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If you started a single member LLC and did not file elections to be taxed as an S corp, the IRS will classify you as a sole proprietorship for tax purposes.
For savings, you may want to look into the various types of individual 401 K plans for small business owners. You may be able to shelter up to $44,000 of income tax deferred.
Best of luck,
Snowfall, you need to file as an S-Corporation for the long term benefits. There is what is called a late S-election and revenue procedures related to this which allow you to file as such provided that you file the return by at the latest the extended due date. I would be happy to discuss in greater detail if your interested in knowing more.
Single member LLC Tax status, Welcome
To make money, you have to spend money.
Anybody in business should have an Accountant and a Lawyer
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we started a single member LLC business last year and gross income is around 900K and the net income is around 25K. My self and my wife work and made around 110K as salaries. My question is, which tax status would be good for us , individual tax status for LLC and personal or combining both? Would like to save good money for our future investments in LLC. Appreciate your response.