I have a single member LLC taxed as sole proprietorship for more than10 years and I elected to be taxed as S corp starting Jan 1, 2023. Nothing else changed with the company (name, EIN since I have payroll and employees).
When I file Turbotax Business return for 2023 1120-S , I have several questions --
1) incorporation date -- should I say Jan 1, 2023 (the day S-corp election become effective) or the date on article of incorporation when I set up LLC in 2011?
2) I used to use a vehicle about 80% for business purpose and I deduct the expense on schedule C through actual expense method. Now this car is already full depreciated, can I use this car by standard milage method with S corp? I understand this has to go through accountable plan for reimbursement. But I am just wondering if I can change the method for deduction.
3) For all old assets on my LLC (like office furniture and equipment) , they have been fully deducted or depreciated already. Do I still need to add them on my asset sheets for S-corp? If I do need to add them, how do I add the value etc
Your help is greatly appreciated.
