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FAQ

What are the pros and cons of creating an LLC vs. S corporation?
A major advantage of or organizing your business as an LLC or an S corp is that you can protect your personal assets from the creditors of your business. Limited liability means you can't be financially responsible for more than your investment in the company. If you put in $10,000, and incur $11,000 in debt, you're only potentially liable for $10,000. Your creditors (check that, your LLC's creditors) can't 'pierce the corporate veil, as the phrase goes.LLC Pro's : The owner of a single member LLC doesn't have to file a tax return for the LLC, as they only report the activity on their personal tax return.Ease of Set up: Most LLC forms are only a single page for single member LLCs.Inexpensive to Start: The cost of setting up an LLC is also inexpensive, usually just a couple hundred dollars.Guidelines: The red tape involved in forming an LLC isn't as stringent as that involved with S corps, which also leads to savings on accountant and attorney fees, among others.LLC Con's : Self-employment Tax: Single Member LLC owners are required to pay self-employment tax on income generated in the LLC, which means making quarterly estimated payments to the IRS.Owners of LLCs must make sure they don't pierce the "corporate veil," meaning they have to operate the LLC separately from their personal affairs. The LLC must not be a shell but an operating entity. There have been cases where a business owner lost their protection because there was no distinct difference between the LLC and its owner.S-corp Pro's : The key advantage of an S corp is that it offers tax benefits when it comes to excess profits, known as distributions. The S corp pays its employees a "reasonable" salary, which means it should be tied to industry norms, while also deducting payroll expenses like federal taxes and FICA. Then, any remaining profits from the company can be distributed to the owners as dividends, which are taxed at a lower rate than income.S-corp Con's : S corps have more strict guidelines than LLCs. Per the tax code, you must meet the following standards to create an S corp:Must be a U.S. citizen or residentCannot have more than 100 shareholders (a spouse is considered a separate shareholder for the purpose of this rule).Corporation can only have one class of stockProfits and losses must be distributed to the shareholders in proportion to the shareholder's interest. For example, you can't have disproportionate distributions of dividends or losses. If a shareholder owns 10 percent of the S corp, he or she must receive 10 percent of the profits or losses.It costs more to form an S corp.Shareholders must adhere to the requirements at all times. If they don't, they risk disallowing the S corp election and the corporation would be treated as a C corp and its corresponding restrictions.Passive income limitation: You can't have more than 25 percent of gross receipts from passive activities, such as real estate investment.There can be additional state taxes for S corps.Shareholders should pay attention to paying themselves a "reasonable" salary for the work they perform for the S corp since the IRS is increasingly scrutinizing S corps for this.Given that it takes far less red tape to organize and is generally cheaper to administer, the LLC might be your best choice for you.Hope this was helpful, thanks.
How do you fill out the 1080 form when filing taxes?
There is no such form in US taxation.  Thus you can not fill it out.  If you mean a 1098 T you still do not.  The University issues it to you.  Please read the answers to the last 4 questions you posted about form 1080.  IT DOES NOT EXIST.
Why is filing for taxes so difficult for the average person to fill out?
It isn’t. Most people in the USA have only one job, no investments, and no itemized deductions. They don’t own a business or own rental property. Their tax form before the Trump administration tax reform was a one pages 1040 EZ. Only about 30% of taxpayers had a situation involving more than 15 minutes of tax preparation. Under the Trump tax reform, more paperwork is required, I went, as a retiree, from 2 pages to 6 pages of forms. It still took less than 15 minutes to file. There is free software online (I use Credit Karma) to make out and file the forms. My state (NH) doesn’t have state income tax so I didn’t have to complete a second set of forms.
How expensive is it to retro an elect S corp from an LLC for last years taxes?
Per IRS Rev Procedure 2009–41, a late entity classification election is allowed up to 3 years and 75 days past the effective date of the election, assuming that no other election forms have yet been filed during that time, and that no other returns have been filed that would be inconsistent with the entity you are electing.In layman’s terms‡ if you haven’t yet filed the classification form (Form 8832), and you haven’t filed any returns that say you’re really a sole proprietorship or a partnership, then you can still elect to be taxed as an S corporation up to 3 years and 75 days from the date the form is filed.As far as the cost goes, there is no charge imposed by the IRS for this election. The only cost would be the cost of a professional to fill out and file the form for you‡ or you can file it yourself for free. The form is not difficult to complete. You can download a pdf fillable version here: https://www.irs.gov/pub/irs-pdf/.... The instructions on where to file the form are included with the form.If you prefer to have a tax professional complete it for you, I would not think it would be too expensive since it’s a fairly simple form to fill out and send in, so maybe $100-$200, depending on the tax professional that you choose to go with since hourly rates can vary from firm to firm.
Foreigner Started C-Corp In the US, How to Get ITIN for Tax Filing?
You are not required to have an ITIN just because you own a US corporation.  If you receive compensation for services performed for the corporation while in the US (1099 income) then you would need to file a US tax return and can either obtain the ITIN prior to filing the return or you can send the W7 form in with the first US return you file.Before you send yourself a 1099, you should check that your US Visa allows you to work while in the US.  B2 is typically a non-business tourist visa, B1 is the business visa.  Although you may have a combination B1/2 visa.
Which is better in doing a real estate business including flipping houses and owning rental properties, a single-owned S corporation holding an LLC or to register a separate single-owned LLC?
First, you don’t “include” the two activities, you “exclude.”Owning rental properties is different from any other type of business in the eyes of the IRS, and it has positive and negative characteristics.The major characteristic, which can be either positive or negative, depending on your circumstances, is that the rental activity income is considered by the IRS to be what it calls “passive income.”That means that the income from the rental activities is not subject to the 15.3% Self-Employment (SE) tax.So, your choice of the best business entity does not entail tax strategy, only the consideration of liability protection.For this, you should keep it simple and form an LLC, and elect to be treated as a Disregarded Entity.You report the income and expenses on your personal tax return and you are protected from liability involving the operation of the rental activities.However, flipping houses is a whole other can of worms.Flippers are “dealers” selling goods to the public.The houses that you flip are your inventory of goods.The income that you earn is ordinary business income, not passive income.It is also Self-Employment income and subject to the SE tax of 15.3% and the 3.8% Obamacare tax.For this activity, you also form an LLC, but you file Form 8832 electing to be taxed as an S Corp.Then, you pay yourself a salary out of the S Corp, and deduct that salary as an expense.The remaining profit you distribute to yourself as the only shareholder/owner.Now, here’s why you are doing this.The S Corp profit that “passes through” to the owner is NOT considered Self-Employment income, and therefore is not subject to the 15.3% and 3.8% taxes.You are protected from personal liability for the business activities, and you save SE taxes on a large portion of your business income.Do not mix the two activities.I hope this helps.Good Luck.Michael Lantrip, Attorney | Accountant | InvestorMichael Lantrip
I need to pay an $800 annual LLC tax for my LLC that formed a month ago, so I am looking to apply for an extension. It's a solely owned LLC, so I need to fill out a Form 7004. How do I fill this form out?
ExpressExtension is an IRS-authorized e-file provider for all types of business entities, including C-Corps (Form 1120), S-Corps (Form 1120S), Multi-Member LLC, Partnerships (Form 1065). Trusts, and Estates.File Tax Extension Form 7004 InstructionsStep 1- Begin by creating your free account with ExpressExtensionStep 2- Enter the basic business details including: Business name, EIN, Address, and Primary Contact.Step 3- Select the business entity type and choose the form you would like to file an extension for.Step 4- Select the tax year and select the option if your organization is a Holding CompanyStep 5- Enter and make a payment on the total estimated tax owed to the IRSStep 6- Carefully review your form for errorsStep 7- Pay and transmit your form to the IRSClick here to e-file before the deadline