New LLC

YadavAhik85

my started an LLC Last year, her business revenue is under $ 5000 in whole year. Should she file tax ?

YadavAhik85

I mean my wife.

GeorgeG

Hi YadavAhik85!

Thank you for the question!

A single-owner LLC reports business income and expenses on a Schedule C in the Business Income (Schedule C) section on their individual tax return.

If there is more than one owner in an LLC, the LLC is treated like a partnership for tax purposes. A Form 1065, partnership return, needs to be filed for the LLC. A Schedule K-1 will be given to each owner showing that owner's portion of LLC income that needs to be reported on the owner's Form 1040. This can be reported in the Partnership or LLC Income and Deductions (Schedule K-1) section.

There is no minimum income threshold for being required to file a Schedule C or Schedule K-1.

Here is a helpful IRS tool to help you determine if you need to file an individual tax return: https://www.irs.gov/help/ita/do-i-need-to-file-a-tax-return

Further information can also be found here: https://www.irs.gov/newsroom/heres-who-needs-to-file-a-tax-return-in-2024

More information regarding an LLC filing as a corporation or partnership can be found here: https://www.irs.gov/businesses/small-businesses-self-employed/llc-filing-as-a-corporation-or-partnership

The instructions for Schedule C filing can be found here:

https://www.irs.gov/forms-pubs/about-schedule-c-form-1040