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Old 03-05-2018, 05:16 PM
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Join Date: Mar 2018
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Filing under S Corp with LLC

Hello everyone,

So after last years taxes(first year in business), and owing so much money while purposely claiming a low income (to avoid so much in taxes), I finally found out that you can actually fill out the Form 2553 and file as an S Corp but remain an LLC.

My question is, I just found this out and haven't filed the taxes for 2017 yet. If I fill out that form, is it only for future taxes or is it possible to have it be applied for last year?

I'd love to be able to claim a higher income but I can't afford to pay 15k in taxes.

Any other tips or suggestions are much appreciated!



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Old 03-06-2018, 07:27 AM
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Join Date: Oct 2010
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So after last years taxes(first year in business), and owing so much money while purposely claiming a low income (to avoid so much in taxes), I finally found out that you can actually fill out the Form 2553 and file as an S Corp but remain an LLC.========>>the LLC that is eligible to be treated as a corp
normally must file Form 8832;an eligible entity that timely elects to be an S corp is treated as also having made an election to be classified as a corp, provided that the entity meets all other requirements to qualify as an
S corp. As such, if an LLC files a Form 2553, a Form 8832 is not required.

My question is, I just found this out and haven't filed the taxes for 2017 yet. If I fill out that form, is it only for future taxes or is it possible to have it be applied for last year? ==========>>for future return; basically, Timely and accurate filing of Form 2553, is critical to being treated and taxed as an S Corp; The s corp election deadline dictates that it must be filed within 75 days of your LLC's anniversary of formation, or within 75 days of a new year. Form 2553 must be filed before the 16th day of the third month of the corp's tax year, or before the 15th day of the second month of a tax year if the tax year is 2? months or less. You can also file the form at any time during the tax year before the year in which you want the election to take effect.



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