Form 2553 or 8832 | LLC, S Corp, Partnership, C Corp Tax Elections

[@tee-dee]

Thanks for this. Best explanation I have found so far! If the gov docs included the chart you have there, our lives would be much less miserable understanding the processes.

[@ginalugo-ji4bz]

Thank God someone that breaks it down in such as way to understand :)

[@Skookumchuck62]

I love your chart showing legal entity types and the related tax types - well done!

[@nigerianbuttafly]

Thank you. You made the information easy and straight to the point.

[@yanamiakshyla8498]

Thank you for this clear explanation! Finally!!

[@wayvdej7060]

Thorough 🤞🏽

[@sunnyskinny213]

Great info. Thank you so much!

[@yocheveddeltoff7356]

Love this video Navi!

[@NaviMarajCPA]

Glad to hear it! 👍🏼

[@gumballdegree]

Can you create a video explaining hau to use form 8832 to switch your company away from s Corp and back into what it was originally as an LLC single member?

[@johngreg8910]

I have the similar question for the case of how to revert the LLC back from C-Corp Taxation Status to Default Sole Proprietorship status. I want to make sure will be possible to revert at a later date, before making the jump to C-corp Taxation Class.

[@JAYMADETV]

I am 100% owner and I am a single member LLC of my business. What is best combination that helps you with being taxed in the long run?

[@yerandysilva4815]

Great video….

[@NaviMarajCPA]

Glad you liked it! ☺️

[@rockymajic2002]

Thanks!

[@user-ly8nt5my3l]

thank you for this

[@Only1JackieB]

Thank youuuuuuuu❤️❤️❤️❤️❤️

[@lanexang8127]

switching from Single member llC to multi member and tax as S corp, do you need to file 8832 first, check off tax corp, and then 2553 to tax as S corp ? Thanks

[@sunilpanchal3773]

Thanks sir 😊

[@yerandysilva4815]

I have a cuestión. If I open a new LLC as single member. If I live in the community property. I am elect to tax as S corp. If I choose to add my spouse as a owner 50/50 I need to amend my article of formation, if in the article I put manager manage just like me? As S corp with tow member also need to file as partnership form or just as s corp with tow members. Thanks

[@NaviMarajCPA]

You would put whatever title is appropriate, usually member or manager. An S Corp filed an 1120S tax return, regardless of how many shareholders.

[@johngreg8910]

If we have elected to have our LLC taxed as a C-Corp or S -Corp, and want to restore it to the default (sole prop.) tax status, which form should we use?

[@xbellabutterflyx]

How can I apply for an EIN number when I have two members on the LLC? When applying it says it will default as partnership unless I file forms 8832 or 2553. What exactly does that mean? I am starting my business now and not really making much at the money. What’s the best option?

[@kelsielee6082]

If you want to be taxed as a C-corporation, then you have to file 8832 to apply for it. If you want to be taxed as an S-Corp, you have to file 2553 to apply for it. If you don't have any interest in becoming either one of those types of corporations, then you don't need to worry

[@michaelher7895]

Ok so what legal entity and tax classification do I use if I own my own auto shop and filling out the form 8832 for the first time. I am only one member which is myself doing the business with no partners.

[@tking102981]

how do you separate your personal and business tax

[@jr-nava5856]

Do you have to file yearly to keep your same tax classification that you want

[@leef.4242]

For an LLC entity if I convert to taxed as C corp, will I keep the same EIN? And do I need to report this to my biz credit cards . Is this the same changing or converting the whole LLC into C corp entity? Will I need to file a new EIN as well? Can I convert my LLC to C Corp even I don't have revenue nor profit yet?

[@user-rb9te2jg9h]

I currently have an EIN that is registered as Sole Proprietorship. I am changing to a single member LLC. Do I need a new EIN number. I have called the IRS twice and they told me I need to fill out a 8832. Can you tell me what I need to do

[@yerandysilva4815]

If I am 100% owner of the LLC and I tax as S corp. Can I add my wife in payroll as employee (not owner), She will be active in the business around 50% of the revenue of the business. she can still deduct expenses true the accountable plan like car, cell phone, wireless plan, meals. Thanks

[@NaviMarajCPA]

Based on what you described, yes, you can do that.

[@yerandysilva4815]

@@NaviMarajCPA thanks for your answer . I think that is good idea to explaining in one video because many new owners have many question about put Spouse in business as co owners or just in payroll. Thanks a lot

[@panama2468]

How can you be the sole, 100% owner, and have an employee retain 50% of revenue? also, employees cannot deduct expenses bc 2106 was done away with for 8 years, 2018-2026. If shes not an owner, she cant deduct expenses either.

[@VeraWangCassara]

Are you Real Estate CPA Navi?