Divide this text into sentences and correct mistakes: 1. Do any of you have an LLC with an S corp conversion? Have you thought about converting your LLC to an S corporation? Well, this video is for you. I'm gonna break it down and you need to know the basics of this because it's an important tax strategy that can save you thousands. (Music Applause) 2. Now, my name's Mark Kohler. I'm a CPA attorney, best-selling author, radio show host, and I love helping my clients save money. I love the American Dream, I love small business, and I've got to go through some important points here. And I'm going to use the whiteboard to help you on this LLC S corp thing. Now, I've got other videos on my YouTube channel on when to convert an S corp and when to do this and how to manage your S corp. Several videos you'll find very helpful. Please get a bowl of popcorn and some diet coke and start working through them. 3. But if you have an LLC and considering an S election or done it already, that's what we need to talk about now. First important point, never forget this: LLC's do not save taxes. That's right, some of you may have just fallen off your chair. Some of you might be very upset by this. A limited liability company LLCs do not save taxes. They give you asset protection. Now, you can get a tax ID number, open your bank account, start a business with a partner. I mean, have your S corp own the LLC. Oh my gosh, LLCs are awesome. I use them every day for clients around the country, but they don't save taxes. The only way the LLC will save you taxes is if you convert...
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S Corp Election deadline Form: What You Should Know
Do I have to File an Income Tax Return? You can elect not to file an income tax return on paper and submit the return electronically — with the IRS, or by certified mail, postage-paid return receipt requested. The IRS, however, will accept S corporation returns filed in paper form for review if all the information is correct. There are a few exceptions to the rule that an individual filing a return for business expenses of 600 or more should file an “income tax return”: Taxpayers whose income has been adjusted for change in reporting status; If an S corporation was formed primarily for the purpose of tax avoidance or evasion; An S corporation has an adjusted gross income that is lower than the combined total of the gross incomes of all the participants in the corporation; or If the gross income of the corporation is less than the amount of qualified business income, including the S Corporation's gross income, from all sources, then any excess will be added back to taxable income, which is taxed. How Do I Get the IRS to Review My 2024 S Corporation Return? For some reason the IRS has decided that it can't accept a paper return and is only accepting electronic filing. If you have one of these forms (either with or without attachments), you can use it to get the IRS to review your return. The IRS wants to make sure the S corporation's 2024 tax return is correct to the best of their ability. You can make that process a little easier with our paper form you would use to make this filing. It consists of 4 pages of paper with your information (including: Form 1-10 (Form 1000) the number of shares, Form 10-K, the S corp's books and accounts, Form 1-20 (Form 1-40) the number of shareholders), and a signature. You can either use this paper form to file for S corporation election or the electronic filing option. Make sure, of course, to double-check everything. Do I Have to File for an S Corporation Status? If you are interested in doing just that, it is important to ensure that you are using the original S corporation form available online. S Corporation Status We have the original form available through the form service or with our Form 2553 page.
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Video instructions and help with filling out and completing S Corp Election deadline
