Do disregarded entities still need to file business taxes?

Forum|Forum|2 years ago
March 19, 2024
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My wife and I formed an LLC and we live in Texas, which is a community property state. Our LLC is considered a disregarded entity. Do we still need to file business taxes indicating it is a disregarded entity? It's unclear to me whether or not we still need to file, even though it's considered a disregarded entity.

Not A Product Question

Best answer by DoninGA

No, you do not have to file your personal tax return on or before March 15, 2024. That date is only for those filing a Partnership tax return, Form 1065 or a Corporate tax return, Form 1120 or 1120S.

Your business is a disregarded entity who files their business income and expenses on a Schedule C that must be included with your personal tax return, Form 1040. The date for filing a personal tax return is April 15, 2024.

DoninGA

Employee

Yes, you have to report your business income. It is entered on a Schedule C which is part of your personal tax return. Each of you need to file a Schedule C for the income and expenses as an LLC in a community property state.

newuser10Author

Yes, I understand I still need to report the business income in my schedule C within my personal tax return. But, I'm wondering if I missed the business tax deadline (March 15, 2024) or if I did not miss it yet for tax year 2023, which is April 17, 2024. Thanks!

DoninGAAnswer

Employee

No, you do not have to file your personal tax return on or before March 15, 2024. That date is only for those filing a Partnership tax return, Form 1065 or a Corporate tax return, Form 1120 or 1120S.