If you want your small business to be classified for income tax purposes as an S corporation for the 2021 tax year, you have until March 15, 2021, to make an election using IRS Form 2553. By electing S corp. status for your stock corporation or limited liability company (yes, you can be both an LLC and an S corp.), small business owners can enjoy partnership-type tax benefits and save on self-employment taxes. Not every entity is eligible to elect S corp. status, so talk to your accountant or small business attorney before making the election.

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