One of our readers runs a small online apparel business and wanted to know what tax filings were required for his business. He is the only owner of the business.
As the sole owner of the LLC, you are treated as a sole proprietor for tax purposes. This means you need to file the following forms with your personal tax return:
Schedule C – report your business income and expenses for the year on this form
Schedule SE – calculate self-employment tax on net earnings (if any) for the year
You will also have state and local tax filing requirements. Here is a great resource that you can use to find out what the requirements are for your state: http://www.nolo.com/legal-encyclopedia/50-state-guide-annual-report-tax-filing-requirements-llcs
All the Best-
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