EMS0
Level 1

Business & farm

Hi @AmitaR 

I'm currently classified as an SMLLC, could I file my taxes as an S Corps an change my classification for the IRS/EIN attached as well? 

 

Also, can you clarify what this means? It seems really interesting. 

You may draw additional amount as a distribution, and not have to pay self-employment tax on that distribution.

 

Thanks for your help and time!