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S Corp Election for llc Form: What You Should Know

The S Corp Election (Form 2553) provides to you a way that you can apply a different form of corporate income tax on your LLC income, and you will be taxed as an S Corp under the laws of your state of incorporation. As you can see from the form, Form 2553, if you live in Texas, your LLC will pay federal tax as an S corporation, and state tax as an LLC. If you live in Alabama, Nevada, Utah or Wyoming, your LLC will pay federal tax as an LLC, and state tax as an S Corp. If your LLC has more than one person, you will be required to file Form 2553 for them to be considered one corporation. (You can click here and select “View All Forms” to view a list of the tax forms for each person.) If the person filing Form 2553 is a partner or an officer of your LLC, then you'll need to file Form 2553 for each partner or officer. Step One: Obtain a Copy of the Notice You Received When You Filed for the New LLC After you file Form 2553 and fill out all the information, including the designation of your LLC for federal tax purposes, you may want to look for the official notice. Use the link from your last filing notice to see if there is a notice for you. If not, then check with the IRS and see if there can be an official notice from the IRS (which you can download here). If there is, then the IRS will release you the list of other people who will be considered a person and can file Form 2553. If not, then you will have to wait until you file your Form 2553 to learn who the other people who will be considered a person. If the IRS does send you a list of other people (which will never happen if you file your 2553), then use the information in this document to fill out the Form 2553 from your own list of other people. (We recommend using the table on page 13 of Publication 726) If you do not receive a list of other people and can't get the IRS to release you the list by filling out an official statement, then the list you obtained from your previous company will serve as your official list of persons who can file an S corporation tax election.

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Video instructions and help with filling out and completing S Corp Election for llc

Instructions and Help about S Corp Election for llc

Hey Mark Kohler here and I've got an important topic to talk about. Do you have children? Do you own a small business? Do you think you can integrate the two of those and save a ton in taxes and maybe teach your kids about entrepreneurship at the same time? Well, we've got to talk about putting your kids on payroll. I've got my whiteboard here and we're gonna break it down, and you're gonna love it. But before I go to the whiteboard, let me make a few important points. First, this is legitimate. It's legitimate if you truly have job duties for your children and they are participating in the business, not just washing dishes and cleaning the room. You could document things like janitorial work, shredding paper, stuffing envelopes, helping at the worksite, or even just running errands. So, this is a very important tax strategy if you treat it legitimately. I don't want this to be some sort of tax scam or sham. Now, this has been on the books for years. This is a very common strategy. Think of the New York City Deli paying their kids working behind the counter even eighty years ago, or the Oklahoma City Farm paying their kids on the farm in the summer. And this could be you and your real estate or internet business, having your kids help you around the office. So, make sure you have clear duties and legitimate services that your kids are providing, and pay them a fair amount. Now, let's talk about how much to pay your kids. You're not gonna pay a five-year-old several thousand dollars to help in the business. Maybe it's $100 a month to a six or seven-year-old to empty trash and shred paper, or something like that. The older they...