I'm single member LLC and I filed my personal taxes separately from my business taxes ( which I wasn't suppose to do) and I missed the IRS deadline. PLEASE HELP

Forum|Forum|1 year ago
December 7, 2024
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I'm single member LLC and I filed my personal taxes separately from my business taxes ( which I wasn't suppose to do) and because I already filed my personal taxes, my business need to be filed as well but unfortunately I missed the IRS deadline. What should I do and this is my first time.

Best answer by VolvoGirl

How did you file your business taxes separately? Or didn't you file it at all? A Single Member LLC is a disregarded entity and you file it on Schedule C in your personal 1040 return. UNLESS you set it up as an S corp in which case you do file a separate 1120-S business return for it.

You need to amend your personal return to add schedule C for it. 2023 is now a prior year. How to amend a prior year return
https://ttlc.intuit.com/turbotax-support/en-us/help-article/tax-return/amend-change-correct-return-already-filed/L4VjJ9BA2_US_en_US?uid=lpzqr4fi

VolvoGirlAnswer

Employee

madeinmonikallcAuthor

Correct. Yes I filed for my personal taxes, but not my business taxes. And once I amend my 2023 personal taxes, do I fill out everything on the personal 1040 form or just fill out the Schedule C part. Thanks

VolvoGirl

Employee

Just add the Schedule C part. The Amended return is form 1040X.

If you have a Net Profit of $400 or more on Schedule C You will pay Self Employment tax (Scheduled SE) in addition to regular income tax on it. You pay 15.3% SE tax on 92.35% of your Net Profit (If it is greater than $400). The 15.3% self employed SE Tax is to pay both the employer part and employee part of Social Security and Medicare. So you get social security credit for it when you retire. So you might owe the self employment tax.

You will still get the refund from the first original return or still need to pay the first tax due. In fact you should not even amend until the first return has fully processed and you get the first refund or your tax due payment has cleared.

The amended return is only for the difference you get back or owe. I think the cover sheet shows what the original return WOULD have been if you did it right the first time.

Go by the actual 1040X. Line 18 should be your original refund amount and line 22 should be your additional refund. If you paid on your original return it will be on line 16. If there is an amount owed with the amendment, it will be on line 20.

If you have a tax due, do not send the 1040V. Just include a check with the 1040X. Ignore the 1040V. That is for the original return or what the original return would have been if it didn’t need correcting. Don’t pay the amount on the 1040V. Pay the amount on the actual 1040X line 20.