Should a single member LLC with an S corp status be taxed a self- employed and taxed at the corporate level. the 1040 form adding the 2 taxes. Thank you
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No. You prepare an 1120S for the business and use the K-1 generated from the 1120S to prepare the 1040. Hopefully the business generated a W-2 for the wages that were paid out to the shareholder during the year.
No. You prepare an 1120S for the business and use the K-1 generated from the 1120S to prepare the 1040. Hopefully the business generated a W-2 for the wages that were paid out to the shareholder during the year.
So to expand on what the others have said:
"...the 1040 form adding the 2 taxes."
That *is* incorrect.
(Sounds like PEBCAK to me)
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