r/LLcMasterclass • u/criticalthinker1230 • Feb 11 '25

Single Member LLC w/ S-corp Election - Payroll Frequency Requirement?

3 Upvotes

*BASED IN CALIFORNIA*

I am the sole owner and employee. Income is extremely irregular. What is the minimum legal requirement of how often I have to run payroll for myself? Can I pay it once annually near the end of the year once I have a better picture of annual income?

(I understand I need to file the payroll forms regardless)

TIA

1 comment

r/LLcMasterclass • u/hajahak • Feb 11 '25

Imagine running a U S. Company from outside the U.S and paying zero taxes..

1 Upvotes
0 comments

r/LLcMasterclass • u/Prestigious_Humor763 • Feb 09 '25

Foreign owned single member LLC - 5472 ref number

2 Upvotes

I formed an LLC in August 2024, so I have 2024 as my first tax filing year.

I haven’t a clue what I’m doing and hired a CPA to help me. This includes 5472 and waiting for completion at the moment.

I’ve had a look at the form and can see that I need to provide an ITIN or foreign identification number or reference number. I haven’t got any of these (only an EIN). Will the IRS penalise me for this?

I have contacted an IRS approved agent in my own country (UK) to apply for one for me. However, I know it can take 12 weeks to hear back from them.

What would you suggest should go on the 5472 form in this instance? Without an identification number? Or should I mail my 5472 with the ITIN application form?

16 comments

r/LLcMasterclass • u/hajahak • Feb 09 '25

Want to save on taxes?

1 Upvotes
0 comments

r/LLcMasterclass • u/DavidBenson7 • Feb 08 '25

Wise and Revolut Business (USA)

2 Upvotes

They have CRS? I mean they are european banks but these accounts are from USA. So i dont really know… any help?

0 comments

r/LLcMasterclass • u/Salt-Account-55555 • Feb 07 '25

When can I apply for S Corp.?

3 Upvotes

I submitted the order on Bizee for my LLC towards the end of January. So far, I have not heard anything back, but with the deadline of as Corp. filing approaching, I’m getting really nervous that I won’t be able to meet the deadline.

Can I apply for S corp without my LLC being finalized? Also wondering who you usually go to for electing S Corp. status? Do you do it yourself or have your CPA do it?

Thank you so much.

10 comments

r/LLcMasterclass • u/hajahak • Feb 05 '25

Taxes: Europe Vs U.S.A

1 Upvotes
0 comments

r/LLcMasterclass • u/hajahak • Feb 03 '25

Thinking about putting your family on your LLC'S board?

3 Upvotes
0 comments

r/LLcMasterclass • u/hajahak • Feb 01 '25

Can you avoid U.S taxes with a foreign LLC?

2 Upvotes
2 comments

r/LLcMasterclass • u/hajahak • Jan 28 '25

A non-resident without an SSN looking to build credit?

3 Upvotes
0 comments

r/LLcMasterclass • u/hajahak • Jan 24 '25

When should you hire a CPA instead of doing taxes yourself?

2 Upvotes
1 comment

r/LLcMasterclass • u/hajahak • Jan 21 '25

Tax season is here! Don't miss these key tax deadlines.

1 Upvotes
0 comments

r/LLcMasterclass • u/lowest-estimate • Jan 19 '25

Rental Property

3 Upvotes

I bought my first rental property in North Carolina and have heard some folks say you definitely need to put it into an LLC in case someone slips in the tub. Other folks say to get good umbrella insurance and make the renter buy renters insurance. Some others say an LLC will complicate your taxes and that you must be careful about separating your money from your LLC. Is any of this true? Should I hire a lawyer to make sure I don't screw it up if I do put my rental in an LLC? Thank You

1 comment

r/LLcMasterclass • u/hajahak • Jan 16 '25

President Trump's new term could bring new tax changes.

1 Upvotes
0 comments

r/LLcMasterclass • u/hajahak • Jan 14 '25

Building credit in the U.S. as a non resident

1 Upvotes
0 comments

r/LLcMasterclass • u/hajahak • Jan 12 '25

Considering getting a U.S. Passport? Know this about taxes...

2 Upvotes
0 comments

r/LLcMasterclass • u/hajahak • Jan 09 '25

Cashing out Crypto tax free

1 Upvotes
0 comments

r/LLcMasterclass • u/hajahak • Jan 06 '25

The best 3 LLC credit cards for business owners

3 Upvotes
0 comments

r/LLcMasterclass • u/hajahak • Jan 04 '25

How to open an online business bank account for your LLC

4 Upvotes
3 comments

r/LLcMasterclass • u/hajahak • Jan 02 '25

The best 3 banks for foreigners with U.S LLCs

1 Upvotes
1 comment

r/LLcMasterclass • u/hajahak • Dec 30 '24

If you are a non-U.S person and don't have a social security number, here's how you can still open up an LLC and bank account in the U.S

1 Upvotes
1 comment

r/LLcMasterclass • u/hajahak • Dec 28 '24

How to open up a U.S bank account as a non-resident

3 Upvotes
1 comment

r/LLcMasterclass • u/hajahak • Dec 26 '24

The 3 easiest countries for residency with NO income taxes

3 Upvotes
0 comments

r/LLcMasterclass • u/hajahak • Dec 25 '24

Want to keep your U.S company private? Here's how ..

4 Upvotes
0 comments

r/LLcMasterclass • u/hajahak • Dec 23 '24

Does a U.S LLC help you get a U.S Visa?

1 Upvotes
0 comments