TAX HELP!

I just did my taxes (3 self employed businesses - 2 sole props and 1 s-corp) a couple of days ago. My accountant of close to 10 years prepared and e-filed for me. He is really good and very affordable! PM me if you need his contacts and website ,,,,

I just read this post by textexyehaw and offer this info. An LLC is not a tax entity and does not file taxes. The LLC with a single participant is considered a sole proprietor ( Schedule C) unless an election is made to be treated as a C Corp or S Corp. LLC is not a category for requesting a EIN. If the LLC has more than one participant then it is assumed to be a partnership for tax purposes unless it elect to be treated as a C Corp or S Corp.

Talk to your tax preparer .... he/she will let you know what kind of business entity is right for you. There are pros and cons associated with each business structure. Contact my accountant or visit his website (www.TaxFilePro.com) for help ....

I just read this post by textexyehaw and offer this info. An LLC is not a tax entity and does not file taxes. The LLC with a single participant is considered a sole proprietor ( Schedule C) unless an election is made to be treated as a C Corp or S Corp. LLC is not a category for requesting a EIN. If the LLC has more than one participant then it is assumed to be a partnership for tax purposes unless it elect to be treated as a C Corp or S Corp. Originally Posted by zerorg

If the single member LLC has or plans to hire employees, or will open a bank checking account then the LLC should get an EIN.