LLC's S-Corp vs Corporation selection for tax purposes

[Anthony Arias]

Im a newbie investor. Stupid enough to create an LLC on 12-01-14. Now I have to file taxes for that LLC. I have no partners and plan to wholesale properties. Should I classify my LLC as an S-Corp or Corporation? Or can I just leave it as is - "disregarded entity" ?

Note:  I have no profits within the 31 day! period.  Any advice from people actively wholesaling is much appreciated.  Thank you.

[Cameron Skinner]

Don't worry it's not uncommon for business to file their docs but not start business until the following year. If irs does send you a letter asking where is this LLC reported, just send back explanation it did not start business until 2015. And yes I would treat LLC as a disregarded entity for tax purposes when you do buy your first property which means you report your property on your own personal return on schedule E. The compliance cost for s-corp is not worth it for a new investor.