Hi all -
I am an independent contractor and working with a single member LLC (SMLLC) registered in PA. I worked for 10 months in 2024 with this SMLLC but didn't elect to be taxed as SCorp yet. Just collected the money from the client to my personal account and been paying some estimated taxes.
So my question is Can I file taxes for 2024 by electing to be taxed as SCorp now?
If yes,
1. do I need to have a separate business account
2. Can I run payroll for me as an employee for 2024 now and generate W2 and K1 for distribution
Basically, I would like to understand if it's possible to file as SCorp for 2024 now even I didn't do anything yet. Thanks in advance.
