Get an S Corp Election Even if You Missed the Deadline
If you didn’t make an S corporation election for your LLC within 75 days of starting your business or January 1, don’t worry!
At Bright Hill Advisors, we have nearly 100% success filing late 2553 elections years after the fact.
The S corp election takes your LLC, partnership, C corp etc. and changes only the tax treatment, not the underlying entity.
This opens up valuable benefits:
- Lower self-employment taxes
- Ability to pay W-2 wages for QBI deduction
- Avoid high state LLC fees (like in CA)
- Lower audit risk than Sched C
- Obscure benefits like QSub
Before we file your late election, let’s check some boxes:
- Profit over $49k?
- Not located in high S corp tax state?
- Don’t exceed Social Security wage limits?
- Going concern with stable/growing income?
- Already have an entity formed?
- No partners beyond spouse?
If you meet these criteria, BHA likely can backdate your S corp status by filing Form 2553.
Contact us to start saving on self-employment tax – it adds up quick!