S Corp Form Application For Llc
Description
How to fill out Small Business Startup Package For S-Corporation?
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FAQ
Prepare and File an S Corporation Tax Election with Form 2553. If you want to reduce the amount of tax you pay on your LLC earnings, an S Corporation Tax Election (form 2553) is a necessity.
Use Form 8832, Entity Classification Election to make an election to be an association taxable as a corporation. Use Form 2553, Election by Small Business Corporation to make an election to be an S corporation.
Form 8832 allows businesses to request to be taxed as a corporation, partnership, or sole proprietorship when filing the relevant income tax return. Form 2553 is the form corporations and Limited Liability Companies use to elect S Corp tax status. If you're filing Form 2553, do not file Form 8832.
If you're a sole proprietor, you're not eligible to fill out Form 8832. To change how you're taxed, you'll need to form an LLC first. If you're an LLC who wants to be taxed as an S-corp, then you don't need Form 8832 at all. Instead, you'll file the much simpler Form 2553 (we'll chat more about that later).
First, an LLC would need to elect to be taxed as a corporation by filing Form 8832, Entity Classification Election. After that, an LLC can then file a Form 2553, Election by a Small Business Corporation, to elect tax treatment as an S corporation.