I've been running a business selling on Amazon for 7 years now, organized as a single member LLC. Up until 2019, it was a simple schedule C, reporting the 1099K as my personal income. Very easy to file without assistance.
Since my profits have been increasing (now over 100k in 2019) , I thought I'd try to be taxed as an S corp for 2019 in order to reduce my self employment tax burden somewhat. I filed a form 8832 a couple months ago to change my tax classification to corporation, and opted for the late election relief, since it should have been done at the beginning of the year.
The problem is that this is all I've done, aside from continuing to make estimated tax payments as always, since I assumed the only difference would be when it came time to file for the year. Did I screw the pooch on this one? I'm reading about payrolls and advanced payments of FICA, etc and I definitely haven't done any of that.
I should probably see a professional but I thought I'd start here. Is it salvageable or will I need to return to the entity disregarded and schedule C for the year? I also haven't heard back on the form 8832 yet, so would simply filing another one to "undo" the election be sufficient?
I've also read somewhere that the IRS will want to assign all income as salary in such a case of single member, no employee business such as mine, so being taxed as a corporation might not even work.
