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To enjoy the best-possible tax savings for your business, you need to have the right tax classification. Many C corporations and LLCs elect to file for S corporation status because of the advantages this classification provides their businesses, including:

• Pass-through taxation (the company's tax obligation is passed along to shareholders)

• Once-a-year tax filing requirement (vs. quarterly for a C Corporation)

 

In order to elect an S corporation status, companies must file the IRS S Corp Form 2553, "Election By a Small Business Corporation." Timing is critical with Form 2553. The S corp. election deadline dictates that it must be filed within 75 days of your c corporation or LLC's anniversary of formation, or within 75 days of a new year. If you have questions about a potentially late S corp. election, please speak with a representative from Hamilton McGregor who may be able to help you.

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Companies often find it worthwhile to file Form 2553 for the thousands of dollars in potential tax savings an S Corporation status can provide their C Corporation or LLC.

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Hamilton McGregor can help with your S Corporation Election

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When electing s corp. status, Hamilton McGregor and Associates can help your company prepare the forms necessary for your company to file. Simply enroll in our services related to Form 2553 filing and get: Assistance completing Form 2553 Detailed instructions for faxing or mailing the form to the IRS.

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A special note for LLCs: please speak to your CPA or tax specialist to determine if your LLC would receive a greater tax benefit from a C Corporation tax classification. Hamilton McGregor will provide you with assistance in completing a Form 8832 and detailed instructions for submitting to the IRS.