Dumb question....tax extension needed for LLC?

Discussion in 'Taxes and Accounting' started by SideShowBob, Apr 14, 2007.

  1. Dumb question -- I have an LLC I use for trading -- I already filed my personal extension -- does the LLC need to file it's own form 4868 under it's tax id number? Obviously this is my first year filing with the LLC....:confused:

  2. bump
  3. Yes I believe so, my tax lady does it for me, so I am not sure, but I believe so. Just google it for your tax state.
  4. When you set it up, did you make it a separate (or disregarded) entity for tax purposes (probably not if you're the only member)?
  5. It's a two member LLC
  6. My first google search came up with nothing, this time I found this:


    Which says I need to file a form 7004.

    Also the LLC lost money last year, not sure if that matters (don't think so -- it seems you need to file for the extension even if you're getting a refund).

  7. You need to file something for the LLC by tax deadline. It is a passthrough entity so it pays no tax but needs to file an informational tax return. You can fix it later once you have your company final figures and once you file your final personal but you need to file something otherwise you may pay a $500 fine or more from the IRS for failure to file.

  8. So it sounds like your LLC is a partnership for tax purposes. If you believe that is correct, then your extension to file form 1065 is due by 17 Apr in the shape of form 7004. The income/loss of an LLC is passed through to your personal return, so it wouldn't owe federal income tax. You should check carefully your state's rules for taxing LLCs.

    Don't forget about the state extension for your LLC, as well as federal and state extensions for your personal return.

    Disclaimer: I'm not a CPA. I'm just a business owner who files extensions each year for his s-corp and his wife's single-member LLC.
  9. Good point, you also have to file in your state a form for the LLC and attach your federal filing as well.