is it too late for s-corporation? I must file regular 1120? I just started out my business late december 2007, so no 2007 tax return was filed. I initially applied for my business license as sole proprietorship & registered my bank as sole-proprietor as well. later I listen to my friend and decided to change my election to corporation b/c of the liability advantage. So i fomally filed with my state (GA) then got my EIN etc.., however I didnt change my bank status as sole-proprietorship nor with the local city I just own a small salon business with no employee so i guess corporation is not for me. I ignore all the tax consequence and didnt do anything thru out the year. Now it's time to file my tax return. I'm so confuse and scared b/c I dont know whether I should file as sole-proprietorship or corporation.
Here is a list of question I have
1. Am I too late to make election to S-Corporation?
2. Can I still file my return as Sole-Proprietorship or I have to file 1120 Corporation?
3. I have no employee, do i still require to file form940 and 944 as it said when I recieve my EIN?
4. with c-corporation, I sitll require to file individual 1040 return correct? double taxation?
I really prefer to file Sole-proprietorship self-employed with schedule C than Corporation. Please show me a way out. Any input would help. Thanks!
Jean |