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Tax problem from single member LLC electing to be taxed as an S corp?
I have a single member LLC with one full time employee. I do not work full time in the business myself but have my own full time job and run the business "on the side". The employee is paid through my bank's online payroll service, gets a W2, health insurance etc. My problem is that I misunderstand all the implications of electing to be taxed as an S corp. In 2010 I was not an "employee" of the business and was not paid through payroll. Now I cannot figure out how to do my taxes. What should I do?
2 Answers
- ?Lv 45 years ago
Taxation is a huge ingredient in any business enterprise. You "misunderstand all the outcomes of electing to be taxed as an S corp." Why in worldwide did you create a legal business enterprise entity in case you have no longer any thought what you're doing? I even have 0 awareness or potential while it is composed of repairing vehicles. So I went out and opened an vehicle restore shop. What do I do now? a approach or the different to procure the bright thought to create an LLC, and probable heard someplace which you're able to choose for to be taxed as an S organization, so which you probably did it. Why do people think of it truly is so user-friendly all you could desire to do is fill out a style and a approach or the different meaning a bunch of your issues would be solved? Did you record style 8832? If no longer you could no longer even evaluate electing S organization status. Did you record style 2553? If no longer you're a C organization, no longer an S organization. Now you have workers. Are you sending withholding decrease than a C organization? Or an S organization? Or as a sole proprietor? do you be attentive to a thank you to remedy the payroll tax mess in case you're no longer paying decrease than the perfect business enterprise entity? in the journey that your economic well being is significant, you could desire to get expert help along with your business enterprise. no longer purely the tax return, yet a thank you to function it. you won't be able to easily create a company and wing it once you don't be attentive to what the regulations are.
