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Level 2

Solved

Do I need to file both form 8832 and form 2553 to treat my LLC as an S-Corp?

Forum|Forum|7 years ago
June 1, 2019
1 reply
8 views

No text available

Best answer by TaxGuyBill

No, just the 2553.

Be sure you know ALL of the ramifications of being taxed as a corporation (such as the extra time and money to file a separate tax return, put yourself on payroll, file quarterly employer forms, and pay Federal Unemployment) before you make such a decision.

TaxGuyBillAnswer

Level 13

No, just the 2553.

Be sure you know ALL of the ramifications of being taxed as a corporation (such as the extra time and money to file a separate tax return, put yourself on payroll, file quarterly employer forms, and pay Federal Unemployment) before you make such a decision.

jeff-waldenAuthor

Level 2

Thanks. Yes, I'll be paying myself with payroll starting in January. My business brings in significantly more income than a reasonable salary for my position so I'm looking forward to taking that extra income as a disbursement and avoiding FICA on that portion. I'm overestimating my salary as a precaution. I setup this new entity as an LLC to keep the paperwork a little more simple and not have to have board meetings. Thanks for your help!!