LLC taxed as an S-Corp, which forms do I use to file my tax returns?

[connect4]

Do I file a 1120s?

It asks me information about Shareholders which an LLC doesn't have. Should I leave it blank? Or should I fill in Shareholder information as myself?

Other Notes:
I am the only managing member of my LLC and have 100% ownershipWhat is the name of your state (only U.S. law)?

Name of state: CA

 

[davew128]

Take this as a subtle hint that you should not be attempting this.

 

[connect4]

Take this as a subtle hint that you should not be attempting this.

Sorry DavidW, but your answer doesn't help nor answer my question. If you have nothing helpful to say, don't say anything at all.

Now on the other hand, if you know the answer please feel free to share it. Thanks

 

[tranquility]

I saw this earlier as well and didn't know how to answer. I like davew128's answer.

See a tax professional for your return.

 

[Antigone*]

US Law only

eta... if you cannot follow the simple rules in a forum, there is no way in haedes you will be able to master the filing of taxes for your specific entity.

 

[connect4]

I saw this earlier as well and didn't know how to answer. I like davew128's answer.

See a tax professional for your return.

Hi Tranquility, First off, I agree with you about seeking professional advice for areas I am unsure about. Thank you, I appreciate your advice.


However the questions I have posted are not complicated tax questions and anyone familiar with Business Taxes should know the answer.

I think the questions I posted are correct, although I just wanted a confirmation with someone who knows for sure.

 

[connect4]

Whoops

forgot to post my state:

CALIFORNIA

 

[tranquility]

I assure you both Dave128 and I know the answer to your "simple" questions. However, we both feel it a disservice to answer you as you may try to complete the return yourself. Since you don't know the simple answers, why do you think you could deal with the harder questions?

We're all here for a reason. I like helping people. I don't think answering your questions helps you. Sorry.

But, since you're insistent on learning, a good resource is:

TaxAlmanac

Don't be foolish and ask your question in a discussion forum (Where the theory is, "Every time an LLC elects S-Corp status, the IRS kills a kitten.".), but use the search functions.

I guarantee a good search and a little time reading will answer your query.

 

[connect4]

I assure you both Dave128 and I know the answer to your "simple" questions. However, we both feel it a disservice to answer you as you may try to complete the return yourself. Since you don't know the simple answers, why do you think you could deal with the harder questions?

We're all here for a reason. I like helping people. I don't think answering your questions helps you. Sorry.

But, since you're insistent on learning, a good resource is:

TaxAlmanac

Don't be foolish and ask your question in a discussion forum (Where the theory is, "Every time an LLC elects S-Corp status, the IRS kills a kitten.".), but use the search functions.

I guarantee a good search and a little time reading will answer your query.

I'm sorry I disagree with your response. But I understand your intention.

I am going to seek professional advice when I am FINISHED with my return so I can make sure I fill everything out correctly 100%. I just wanted to confirm I am on the right path and yes I have found the answer but thought someone could be helpful enough for give me a confirmation because I am trying to be careful.

Either way, I will file my return 100% accurate. Some helpful responses would have helped speed up the process a little. Anyhow I will try a more helpful forum now...

Thanks but no thanks.

 

[tranquility]

When you do get professional review, ask the opinion of the professional to your decision to have a single member LLC electing S-corp status. Unless you have filed a return, even making the election with the proper forms is not determinative of your status.

Oh, and save the attitude when you try for free advice. It makes me feel bad to have spent my time warning you about the problems you are about to embark upon.

An SMLLC being taxed as an S-corp is going to be filed with 100% accuracy? Unless you had an extraordinarily simple set of facts, it would take me more than a few hours to be sure. And, I do this all day, every day, since the Sunday after New Year's until the 15th (or thereabouts) and for many, many years. If someone came in with a return for "review" they have prepared, unless the return was already filed, I'd probably thank them and tell them we are not the proper professional for them.

 

[davew128]

It's my experience that someone coming in to have their own preparation work reviewed pays as much as the guy who came in to have it preparerd in the first place.

 

[tranquility]

I agree. Not only that, they don't want to pay for it or provide adequate documentation to check out their reporting. Because we don't do it, we've never had the problem, but the insurance letters which come out seem to say they sue more too.