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Business & farm
I agree with @Critter that for the amount of $$ we are talking about, don't lose sleep.
Based on your facts and questions, I also agree it would be good to get some professional tax advice for your initial year so you get started on the right foot.
Some follow-up comments:
- As noted, there is a difference between a single member LLC that is treated as a disregarded entity and a single member LLC that elected to be taxed as an S corp.
- In order to be treated as an S corp, you would have needed to make a specific election and you would have received confirmation back from the IRS that they accept your election to be taxed as an S corp.
- If you have not elected to be taxed as an S corp, you are completely okay, but still advise that you get some professional advice on how to move forward and understand best practices for the type of entity you are using
*A reminder that posts in a forum such as this do not constitute tax advice.
Also keep in mind the date of replies, as tax law changes.
Also keep in mind the date of replies, as tax law changes.
‎January 14, 2020
5:19 PM