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I am buying a grocery store, we have an LLC but wanted to be…

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Second opinion] hello, I...

Second opinion] hello, I am buying a grocery store, we have an LLC but wanted to be taxes as s corp. How much does it cost to file that form

Accountant's Assistant: It can cost anywhere from $10 to $100, depending on the type of issue and how much of the Accountant's time your question is expected to take (how complex and lengthy an answer you require).

Thank you for the fast reply, do u have a number I can call to ask some questions?

Accountant's Assistant: The Accountant will know how to help. Is there anything else the Accountant should be aware of?

Yes, I own more of the company for credit purposes, but my wife works the store 90% of the time. can I draw less of a wage for what I do. I do mostly inventory 4 times a month

Submitted: 1 month ago.Category: Tax
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3/14/2018
Tax Professional: Richard, Tax Attorney replied 1 month ago
Richard
Richard, Tax Attorney
Category: Tax
Satisfied Customers: 56,560
Experience: 29 years of experience as a tax, real estate, and business attorney.
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Hi! My name is Richard & I will be helping you today! It will take me a few minutes to type a response to your question. Thanks for your patience!

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Tax Professional: Richard, Tax Attorney replied 1 month ago

Good morning. There is no cost involved to filing the forms needed. You file Form 8832 with the IRS to inform them you want the LLC to be taxed as a corporation rather than a partnership. And, you file Form 2553 with the IRS to let them know you are electing for the LLC to be treated as an S Corp for tax purposes. There is no charge for filing either form.

Thank you so much for allowing me to help you with your question. I have done my best to provide information which fully addresses your question. If you have any follow up questions, please ask! If I have fully answered your question(s) to your satisfaction, I would appreciate you rating my service as Good or Excellent (i.e., 4 or 5 stars)(hopefully Excellent/5 stars!). Otherwise, I receive no credit for assisting you today. I thank you in advance for taking the time to provide me a positive rating!

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Tax Professional: Richard, Tax Attorney replied 1 month ago

Just following up. My screen indicates that you have not reviewed my response. Please let me know if you did not receive it so I can re-send it if necessary. Thank you!

If I have fully answered your question(s) to your satisfaction, I would appreciate you rating my service as Good or Excellent (i.e., 4 or 5 stars)(hopefully Excellent/5 stars!). Otherwise, I receive no credit for assisting you today. I thank you in advance for taking the time to provide me a positive rating!

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