Welcome Guest. Register Now!  



 
 
LinkBack Thread Tools Search this Thread Display Modes
Prev Previous Post   Next Post Next
  #1 (permalink)  
Old 01-12-2009, 06:34 AM
Junior Member
 
Join Date: Jan 2009
Posts: 7
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



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
 


Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

vB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Where do I mail the Illinois Corporation IL-1120-Es tax payments? TaxGuru Illinois 0 12-26-2008 01:31 PM
IRS says its not too late to file your tax return to claim your Stimulus Rebate! TaxGuru For 2008 0 07-27-2008 12:50 PM
IRS Issues Final Versions of 2007 Form 1120-F and New Schedule M-3 (1120-F) TaxGuru C-Corporation 0 06-27-2008 11:19 PM
I need to file my 2005 tax its late Willie Income 2 04-18-2007 02:23 AM
did not file 1096. Is there a penalty to file late? Kathryn C-Corporation 1 03-11-2007 05:59 PM

Follow us on Facebook Follow us on Twitter Google Buzz Rss Feeds

» Categories
 
Individual
 » Income
 » IRA/Sep
 » Medical
 
Corporations
 » Payroll
 
Forum for CPAs
 
Financial Planning
 
 
 

» Recent Tax Q&A
No Threads to Display.