S Corp Form Filing For Llc
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FAQ
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).
For a single-member LLC, S Corp election offers significant tax savings on the profits above reasonable compensation that's passed on to the owner. This money is not subject to FICA payroll taxes like employee wages are and also not subject to self-employment tax, like sole proprietorship profits.
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 want your LLC to be taxed as an S corp., you need to file IRS Form 2553, Election by a Small Business Corporation. If you file Form 2553, you do not need to file Form 8832, Entity Classification Election, as you would for a C corp. You may use online tax filing or file by fax or mail.
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.