Form 2553 or 8832 | LLC, S Corp, Partnership, C Corp Tax Elections
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- เผยแพร่เมื่อ 3 ส.ค. 2024
- Do you need to File Form 2553 or File Form 8832 with the IRS to change your LLC or Corporation's default tax treatment to an S Corporation, Partnership or C Corporation?
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#2553 #8832 #entrepreneur
Thank God someone that breaks it down in such as way to understand :)
Thanks for this. Best explanation I have found so far! If the gov docs included the chart you have there, our lives would be much less miserable understanding the processes.
Thank you for this clear explanation! Finally!!
I love your chart showing legal entity types and the related tax types - well done!
Thank you. You made the information easy and straight to the point.
Great info. Thank you so much!
Love this video Navi!
Glad to hear it! 👍🏼
Thorough 🤞🏽
Thanks!
thank you for this
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Great video….
Glad you liked it! ☺️
Thanks sir 😊
Can you create a video explaining hau to use form 8832 to switch your company away from s Corp and back into what it was originally as an LLC single member?
I have the similar question for the case of how to revert the LLC back from C-Corp Taxation Status to Default Sole Proprietorship status. I want to make sure will be possible to revert at a later date, before making the jump to C-corp Taxation Class.
Do you have to file yearly to keep your same tax classification that you want
I am 100% owner and I am a single member LLC of my business. What is best combination that helps you with being taxed in the long run?
how do you separate your personal and business tax
Ok so what legal entity and tax classification do I use if I own my own auto shop and filling out the form 8832 for the first time. I am only one member which is myself doing the business with no partners.
For an LLC entity if I convert to taxed as C corp, will I keep the same EIN? And do I need to report this to my biz credit cards . Is this the same changing or converting the whole LLC into C corp entity? Will I need to file a new EIN as well? Can I convert my LLC to C Corp even I don't have revenue nor profit yet?
If we have elected to have our LLC taxed as a C-Corp or S -Corp, and want to restore it to the default (sole prop.) tax status, which form should we use?
I have a cuestión. If I open a new LLC as single member. If I live in the community property. I am elect to tax as S corp. If I choose to add my spouse as a owner 50/50 I need to amend my article of formation, if in the article I put manager manage just like me? As S corp with tow member also need to file as partnership form or just as s corp with tow members. Thanks
You would put whatever title is appropriate, usually member or manager. An S Corp filed an 1120S tax return, regardless of how many shareholders.
I currently have an EIN that is registered as Sole Proprietorship. I am changing to a single member LLC. Do I need a new EIN number. I have called the IRS twice and they told me I need to fill out a 8832. Can you tell me what I need to do
Are you Real Estate CPA Navi?
How can I apply for an EIN number when I have two members on the LLC? When applying it says it will default as partnership unless I file forms 8832 or 2553. What exactly does that mean? I am starting my business now and not really making much at the money. What’s the best option?
If you want to be taxed as a C-corporation, then you have to file 8832 to apply for it. If you want to be taxed as an S-Corp, you have to file 2553 to apply for it. If you don't have any interest in becoming either one of those types of corporations, then you don't need to worry
If I am 100% owner of the LLC and I tax as S corp. Can I add my wife in payroll as employee (not owner), She will be active in the business around 50% of the revenue of the business. she can still deduct expenses true the accountable plan like car, cell phone, wireless plan, meals. Thanks
Based on what you described, yes, you can do that.
@@NaviMarajCPA thanks for your answer . I think that is good idea to explaining in one video because many new owners have many question about put Spouse in business as co owners or just in payroll. Thanks a lot
How can you be the sole, 100% owner, and have an employee retain 50% of revenue? also, employees cannot deduct expenses bc 2106 was done away with for 8 years, 2018-2026. If shes not an owner, she cant deduct expenses either.