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@jesusculture Thank you!

@jesusculture Yes, my LLC is registered in IL and is an animation studio. I am creating content like original stories and other videos. I eventually want to take my original story to a crowdfunding platform. The game created in the original story would then be sold on a crowdfunding platform but...

@jesusculture I really don’t see much revenue generated for a long time. I told 1800accountants this and they seemed to understand and then mentioned how I am a w-2 employee and can pass through the llc losses. I’m afraid they might be pushing me into an s-corp to then charge me for additional...

@jesusculture Is there a difference to having your llc turned into an S-corp for having LLC taxed as an s-corp?

@ojpalosa Okay, thank you for your help!

@ojpalosa Does it hurt me if I elect s-corp but have no revenue? How would I give myself a reasonable salary if I am not generating any revenue?

@ojpalosa OH okay, just like personal taxes. I file my personal taxes every year and never take the itemized. It’s always standard. This applies to business as well?

@ojpalosa Okay, that makes sense. But I don’t think I’ll be generating revenues anyway close to that. Really think I’ll be taking losses on the business for awhile. Since I still work as w-2 employee, I was hoping to take the business losses and pass that on through to my w-2 income.

@ojpalosa I’m a w-2 employee with a side business llc. I was hoping the losses form the business would pass through to my personal income. I was told you don’t need an s-corp unless you are generating 40k+ revenue. But why would the accountant want to put me in an s-corp?

I hired 1800Accountant due to being a first time business owner. I created my LLC but did not elect a status. 1800Accountant says I need to apply for s-corp status to get my business losses to pass through on my personal income. I’m not sure if this is true and honestly confused. I thinking...