When is it an ideal time to switch from a LLC to a S corporation?

When is it an ideal time to switch from a LLC to a S corporation?
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#1

I’m 25 years old and I’m an internet entrepreneur. I live in VA and I founded the business in Washington DC. I sell products online and drop shipment from China. I’m not a US citizen or US resident, but I do have a Social Security Number and an EIN.

How much business income is typically needed to switch over to an LLC to an S Corporation? I would like to save on taxes.

How can I file for schedule C?

How do I calculate how much taxes I will owe from the LLC?


#2

You can file a form with the IRS (form 2553) to elect to have your LLC taxed as an S Corp. There’s no switching required.
What happens then is that profits and losses from the LLC flow through to your personal tax return. At that point I’d at least be using TurboTax or hiring a CPA if you have serious cash flow.
The Schedule C is simply an optional part of the full 1040 filing. It’s not required because not everyone would need it, but you should definitely do it.
That said, I don’t know how the citizenship matter affects this. You probably should run that by an immigration attorney.
By the way, there’s lots of investing you should consider in addition if you have a US address and a Social.
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#3

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