How to Fill out IRS Form 2553 | S Corp Election | Complete Instructions

In this video I show you how to prepare and file Form 2553 with the IRS to have your LLC or Corporation taxed as an S Corporation. I'll walk you through the form step by step and give you some insights on things to keep in mind so you don't make mistakes and have the form rejected.
As a preview of what you can expect to see and learn, I’m going to show you:
- Where to find the instructions
- Where to find the form
- How to complete the form, and while doing this, what things people often miss or where they make mistakes when completing this on their own.
- How to complete the form if you live in a community property state - very important. Most people including CPAs and tax attorneys miss this.
- Where to file and what method to use to send it to the IRS
- How long it takes the IRS to process the form and what to do with your S Corp acceptance letter
- What to do if you don’t receive the S Corp acceptance Letter
📺 How to file LATE S Corp election video: • How to file a LATE S C...
IRS Form 2553: www.irs.gov/pub/irs-pdf/f2553...
IRS Form 2553 Instructions: www.irs.gov/instructions/i2553
🔗Useful Links:
🌐 Website: navimarajcpa.com/
📋 Enroll In My Course - Small Business Taxes: From Knowing Nothing to Savings Thousands: navimarajcpa.com/learn/
📁 Setup your LLC or Corporation for FREE:
FileYourBusiness.com: www.fileyourbusiness.com/
Inc Authority: bit.ly/incauthoritycoupon
IncFile: bit.ly/incfilecoupon
ZenBusiness: bit.ly/zenbusinesscoupon
If you learned something from this video, please like and subscribe and follow me on my various social media handles below. If you would like to contact me with a specific question, please visit my website or leave me a comment.
Website: www.navimarajcpa.com
Email: navi@navimarajcpa.com
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LinkedIn: / navimarajcpa
Twitter: / navimarajcpa
Facebook: / navi-maraj-cpa-pllc-10...
This video was created for informational purposes and it is not to be construed as legal and tax advice specific to your unique situation. Some of the links above are affiliate links which means that if you purchase a product or service with the provided link, I may receive a commission with no additional cost to you.
© Navi Maraj CPA PLLC. All rights reserved.
#form2553 #scorp #entrepreneur

Пікірлер: 221

  • @NaviMarajCPA
    @NaviMarajCPA Жыл бұрын

    📺 How to file LATE S Corp election video: kzread.info/dash/bejne/qnVsk9WPhtfNoJs.html

  • @mayratorres2249
    @mayratorres22496 ай бұрын

    I am screaming THANK YOU from the bottom of my heart!!! You are truly a life saver. I am changing my LLC to S Corp and had no idea what I was doing! Thank you for explaining this in such detail.

  • @JessicaOS
    @JessicaOS Жыл бұрын

    You're a life saver! you've got a new subscriber

  • @kima.8315
    @kima.8315 Жыл бұрын

    Hi, just found your Channel after my husband & I were searching for info on switching our small trucking company's status from an LLC to an S corp, as recommended by our H&R Block tax preparer. You did an excellent job explaining step by step how to fill out form 2553. You provided detailed instructions and we actually filled out our form as we followed along with the video. I am now subscribed to your channel & will also check out your website. Thank you so much!

  • @SRTGrizz

    @SRTGrizz

    Жыл бұрын

    I needed to see this, im making the right choice. im doing the same as well

  • @user-eq5kn5ez5e
    @user-eq5kn5ez5e Жыл бұрын

    Thank you so much for taking the time to make this video!

  • @gelzy2013
    @gelzy201310 ай бұрын

    I really like how you explain everything in detail! Thank you😊

  • @orlandojohnson2288
    @orlandojohnson22884 ай бұрын

    Do you understand how much of a help you are?!! I needed this. Thanks a lot. It’s a must I subscribe.

  • @tomyr95
    @tomyr957 ай бұрын

    This was really great! Thank you! WIll follow you from now on!

  • @virajparikh732
    @virajparikh7326 ай бұрын

    SUPER HELPFUL VIDEO. Crisp, clean, not too longwinded. Thank you!

  • @lauramiller1352
    @lauramiller13529 ай бұрын

    This video was super helpful! We started a new corporation so this was a pretty straight forward situation but your video confirmed I was completing it correctly. Thanks! I look forward to listening to more of your content.

  • @sikandarkarim6251
    @sikandarkarim62517 ай бұрын

    This is such a professional and in-depth video! Thank you

  • @peoplechoicematterbyalisre8947
    @peoplechoicematterbyalisre8947 Жыл бұрын

    you are such a great presentor, you explained it quite easy way

  • @lvdragon
    @lvdragon4 ай бұрын

    Thank God you exist, you saved me a ton of researching.

  • @frankmartinez6888
    @frankmartinez688810 ай бұрын

    THANK YOU! Very informative. SUPER, CRISP & CLEAR instructions!

  • @jasminehowell973
    @jasminehowell973 Жыл бұрын

    Thank you for the line for line instruction. I got stuck initially when I was filling out the form and you helped me out tremendously! The directions can be tricky and this content was perfect. New subscriber here! 🙋🏽‍♀️

  • @primoracleconsulting_official
    @primoracleconsulting_official Жыл бұрын

    AWSOME video. Very helpful to keep on track. Thanks

  • @kendaledmondson
    @kendaledmondson8 ай бұрын

    Thank you Navi!! Great job!

  • @user-zu8zt4bs6u
    @user-zu8zt4bs6u Жыл бұрын

    It's an amazing professional. Thank you for all videos from this channel.

  • @ThomasTaxTabulation
    @ThomasTaxTabulation Жыл бұрын

    Hi Navi, I really learn much in your videos. Thank You for sharing!!!

  • @KristinWeber-dy9fd
    @KristinWeber-dy9fd3 ай бұрын

    Very clear and helpful! Thank you, Navi!

  • @LindaTheGermanShepherd
    @LindaTheGermanShepherd10 ай бұрын

    Thanks so much , help me a lot

  • @gsm6120
    @gsm6120Ай бұрын

    I appreciate your content a lot!! Very clear,informative and helpful!! You deserve a lot more subs!

  • @Jay-es3vm
    @Jay-es3vm8 ай бұрын

    Extremely helpful! Thank you!

  • @Vpolestudio
    @Vpolestudio3 ай бұрын

    THANK YOU so much! This was amazing and appreciated.

  • @JBLLC2021
    @JBLLC20215 ай бұрын

    Thank you for your videos.

  • @NoahBaron
    @NoahBaron4 ай бұрын

    AMAZING video, thank you so much!!

  • @ministerjamespratt741
    @ministerjamespratt741 Жыл бұрын

    Thank you very much! This was extremely helpful!

  • @user-fu2nj9iy4n
    @user-fu2nj9iy4n4 ай бұрын

    Thank you! I had everything filled out correctly, but this helped verify! Will be watching more of your videos, very concise and thorough

  • @jeromeangeles9355
    @jeromeangeles93552 ай бұрын

    Thank you so much, this helped me out a lot!

  • @adrianamendoza9193
    @adrianamendoza91934 ай бұрын

    Thank you so much! Your video was very informative and simple to follow!

  • @jeanoczeus3074
    @jeanoczeus307410 ай бұрын

    I am an EA and I learned a lot from this video

  • @ashleydavistexas
    @ashleydavistexas2 ай бұрын

    Thank you soooo much for this video - amazing content and can't wait to watch more of your videos. I'm learning a lot so far.

  • @user-qb8xk3gg7n
    @user-qb8xk3gg7n3 ай бұрын

    I just subscribed! I was today years old when I learned all of this information. Thank you!

  • @sheryn84
    @sheryn84 Жыл бұрын

    Thank you so very much for this video. It was easy to follow along and I appreciate it. 😊

  • @NaviMarajCPA

    @NaviMarajCPA

    Жыл бұрын

    You are so welcome!

  • @DrCalebBurgessDPT
    @DrCalebBurgessDPTАй бұрын

    Very very helpful! Thank you!

  • @6.....5.....Detroit
    @6.....5.....Detroit Жыл бұрын

    Awesome content, helpful, insightful, thanks!

  • @editaf8293
    @editaf82932 ай бұрын

    VERY HELPFUL. THANK YOU!

  • @CCKING111
    @CCKING111 Жыл бұрын

    Very clear and thorough instructions. Excellent video.

  • @NaviMarajCPA

    @NaviMarajCPA

    Жыл бұрын

    Thanks so much for the feedback! 👍🏼

  • @mdys87
    @mdys874 ай бұрын

    This was so helpful! Thank you .

  • @irisgsantoscounseling
    @irisgsantoscounselingАй бұрын

    Thank you so much. This was really good.

  • @angelacaban9007
    @angelacaban90075 ай бұрын

    Excellent..! Thank you. Exactly what I need it. 😊

  • @drmandadi
    @drmandadi13 күн бұрын

    Great video, thanks for your insights

  • @amysteinworth3539
    @amysteinworth35393 ай бұрын

    Thank you so much. This really helped me. I ve never done this before. You are this very easy.

  • @kbprofessionaltaxservice658
    @kbprofessionaltaxservice6583 ай бұрын

    Thank you for sharing your knowledge

  • @albertliu376
    @albertliu3765 ай бұрын

    Super helpful. Thanks for sharing the knowledge. Like the very detailed instructions.

  • @salpremiers
    @salpremiers7 ай бұрын

    Very informative video, it gave me the answers to my questions. thank you!

  • @belyndawhite4397
    @belyndawhite43973 ай бұрын

    Thank you! Very clear instructions.

  • @grandrealestatecompany5674
    @grandrealestatecompany56748 ай бұрын

    Nice and clear. Thank you for the video.

  • @1212Innovations
    @1212Innovations Жыл бұрын

    Very detail & helpful. I followed along and filled out this form for my llc business. Thx!

  • @NaviMarajCPA

    @NaviMarajCPA

    Жыл бұрын

    Glad it was helpful for you @1212Innovations

  • @AFFINITYWENDY
    @AFFINITYWENDYАй бұрын

    Great video! Thank you

  • @seanwhitlow4481
    @seanwhitlow44813 ай бұрын

    Thank you for the video. YOU ARE AWESOME.

  • @LuvlyAriel
    @LuvlyAriel Жыл бұрын

    THANK YOU for helping out !!!!

  • @GreenClean662
    @GreenClean6626 ай бұрын

    I filled out the form. Thank you!!

  • @dianasamayoa7607
    @dianasamayoa76072 ай бұрын

    You explained very well and makes it easier for us. thank you!

  • @abbyolufe452
    @abbyolufe4529 ай бұрын

    Thank you so much. Soooo helpful.

  • @brysonbrown814
    @brysonbrown8145 ай бұрын

    Great video. It helped me. I missed inputting info on all the top lines. Thanks a ton.

  • @BiancaMinniti
    @BiancaMinniti Жыл бұрын

    Thank you thank you! This was SO helpful!!

  • @NaviMarajCPA

    @NaviMarajCPA

    Жыл бұрын

    You’re welcome Bianca!

  • @thewillisgroupmovingforwar7585
    @thewillisgroupmovingforwar75859 ай бұрын

    VERY GOOD CONTENT.. I GOT AN UNDERSTANDING ON CALENDAR YEAR! I WAS ALSO TOLD $3,7OO TO FILE THE S-CORP SO HEARING WHAT MIGHT BE AVERAGE WAS BEYOND HELPFUL!

  • @danno2113
    @danno21136 ай бұрын

    Thank you for a very detailed video. I was able to easily follow your instructions and fill-out the form. I have an LLC and will be transitioning to be taxed as an S-Corp. You clarified several areas that I couldn't figure out and couldn't find answers anywhere. I also appreciate the information to add name and EIN on each page and title of primary shareholder.

  • @tomprothro
    @tomprothro5 ай бұрын

    Very clear, thanks

  • @karenjackson544
    @karenjackson544 Жыл бұрын

    This video was extremely helpful, been getting the run around with some tax people and wasn't sure of what to select for some of these question. But you broke it down made it super simple. Thank you I love how you even explained the what happens after the form is submitted so Im not left in confusion. I am certainly considering purchasing your course I know it will be very beneficial! You're very clear, detail oriented and straight to the point. Thanks again I will be faxing and mailing this form off on Monday!

  • @NaviMarajCPA

    @NaviMarajCPA

    Жыл бұрын

    Thanks so much Karen for your wonderful comment - truly appreciate it! Hope to see you in the course soon. 🙂

  • @lifewithashleyann
    @lifewithashleyann Жыл бұрын

    Great info! Thank you!!!

  • @jakelazar
    @jakelazar2 күн бұрын

    This is SO helpful. Thank you!

  • @Giovanni_wop
    @Giovanni_wop8 ай бұрын

    Thanks 🙏🏻 helping out a friend with this and came across the video

  • @mariiahaliuk2761
    @mariiahaliuk2761 Жыл бұрын

    The best explanation

  • @MohamedRamadan-ff3rl
    @MohamedRamadan-ff3rl3 ай бұрын

    Great helpful video that helps me filling the form step by step... Thank you

  • @romanroyce705
    @romanroyce705Ай бұрын

    Very helpful!

  • @TejedaInterpretingServices
    @TejedaInterpretingServices2 ай бұрын

    Thank you soooo much!! You explain things clearly and thoroughly. I am NOT a business person, but I am able to really understand the information you share. Thank you. :)

  • @carlajones189
    @carlajones189 Жыл бұрын

    Thank you this was very helpful

  • @kateuglova5782
    @kateuglova57826 ай бұрын

    Very Helpful! Thanks

  • @Christian_Villanueva
    @Christian_Villanueva4 ай бұрын

    Thanks so much!

  • @bigjimstream
    @bigjimstream3 ай бұрын

    Thanks for the info.

  • @matiro250
    @matiro250 Жыл бұрын

    Very clear instructions thank you Navi

  • @NaviMarajCPA

    @NaviMarajCPA

    Жыл бұрын

    My pleasure 😊

  • @normancue6874
    @normancue68746 ай бұрын

    Great videos! Love your content, super helpful. Also, you have the same voice as Sanjay Gupta lol

  • @blockcrushers1115
    @blockcrushers1115 Жыл бұрын

    Thank you very helpful and informative

  • @iamcalebodeyemi
    @iamcalebodeyemi5 ай бұрын

    Very helful, thank you.

  • @melindapirone3406
    @melindapirone3406 Жыл бұрын

    Thank you! This was helpful. :)

  • @NaviMarajCPA

    @NaviMarajCPA

    Жыл бұрын

    You’re welcome!

  • @edwardstengel7092
    @edwardstengel7092 Жыл бұрын

    I like how clear and easy to follow you are. Something that would have helped me watching your content is having time markers in the description with a table of contents. If I ever have to reference a video it would make picking out a piece of info easier and I already have the form so I'm listening to info I could skip. Nice channel though, subscribed.

  • @user-ru6qv8jz2u
    @user-ru6qv8jz2u6 ай бұрын

    Great video

  • @user-zw4mb1vi8p
    @user-zw4mb1vi8p7 ай бұрын

    Excellent!! thank you.

  • @digitalteamai
    @digitalteamai6 ай бұрын

    Thank you. Well done.

  • @cindyb6529
    @cindyb6529 Жыл бұрын

    Thank you so much very helpful

  • @valerieperez1021
    @valerieperez1021 Жыл бұрын

    Thank you for this!

  • @NaviMarajCPA

    @NaviMarajCPA

    Жыл бұрын

    You’re welcome!

  • @greggriffin287
    @greggriffin2873 ай бұрын

    Thank you!

  • @valeriejenningsleadershipc5676
    @valeriejenningsleadershipc56765 ай бұрын

    very helpful, thank you!

  • @juanaallen2088
    @juanaallen20885 ай бұрын

    Thank you for your answer

  • @DerickArmwood
    @DerickArmwood4 ай бұрын

    Helpful!

  • @ifitnessstudio1730
    @ifitnessstudio17305 ай бұрын

    Excellent explanation

  • @yourock9237
    @yourock92378 ай бұрын

    Thanks man

  • @tieraneyhouston1130
    @tieraneyhouston11305 ай бұрын

    Very helpful

  • @anthonydelagarde3990
    @anthonydelagarde39904 ай бұрын

    Thank you

  • @sarahparra2975
    @sarahparra29756 ай бұрын

    thank you ! Super helpful !! I would have made a lot of mistakes!

  • @LLflow
    @LLflow5 ай бұрын

    thank you

  • @jalpapatel3252
    @jalpapatel3252 Жыл бұрын

    Very helpful 👍

  • @NaviMarajCPA

    @NaviMarajCPA

    Жыл бұрын

    That’s great to hear. Thanks for the feedback!

  • @thesocialconsult202
    @thesocialconsult20210 ай бұрын

    Thank you.

  • @williamssantos9883
    @williamssantos9883 Жыл бұрын

    Great information

  • @NaviMarajCPA

    @NaviMarajCPA

    Жыл бұрын

    Thanks - glad it was helpful to you!

  • @perla4118
    @perla41188 ай бұрын

    Super helpful! Great information! Question, do I have to include “LLC” in my name when filling out any forms for my business? Such as opening accounts, credit cards & online store

  • @TrackDatSync
    @TrackDatSync4 ай бұрын

    NEW SUBSCRIBER EXCELLENT JOB

  • @mazi427
    @mazi42711 ай бұрын

    @NavidMaraj Thak you for this great video, it really help me understand and helped me fell this form properly. Liked and subscribed to your channel!

  • @joyceharris2853
    @joyceharris2853 Жыл бұрын

    AMAZING THNK YOU

  • @NaviMarajCPA

    @NaviMarajCPA

    Жыл бұрын

    Welcome 😊