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Updated about 6 years ago, 12/20/2018
Changing LLC Tax Status to C-corp
Hi,
I formed my LLC in February 2018 and will be filing taxes for the first time in January. I have been doing some research on changing my tax status to a C-corp and want to know if that would be ideal for me, considering my situation.
I currently make monthly payments to the IRS, due to working as an independent contractor 2 years ago and I have a balance of approximately $4200. Since profits on my new LLC would be passed through to my personal income taxes, would it be a good idea to change my tax status for the LLC to a C-corp? I don't want my business to be affected by what I currently owe from personal taxes.
Thanks in advance.