If you are ready to save money on your corporate taxes as a real estate agent, investor or small business, we are here to help. Registering with the IRS to form your corporation is easy, and form 2553 is simple when you know what to fill out and how. The TL:DR version is by marking yourself from a C Corporation (which is the IRS default) to a S Corporation you can lower what you owe in taxes. It is important to note there are differences in C and S corps, and we’ll cover those in a follow up post.
Below you’ll find FAQs about Form 2553 including what it is, who is eligible for it, and how to fill out and file this form.
What is a Form 2553?
The 2553 form is the tax form that tells the IRS that a business wants to be registered as an S Corporation rather than a C corporation.
To be eligible and qualify you must: [Read more…]