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Answered in 2 minutes by:
10/31/2020
bkb1956, Finance Enthusiast
Category: Finance
Satisfied Customers: 30,906
Experience: IRS Enrolled Agent, 20+ years of experience in tax preparation with associated finance experience.
VerifiedWelcome to Just Answer. My name is ***** ***** I am an Enrolled Agent credentialed by the IRS. I will be happy to assist you today.
An S corp is more tax efficient that a partnership (1065). You would only file Form 1065 if it is a multi-member LLC. Form 1065 cannot be filed if there is only one member.
With an S corp, the shareholder receives a reasonable salary (via W-2), and any profit passed through to the shareholder is not subject to self employment tax.
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bkb1956, Finance Enthusiast
Category: Finance
Satisfied Customers: 30,906
Experience: IRS Enrolled Agent, 20+ years of experience in tax preparation with associated finance experience.
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