LLC filing deadline?

[sandhyaepeter]

What is the name of your state (only U.S. law)? Il

What is the tax filing deadline for an LLC? It appears that it is April 15th but I see several different dates being mentioned in various places.

Also my LLC did not make any profits in 2008 after expenses are deducted. I assume I still have to file a return? Do I need to go to an accountant or can I do the return myself? The business is really really small (in the hundreds of dollars, not even thousands).

Thanks for you answers.

 

[LdiJ]

What is the name of your state (only U.S. law)? Il

What is the tax filing deadline for an LLC? It appears that it is April 15th but I see several different dates being mentioned in various places.

Also my LLC did not make any profits in 2008 after expenses are deducted. I assume I still have to file a return?

Thanks for you answers.

If you are a single member LLC then you are a disregarded entity and you file a schedule C on your personal tax return. The deadline is April 15th. The losses from your business would either offset other income or be a carryforward.

If you are a multiple member LLC and you have elected to taxed as a partnership, you file for 1065 and the deadline is March 15th. The losses would then flow through to your personal return via a schedule K1 and be an offset for other income or a carryforward.

If you are a multiple member LLC and you have elected to be taxed as a C corp or S corp you file either form 1120 or form 1120S and your deadline is March 15th. If you are being taxed as a C corp the losses would be a carryforward and if you are being taxed as an S corp it would work the same way that it does for partnerships.

Therefore yes, you need to file even if you had a loss. Its to your benefit to do so.