S-Corporation Personal Tax Dillema In 2013 I started a small business as a sole proprietor and paid taxes accordingly. On Dec 7, 2014, I incorporated in the State of Illinois. I got my EIN number from the IRS on 12-17-14. I am planning on filing form 2553 very soon. I have not started a bank account or paid in capitol yet.
Do I need to file form 1120-S and 1120-ST 3-15-15 even if I haven't made any money or officially started the corporation? Is there a way to start my tax year on Jan 1, 2015 and avoid the extra fees and paperwork associated with filing for 2014?
On form 2553 in Section E, what should my effective tax year election date be?
Is there a way to lower my taxes for the year 2014 and avoid onerous filing fees associated with the S-corporation? |