How to Switch Your LLC to an S Corp
March 30, 2022
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10:46Now PlayingHow to Switch Your LLC to an S Corp
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How to Switch Your LLC to an S Corp:
Switching your LLC to an S-Corp can be beneficial because it can save you a truly significant amount of money in self-employment taxes. A lot of LLC owners make the switch once their businesses have grown large enough to the point where they will save thousands or tens of thousands of dollars in taxes per year by making the switch.
The process of switching to an S-Corp from an LLC is relatively straightforward, but it has to be done on time. To switch from an LLC to an S-Corp, you have to correctly fill out Form 2553 and submit it with all the required signatures by March 15th of the calendar year you want to make the change for.
If you miss this deadline, there is still a chance you can have your S-Corp election approved, but it is not guaranteed. If you miss the deadline, you can still file Form 2553, but you will have to write “FILED PURSUANT to REV. PROC. 2013-30.” at the top of the form and you must adhere to all of the other late filling rules. For example, there needs to be a good reason why you are filing this form late.
If the IRS approves your late S-Corp election, then you will be able to have your business taxed as an S-Corp for that year. If not, then you will most likely have to keep your LLC status for that year, but you can try to change it again in the future.
Watch this video to avoid overpaying to Uncle Sam and to get educated on how to leverage the tax code!
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*Disclaimer: I am not a financial advisor nor am I an attorney. This information is for entertainment purposes only. It is highly recommended that you speak with a tax professional or tax attorney before performing any of the strategies mentioned in this video. Thank you.
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