S-corp election for LLC can save you a lot of $$$ and should be filed within 2.5 months

17 Feb 2023 · 1 min

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LLC owners can elect S-corp tax status to cut taxes significantly, but must file within 2.5 months of formation. Miss the deadline and you wait until next year, costing thousands in extra taxes.

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If you recently registered an LLC or you plan on registering one in the near future, then here is a deadline that you don't want to miss. If you expect your LLC to make decent money in the first year, then there is a tax strategy that can save you a lot of money on your taxes. I'm sure you've heard of it, but this tax strategy is called electing to have your LLC taxed as an S corporation. This is something that you must do within 2.5 months of registering your LLC. If you miss the 2.5-month deadline, then you're gonna have to wait until the following year to elect S corporation status. So missing that deadline could cost you thousands of dollars on taxes that year.

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