovelist]

This was great man! First year with an LLC. Now I feel good enough to try it on my own.

[ToddSteffy]

Wow this was by far the best video I have watched regarding business taxes. So much information but it was so easy to follow due to the perfect explanations. THANK YOU!

[LightningStrikes]

Would be great to know how filing tax for an LLC single member works when you and your spouse also earn employee income and file jointly.

[kingsleyoseiabrah]

Life is so simple why do finance guys just make things complicated for no reason. This is by far the simplest video on taxes i have come across so far.

[romondaword]

I just love the way you break the process down and step by step. I use to be intimidated just to look or talk about taxes. Your videos have helped me tremendously. I wish I had known about you when I first got started. I'm only 3 years in so there's hope. Thank you!

[jowoods]

This video was very complete in clearing up the mystery of what tax forms should I file. It was done in a simplified manner. Kudos to this company.

[alexandraallsbrook]

can you make a video on how to file for an inactive LLC?

[adrian.kaczmarek]

Hey @LYFE Accounting so to clarify a sungle member LLC needs to have a Schedule C, Schedule SE, and 1040 Form

[shermanstandberry]

Doesn't get any better than this. Great job

[blackonyxtv]

I’m starting my business at the end of this year and I’m soaking up all of this knowledge. I had to hit that bell to be notified of new videos ! Thanks for lacing us with the knowledge that’s needed to run a successful business

[Plant_ohana]

I've literally been brought to tears trying to figure this out on my own. Thank you so much or this

[nerdlabstudios]

Great breakdown! Thanks man! I took note of your company for next year & I will absolutely be in touch for 2024 Filing season/ thus year is year 1 of my LLC sole proprietorship so I wanted to file it myself in order to obtain a first hand understanding but you guys will be my next year tax filing company! Very useful knowledge & I Subbed thanks much!

[rraviravir]

Can you please make a similar video for 2024 filing - for tax year 2023 ?

[TheFailMistress]

thanks a lot! my first year having an LLC and your video is really helpful for beginners

[pplywnt]

Found your post interesting to watch. I can't wait to see your new videos soon. Good Luck with the upcoming update. This YouTube channel is very informative and effective.

[elianasmith]

Great video! Some key points were highlighted that I hadn't heard anyone else discuss. Thank you!

[motownmommy]

I love this informational Black excellence channel.