What is a Sub S?

photo IRS tag on drawerIf you have a corporation (or an LLC), you can elect S Corporation status by filing a form with the IRS. You have to obtain approval form the IRS before you can file taxes as an S Corporation. Fill out and file IRS Form 2553, Election by a Small Business Corporation or use a service to file the form for you.

Not all corporations can obtain S Corporation status, so check the regulations.

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