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| Name | S Corp Election with Form 2553 | Quick Tips |
| Video Uploader | Video From incfile.com |
| Upload Date | This Video Uploaded At 21-12-2020 19:21:59 |
| Video Discription | Want to lower your taxes? Here’s how to do it with an S corp election: https://www.incfile.com/llc-s-corp-election An S corp is a type of business entity, but it’s also a tax designation that could save you big bucks come April 15th. If you meet the requirements, you can opt for S corp election for your existing LLC. With an S corp election, you allocate some of your business’s profits to be paid out as a distribution which is exempt from self-employment tax. To designate your LLC as an S corp, you’ll need to meet the following requirements: Have no more than 100 shareholders Have only U.S. citizens as shareholders Have only one class of stock As long as you’re eligible, you can then file for S corp exemption with form 2553. It’s a tricky process to get right, and timing is important. If all the pieces aren’t in place, you could be denied. So make the smart choice and let Incfile handle the paperwork for you. We’ll fill out and file your 2553 right on time, so you’re more likely to be approved for S corp status, just in time for tax season. |
| Category | Education |
| Tags | S corp election | S corporation taxes | S corp taxes | Form 2553 | llc taxed as s corp | llc s corp tax election | s corp tax election | late s corp election | form 2553 | s corp | irs form 2553 |
