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Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 40396
Experience:  Taxes, Immigration, Labor Relations
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I want to start a corporation using form SS-4. but years ago

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i want to start a corporation using form SS-4. but years ago my husband had a construction corp. my name was on it. it has been disloved , do I use the old EIN number
JA: What is your current age and retirement age?
Customer: I am 75 years old, been retired since about 2006
JA: What was your retirement age?
Customer: 2009 on medicare , is that what you mean
JA: Anything else you want the Accountant to know before I connect you?
Customer: i am buying and selling stocks on the US stock market
Customer: replied 16 days ago.
Posted by JustAnswer at customer's request) Hello. I would like to request the following Expert Service(s) from you: Live Phone Call.
Customer: replied 16 days ago.
Let me know if you need more information, or send me the service offer(s) so we can proceed.

Use Form SS-4 to apply for an employer identification number (EIN).

An EIN is a 9-digit number (for example, 12-3456789) assigned to employers, sole proprietors, corporations, partnerships, estates, trusts, certain individuals, and other entities for tax filing and reporting purposes.

You may not use EIN assigned to the corporation which was dissolved.

If you created a new corporation - you need to apply for EIN specifically assigned to that new corporation.

Let me know if that helps.

Customer: replied 16 days ago.
that helps.
What is a S Corp and why use it
Customer: replied 16 days ago.
Do I have to file anything in my state Mn. For LLC Corp

LLC is NOT a corporation.

LLC is an unincorporated entity allowed by your state statute.

You may choose to register an LLC or a corporation.

If you run business - and want to have a separate entity for your business activities - you may register an LLC and choose it to be taxed as S-corporation.

.

S corporations are corporations that elect to pass corporate income, losses, deductions, and credits through to their shareholders for federal tax purposes.

Shareholders of S corporations report the flow-through of income and losses on their personal tax returns and are assessed tax at their individual income tax rates. This allows S corporations to avoid double taxation on the corporate income.

Questions?

Customer: replied 16 days ago.
number 1 another question, i am buying and selling stocks on the US stock market, in your opinion which one would serve me better?

If you are trading stocks - I do not think you need a corporation.

You perfectly may act as a physical person and will use your own SSN for tax purposes.

As long as you do not have employees - generally you do not need EIN.

I honestly do not see any reason of having a separate entity for that activity.

Unless you have something specific on your mind - that looks as extra overhead with no benefits.

Please verify.

Customer: replied 15 days ago.
I rate Lev with a number 1 i have about $ 18,000 in programs i bought to write off but I cant do that on my personal income taxes, new tax laws , I rate myself as active so i can write off. default, active or self employed

I think that is misunderstanding.

If that is your self-employment activity - income and deductions are reported on schedule C

So - that has nothing to do with having a corporation.

Customer: replied 15 days ago.
rate #1 good night and thanks

I want to be sure that my answers are helpful and clear.

Be sure to come back if needed.

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