Taxes for Latino-Owned Businesses in the US: LLC Guide
What to file, when it’s due and how to get your business ready before tax season.
If you own a business in the United States, your LLC’s taxes aren’t sorted out in April. They’re sorted out between October and December: getting your numbers in order, gathering your documents and marking the deadlines that apply to you.
This guide is for Latino small and mid-sized business owners in the US whose businesses are already generating revenue. We explain which taxes your business pays based on its structure, which deadlines you can’t miss and how much falling behind can cost.
We put it together as part of the partnership between Lazo and Luca, which brings together two things a growing business needs: taxes and bookkeeping in order, and access to financing. At the end, we explain how Luca clients can use their exclusive benefit.
Which taxes does your LLC pay in the US?
Most LLCs don’t pay taxes at the company level. They’re pass-through entities: profits “pass through” to the owners, who report them on their personal tax returns. Which form you file depends on how many owners your business has:
Single-member LLC: you report your business income and expenses on Schedule C, filed with your personal return (Form 1040).
Multi-member LLC: the LLC files Form 1065, and each member receives a Schedule K-1 with their share of the profits to include on their own return.
C-Corporation: the company pays taxes on its own and files Form 1120.
One thing that often catches owners by surprise: as the owner of an LLC taxed as a pass-through, you generally pay self-employment tax on your share of net earnings. And the IRS expects you to pay throughout the year through quarterly estimated tax payments, instead of paying everything at once when you file.
To learn more about how this works, read our guide to pass-through taxation for LLCs and S-Corps.
Your business tax calendar, month by month
If your business uses a calendar fiscal year, here is the full timeline, from the moment you start preparing to the last extended deadline:
If a deadline falls on a weekend or a federal holiday, it moves to the next business day. One key point: an extension gives you more time to file, not to pay. If you owe taxes, they’re still due on the original deadline.
Checklist: the documents your accountant will ask for
Having these ready before January makes filing faster, cheaper and less error-prone:
The mistake that makes this step hardest is mixing personal and business accounts. When everything runs through the same account, separating business expenses turns into weeks of work, and it’s easier to miss deductions. Opening a dedicated business account is the simplest change you can make, and the one that saves you the most time.
How much does filing late cost?
The IRS charges separate penalties for filing late and for paying late, and the two can add up. These are the ones that hit small businesses hardest:
- Multi-member LLC that files Form 1065 late: about USD 255 per member, per month late, for up to 12 months. A three-member LLC that files four months late could pay around USD 3,000, even if it owes no tax.
- Paying late: 0.5% of the unpaid tax per month, up to 25%, plus daily interest until the balance is paid.
- C-Corp that files Form 1120 late: 5% of the tax owed per month, up to 25%.
The good news is that most mistakes can be fixed. You can file an amended return to correct something you already submitted. And if it’s your first time and you have a clean history, the IRS may waive the penalty. The sooner you act, the better your chances of reducing the cost.
Lazo x Luca: clean taxes, better access to capital
When a business looks for financing, the first thing lenders ask for are its numbers: filed tax returns, up-to-date books and documents ready to share. That’s why Lazo and Luca joined forces.
To claim it, visit the Lazo x Luca benefit page and book your consultation.
FAQ: taxes for your business in the US
When are LLC taxes due in the US?
It depends on how many owners the LLC has. A multi-member LLC files Form 1065 by March 15. A single-member LLC reports its business on Schedule C with the owner’s personal return, due April 15.
What is Schedule C?
It’s the form attached to your personal return (Form 1040) where the owner of a single-member LLC reports the business’s income and expenses.
Does an extension give me more time to pay?
- An extension only gives you more time to file your return. If you owe taxes, you need to pay by the original deadline to avoid penalties and interest.
Do I need to make estimated tax payments?
If your LLC is taxed as a pass-through, generally yes. The IRS expects you to pay throughout the year in quarterly installments, instead of paying everything at once when you file.
What happens if I file late?
You may face a penalty for filing late and another for paying late, plus interest. In most cases you can fix it by filing as soon as possible and, if it’s your first time, asking the IRS to waive the penalty.
This content is general guidance and does not constitute legal or tax advice. For your specific situation, we recommend consulting a qualified professional.
