Taxpayer asks:Should I submit the 1120s form or the 1040 Schedule C for my LLC - single proprietor? It combines the utility of a corporation with the simplicity of a sole proprietorship (or partnership). That means that you don't have a to file a separate tax form and can simply file your taxes using your Schedule C on your form 1040, as is your preference. For example, if you prefer to be taxed as a C corporation, you can do that by checking a box; the same holds true for an S corporation. A lot of taxpayers don't know that a company organized as an LLC can be taxed as a C corporation or an S corporation - those are simply tax elections.

Source: Forbes April 16, 2017 13:18 UTC