It’s Not Too Late for Your LLC

Posted on 19 January 2009 by Diane

If you haven’t yet filed your tax return (and this year is the year you probably REALLY want to extend it due to all the uncertainty with 2009 tax law), you can still select how you want your LLC to be taxed.

So, for example, let’s say you have a single member LLC and you just read the announcement on this site that the number of IRS audits of Sole Proprietorships is going up to 1 in 3. You can avoid all that by electing S Corporate tax treatment. But you didn’t do it yet for 2008. It’s not too late. Make sure you have a qualified tax preparer help you with this, though.

4 Comments For This Post

Maria Says:
January 20th, 2009 at 10:03 am

Can you recommend me the name of a tax accountant in San Diego, California?

Diane Kennedy Says:
January 20th, 2009 at 12:16 pm

Maria, give my husband Richard a call at 602.400.6838. We can help!

John Riley Says:
March 2nd, 2009 at 4:07 am

Diane,

i already filed my 2008 taxes and am a sole proprietorship. I want to change for this year by taking your suggestion and electing S Corp. How can you help me with this? Thanks

Diane Kennedy Says:
March 2nd, 2009 at 3:50 pm

Unfortunately, if you’ve already filed your tax return for 2008, it’s too late to make this election for 2008.

For 2009, you can make the election now with Form 2553 S Corporation election.

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