1099's in business and personal names Hello,
I am an insurance agent and registered representative with an investment firm. I receive 1099's and am a sole proprietor. I recently set up an LLC (May 2014) and want to be taxed as a S-corp for 2015.
My question is as follows: if I change my commission statements to my LLC name for the rest of 2014, how will that affect my taxes since I will receive 2 different 1099's, one in my personal name and one in the business name? Should I wait to have the change in commission payments effective for Jan. 1, 2015 instead?
For 2015, I will set up payroll and pay myself on a W-2.
Thank you for your help,
Gina |