Unlocking Your Business Potential
How do I convert to an S-Corp? For federal tax purposes, you can simply make an election for the LLC to be taxed as an S-Corporation. All you need to do is fill out a form and send it to the IRS. Once the LLC is classified for federal tax purposes as a Corporation, it … Read more
Does my multi-member LLC need an EIN? All multi-member LLCs require an EIN, regardless of whether they are taxed as a partnership or have elected to be taxed as a corporation. However, the situation for single-member LLCs is a little different. Unless a single-member LLC has elected to be taxed as a corporation, the IRS … Read more
Can an S Corp operate in multiple states? Many S corporations do business in multiple states and must file income or other tax returns in them. Many states have been more aggressive in going after out-of-state companies doing business in their states. Read more on www.journalofaccountancy.com Due to their tax advantages and limited liability protection, … Read more
Can I use one ein for multiple businesses? You cannot use the same EIN for multiple businesses, even if they are owned by the same person. EINs are not limited, so you may apply for as many as you need. Read more on www.incfile.com You could be thinking about creating many enterprises as an entrepreneur. … Read more
Can I buy clothes through my business? Business deductions are allowed for purchasing and maintaining uniforms and work clothes that are required by the employer and that are not appropriate for everyday use. Examples of people who wear uniforms that are not worn for occasions other than work are mail carriers and law enforcement and … Read more
Is paying yourself a business expense LLC? You pay yourself from your single member LLC by making an owner’s draw. Your single-member LLC is a “”disregarded entity.”” In this case, that means your company’s profits and your own income are one and the same. At the end of the year, you report them with Schedule … Read more
Should a single-member LLC elect S corp status? It is beneficial for an LLC to elect S corp status if it is profitable and its owners are required to pay large amounts of self-employment taxes, such as Social Security and Medicare taxes. As the owner of a single-member LLC with S corp status, you are … Read more
How do you lose S Corp status? An S-Corp may also lose its status at the death of a principal shareholder if such a shareholder leaves his or her shares to new owners where the total shareholder count of the S-Corp exceeds 100. If so, the new shareholders would fail to become qualified owners and … Read more
You must submit Form 2553 to the IRS in order to convert your LLC to a S corp in Florida. This document informs the IRS that your LLC has decided to elect S Corp tax treatment. To modify your LLC’s federal tax classification, you must also submit Form 8832 to the IRS. You might also … Read more
Can you have multiple businesses under one EIN? You cannot use the same EIN for multiple businesses, even if they are owned by the same person. EINs are not limited, so you may apply for as many as you need. Read more on www.incfile.com Yes, you can have numerous firms under one EIN (Employer Identification … Read more