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What is Form 8832?
If you don’t know what is a form 8832, you may be just starting your own business. The document is called Entity Classification Election and it was provided by the Department of the Treasury Internal Revenue Service. You may be already familiar with the fact that different entities have to follow different rules while filing taxes to the IRS.
While it sounds complicated, the IRS helps the business to choose the type of entity you want to be using the 8832 form. In this form, you can share details on the entity you have. Based on your answers the IRS chooses the type. It may be beneficial for you.
Form 8832 helps businesses to choose the way they want to be taxed. It does not mean you can become a partner if you are a self-employed business owner. You need to provide proof of your activity before the IRS decides. Based on your answers in form 8832 PDF IRS can name your business C Corporation, Disregarded Entity, or Partnership.
What I need the IRS Form 8832 for?
- You need an IRS 8832 form to protect your personal interests and secure your business. If you don’t want to pay more taxes than you have to, you need to be specific in this document. Based on the type of entity you can receive the benefit. This simple form may save you thousands of dollars paid by mistake;
- You can use the document to protect not only your business but your own money. If you are not a single-member LLC you don’t have to be taxed as the disregarded entity. If you are not the multi-member of the LLC you don’t have to be taxed as the partnership;
- The IRS needs the document to make sure that you are paying the taxes for the right type of business you have.
How to Fill Out 8832 Form?
Before you file form 8832 you have to complete it and find it. You may use the official IRS website, the original location of the document. The portal offers you a quick look at the document, as well as the basic instructions and a short explanation of why you need it. However, you can’t fill it there. The portal is not a PDF editor and does not provide editing tools for it. If you want to complete the document online, you have to use the PDFLiner service for filing form 8832.
This editor contains all the tools you need, including the one that helps you to create an electronic signature recognizable by the authorities. Once you complete the form, make sure you save it on your device. Don’t forget to send it before the deadline. The address is provided by the department on the first page of the IRS form 8832 PDF. Print the form and send it to the nearest location of your choice. Here is what you need to include in the template:
- Provide information on the taxpayer, including the name, address, and EIN;
- Check out for the most appropriate statement on the relief for the change of entity and put the tick in the box;
- Share the information on the election, including the type you have, prior election, previous election if you did it, and number of entity’s owners;
- Share the information on the owner of the entity;
- Pick the appropriate statement on the type of entity you have and put the tick in the box;
- Provide the consent statement;
- Add the signatures.
Organizations that work with Form 8832
- Department of the Treasury Internal Revenue Service.
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Fillable online Form 8832