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 Form 2553 Instructionspdffillercom 2013

2013-2025 Form

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Instructions and help about Form 2553 Instructionspdffillercom

Hello and welcome! Today are talking about Form 2553, Election by a Small Business Corporation. In this video, we dive into why you would want to become an S-corporation, who should file Form 2553, and when you should file Form 2553. Now most corporations are considered a C-corporation by default. But many corporations are eligible to file Form 2553 to become an S-corporation In order to qualify, companies must fulfill certain criteria and follow specific processes. So let's take a look. Tip #1- Why become an S-Corporation? It’s important to understand why a corporation would want to become an S-corporation. Small companies typically elect to become S-corporations so that their net taxable income is taxed to the shareholders rather than the corporation itself. This means that the small company can pass its income, credits, deductions, and losses onto the shareholders for tax purposes. Income is then reported on the shareholders personal returns and taxed at their personal tax

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