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I have an LLC last year file taxes under schedule C. My

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question is this year 2018...
I have an LLC last year file taxes under schedule C. My question is this year 2018 I want to file taxes for the year of 2017 as an S-corp. Can I do that? I didn't pay myself a salary last year at all, is it away for me to file the taxes asking my llc to be tax as S-corp? what would be the steps to take?
Submitted: 2 months ago.Category: Tax
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Answered in 11 minutes by:
2/6/2018
Tax Professional: Lev, Tax Advisor replied 2 months ago
Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 32,674
Experience: Taxes, Immigration, Labor Relations
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Step #1 - you will need to specifically elect your LLC to be classified as S-corporation.

LLCs can file Form 8832 (PDF) to elect their business entity classification.

https://www.irs.gov/pub/irs-pdf/f8832.pdf

You may select election effective date starting Jan 1, 2017 - that will be late election - but that possible.

However if you did not set payroll and will do that now for 2017 - there will be penalties.

So think twice - if you want to start from 2017 or from 2018.

.

if a qualifying LLC elected to be an S Corporation, it should file a Form 1120S, U.S. Income Tax Return and S corporation laws apply to the LLC. Each owner reports their pro-rata share of corporate income, credits and deductions on Schedule K-1 (Form 1120S).

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Tax Professional: Lev, Tax Advisor replied 2 months ago

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If you still have any doubts, need clarification - please be sure to ask.

I am here to help you with all Social Security / Tax related issues.

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