As much as we wish we only had to think about taxes once a year, you have to think about your company’s income tax year-round. Federal income tax is a pay-as-you-go tax, so you pay it as you earn income throughout the year.
If your company is an LLC, your tax forms will vary depending on what elections you’ve made. The IRS will treat your LLC as partnership or a disregarded entity, unless you’ve filed Form 8832, Entity Classification Election, stating that you wish to be treated as a corporation.
If you’re the only member of the LLC, you’ll be treated as a disregarded entity for income tax purposes. In other words, your income will “pass through” to you. You’ll report your company’s profits or losses on your own tax return, using Form 1040, and Schedule C (Form 1040) or Schedule C-EZ (Form 1040).