Business For Status
Description
How to fill out Obtain S Corporation Status - Corporate Resolutions Forms?
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FAQ
In order to become an S corporation, the corporation must submit Form 2553, Election by a Small Business Corporation signed by all the shareholders. See the Instructions for Form 2553PDF for all required information and to determine where to file the form.
Independent contractors report their income on Schedule C (Form 1040), Profit or Loss from Business (Sole Proprietorship). Also file Schedule SE (Form 1040), Self-Employment Tax if net earnings from self-employment are $400 or more.
Then, you can choose S Corp tax status by filing an election with the IRS (Internal Revenue Service). If you're in California, this means that if you form an LLC or corporation, you have the option of using S corporation status for taxation.
This ?tax status? occurs at the federal-level with the IRS, and the states adopt this status when dealing with corporate income tax. Corporations can be taxed in one of two ways: S-Corporation and C-Corporation. LLC's can be taxed in one of four (4) ways: Disregarded, Partnership, S-Corporation and C-Corporation.
Generally, you should file your state tax return using the same status as your federal return.