Deadlines for S Corps 2024

[@KP-tx9gq]

I created my LLC in 2022, I didn't generate any income until 2023. I filed for an EIN in Apr. 2023, can I still create an S Corp and take advantage of the tax savings for 2023 or do I have to wait until next year?

[@JamieTrull]

While it's technically possible to make a late election, you would have to explain that your intent was to be an S Corp and show that you treated yourself as one last year (including paying reasonable salary, etc). I would make sure it would make sense. For most people, S Corp isn't going to be helpful in the first year unless you scaled quickly. I would make sure to do the calculation to see if it makes sense for you, as it can sometimes be more costly to be an S Corp because of additional admin costs/tax filing costs. Check out my S Corp Toolbox for more: jamietrull.com/scorptoolbox

[@dagsterblaster4973]

What about 941, 940 etc? Good grief, thumbs down...

[@JamieTrull]

This video covers deadlines specific to S Corps. For payroll reports, it’s the same deadline regardless of entity type.