I created my LLC in 2022, I didn't generate any income until 2023. I filed for an EIN in Apr. 2023, can I still create an S Corp and take advantage of the tax savings for 2023 or do I have to wait until next year?
@JamieTrull
5 ай бұрын
While it's technically possible to make a late election, you would have to explain that your intent was to be an S Corp and show that you treated yourself as one last year (including paying reasonable salary, etc). I would make sure it would make sense. For most people, S Corp isn't going to be helpful in the first year unless you scaled quickly. I would make sure to do the calculation to see if it makes sense for you, as it can sometimes be more costly to be an S Corp because of additional admin costs/tax filing costs. Check out my S Corp Toolbox for more: jamietrull.com/scorptoolbox
@dagsterblaster4973
2 күн бұрын
What about 941, 940 etc? Good grief, thumbs down...
@JamieTrull
2 күн бұрын
This video covers deadlines specific to S Corps. For payroll reports, it’s the same deadline regardless of entity type.
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