I am a single member in my business. i have filled out a form 2553 and it was accepted. (election by a small business corporation) when i fill out a w9 form, do i check off sole proprietor or s corporation? and do i use my SSN or EIN? am i disregarded? I just want crystal clear explanations. i want to understand. thank you
As a single member LLC, you would normally use your social security number. Since you've formed a S-corp with form 2553, you'll now enter your s-corporation name, which is your LLC name (as used on form 2553), on line 1 of the W-9.
In box 3 of the W-9, you should select the 6th checkbox for Limited Liability Company and enter "S" for S-corporation, in the space to the right. Now that your business name is an s-corp, it is not a disregarded entity by the IRS, it's a s-corporation.
To see this information at the IRS see page 3 of the instructions here: https://www.irs.gov/pub/irs-pdf/fw9.pdf
i will probably have to amend my taxes. i did the self employment.
I should have gone to a professional, but i am just stubborn and like to be independent...
If you put the business income on the Sch C with the personal tax return instead of filing the form 1120-S for the corporation then you have made a BIG mistake and you should RUN to a local tax pro to get this fixed ASAP since the penalties on the failure to file the 1120-S by 3/15 are piling up fast. And if you have not been taking a wage and filing quarterly/annual payroll tax reports then you need to be educated on what you must do as a corporation.