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hey thanks for joining me guys my name is will Lopez I'm founder of advisor Phi comm today this video is going to cover why the escort status and how to complete form 2553 which is the IRS form to elect S corporation status federally so I get asked this question a lot by a lot of small business owners all across the country I do a lot of consulting in this area and I do a lot of guidance in this area so the common question I get is how do I save money in taxes and then how do I properly format my corporation or structure my corporation where it's beneficial to saving money in taxes and it all basically comes down to this S corp status that this term always gets kicked around so what I want to try to do is explain what the S Corp status is why I believe you should elect it if it quite a few qualify for it and then basically how to elect it which is basically form 2553 and how to complete that so what is the S corp status so the S corp status is a federal tax status that needs to be elec

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