All Forum Posts by: Linda Ford

Hi Everyone,

Thank you for your input and advice. I realize that I did not include as much information as I should have about my business and objectives. Since I am new to this forum, I felt a little uncomfortable putting too much out there, but the responses I see thus far are telling me what I already knew, which is to stick to what I know and leave the idea of changing my tax status to a C-corp. 

@Basit Siddiqi Although I was responsible enough to set money aside to go towards the taxes I knew I would owe as an Independent Contractor (it was only for a 9-month period), I still ended up owing more than I expected. Therefore, after making payments for the past 2 years, I still have this balance and just did not want it to affect my new business. 

Thanks again for your help, guys, and Happy Holidays to all!

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.