Unlocking Your Business Potential
Should a single-member LLC file as an S corp? Similar to how a corporation elects S corp status, a single-member LLC can become an S corporation by filing IRS Form 2553. The LLC must file the election no later than two months and 15 days from the start of the tax year in which the … Read more
Should I elect S corp status? Although being taxed like an S corporation is probably chosen the least often by small business owners, it is an option. For some LLCs and their owners, this can actually provide a tax savings, particularly if the LLC operates an active trade or business and the payroll taxes on … Read more
Which is better for taxes LLC or C Corp? The difference between a C Corp and LLC is not clear cut, however. Both terms refer to state business designations. For federal taxes, corporations always file corporate tax returns, but an LLC has more flexibility in how it’s taxed. Read more on web.blockadvisors.com Choosing the appropriate … Read more