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Updated about 5 years ago on . Most recent reply

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Kate Ellis
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Kate Ellis
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Buying & Selling Real Estate

LLC Taxed as an S-corp for flipping

Kate Ellis
Posted

We just set up our LLC in Illinois to flip houses. I'm preparing to file for our EIN with the IRS and need to decide if we want to be taxed as an S-corp or partnership. I'm all for S-corp except for the requirement that the LLC pay the owner/shareholder "a reasonable salary." I really don't want to mess with payroll taxes if I can avoid it. Thoughts?

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