Remaining LLC earnings or losses go on your personal tax return.
If you pay estimated taxes, enter them under deductions & credits in the "federal estimated taxes, by quarter" section.
If you receive a W-2 from your LLC, you can report this income under "wages & income" on your tax return. Let the IRS know your company's structure, including the number of employees you have. You may also deduct payroll taxes on this form. Wages are reported on Schedule C as employee expenses. This can be done on a Schedule C or a Schedule C-EZ. If you file taxes as a sole proprietor, you report all business income and losses on your personal tax return. Sole proprietorship is the automatic designation a single member LLC receives from the IRS. With either of these methods, you can deduct salaries paid to employees. As a single member LLC, you can pay your taxes as a corporation or a sole proprietorship. When you operate your business as an LLC, this will affect your ability to be a salaried employee that deducts their salary from company earnings. They afford the owner the limited liability protection of an LLC, but with the option to pay taxes as a sole proprietor would. Single member LLCs are a unique crossover between LLCs and a sole proprietorship. Deducting a Salary for a Single-Owner LLC You may also deduct your own salary from the company's earnings if you choose to be taxed as a corporation or LLC. A single member LLC payroll includes any employees your business has hired.
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