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Tax Law: May a single member LLC use Form 1065 and Schedule K-1 instead of Schedule C?
Tax Law: May a single member LLC use Form 1065 and Schedule K-1 instead of Schedule C?nI formed an LLC for my side business on Amazon. I am not planning to take salary for myself from this company. Do I need to file form 2553 or 8832 with the IRS? If so what are the benefits of filing?nWhat are the pros and cons of S-Corp vs C-Corp LLCs?nHow does an LLC go about getting taxed as a S-Corporation?nShould I form an S Corp or LLC for my teaching business in NY (and potentially in LA)?nShould Late Election Relief under IRS Form 8832 still be sought if the entity is only making an initial classification, and not a change in the current classification?nHow long does it take to convert from an LLC to a C or S Corp? Also how much would it cost?nWhat's the difference between u201cCorpu201d, u201cLLCu201d, and u201cIncu201d?nIu2019m an entrepreneur and made $2 million this year with my business. I wanted to invest in real estate to avoid taxes but my accountant says to wait till next year. I will owe about $500k in taxes this year if I donu2019t spend it. What should I do?n
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