Cristian D. asked
I am starting an LLC and wondering if I should have it taxed as an S corp. I am 55 years old with one dependent, located in Massachusetts, and my sole proprietor business will gross about $38,000 this year. I receive payments from Amazon and other companies for royalties and have been claiming that income as a sole proprietor. Once my LLC is finalized and funded, I plan to channel that income into the LLC accounts. Should I consider S Corp status, and how should I handle the income for tax filing purposes before and after the LLC is established?
July 18th, 2024
Kenneth N. answered
A sole member LLC is typically taxed as a sole proprietorship, meaning you pay taxes on the net inco...
July 18th, 2024
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