How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Barbara Your Own Question
Barbara
Barbara, Enrolled Agent
Category: Tax
Satisfied Customers: 3103
Experience:  18+ years of experience in tax preparation; 25+ years of experience as a real estate/corporate paralegal.
71603090
Type Your Tax Question Here...
Barbara is online now
A new question is answered every 9 seconds

New jersey - I have a NJ LLC (# 0400636177) Can I set up a

Customer Question

new jersey - I have a NJ LLC (#(###) ###-#### ***** I set up a new LLC S Corp and pay taxes anytime during year? Or would it be better to set up the S Corp in January of 2016 for tax purposes.
Submitted: 1 year ago.
Category: Tax
Expert:  Barbara replied 1 year ago.

Welcome to Just Answer. My name is ***** ***** I will be happy to assist you today.

You can set up a new LLC electing S corporation status at any time during the year. The federal tax return for an S corporation is due on the 15th day of the 3rd month after the end of its tax year. If the S corporation uses the calendar year as its tax year, the federal return will be due 3/15 of the following year. The NJ S corporation tax return will be due on April 15 of the following year if it uses the calendar year as its tax year.

S corporations are pass-through entities which means even though they file a tax return (Form 1120S), K-1s are generated and distributed to the S corporation's shareholders. The information contained on the K-1 is entered on the shareholder's personal tax return.

Please let me know if you require further information or clarification.

Thank you and best regards,

Barb

Expert:  Barbara replied 1 year ago.

Just following up with you to see if you have any other questions. If so, please come back to me here at your convenience, and I will be happy to assist you.

If not, please take a moment to rate my answer since that is the ONLY WAY I RECEIVE CREDIT FOR ANSWERING YOU AND ALERTS JUST ANSWER TO COMPENSATE ME FOR PART OF THE MONEY THAT YOU HAVE ALREADY PAID.

Best regards,

Barb