How To Switch Your LLC To An S-Corp! (Step-By-Step)

By a Trusted CPA: Learn how to form your S-Corp from start to finish. Subscribe:    / @mycpacoach   So a lot of my clients make one big mistake when it comes to choosing how their business will be taxed… And that mistake is… well… not choosing how their business should be taxed. You see, there are a few different types of entities. And for some reason, the tax law allows the S-Corporation to avoid self-employment tax and double taxation. So today, I am going to walk you through how to set up one for your business. Timestamps: Form an S-Corp? (0:00) Benefits of an S-Corp (1:10) What about C-Corps? (2:20) An S-Corp is NOT for everyone (3:10) Step #1: How to Form LLC or C-Corp (4:30) Step #2: How to Get Your EIN (5:49) Step #3: HOW TO COMPLETE FORM 2553 (7:00) CHOOSE EFFECTIVE YEAR CAREFULLY (7:45) DUE DATES FOR S ELECTION (9:26) LATE S ELECTION? (10:39) Use Wet Signatures (12:38) Partner signatures (12:57) Rest of 2553 (13:24) Step #4: Fax/Mail to IRS (14:00) Step #5: Wait for IRS Approval (15:24) Get Educated on S Corp Rules (16:30) For more in-depth business tax guides from me, subscribe to my division's channel, My CPA Coach at    / @mycpacoach