Howdy everybody Justin here chapter one of what I hope to be many many many more chapters on educational content around the tax and financial function of your business and today is the beginning stages of that and I'm going to share as much information as I know about forming a corporation getting an identification number and filling out what's called an S election form for that corporation to be treated as a flow-through entity and that's form 2553 look I'm gonna keep this short I'm going to keep this sweet and I'm going to keep this as laymen as possible I'm assuming nothing however the things I will assume you all live in the state of New York because that's where I'm licensed I'm going to assume you do and you know nothing and my only goal here today for this video is to give you the confidence to do this on your own without having to spend a shitload of money in legal fees accounting fees etc you can do it for less than $200 using my video as a tutorial using the images and maybe a couple of q and A's with myself but I'm pretty confident you can do it down below in the comments as a link a direct link to the state of New York division of corporations on how to form a corporation yes this might not be your state but let's just assume it is click on the link it's how you fill it out all you need is a name of your corporation it's gonna tell you right then in there if it's available and some basic information on your business address social security number etc so the next couple of seconds are including some official approved documentation that supports a...
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2553 instructions 2022 Form: What You Should Know
C) allows the IRS to use Schedule D to make an election on a single Form 1040, 1040A or 1040EZ if: 1. The S corporations (or LLC's) is organized in a state that has its own rules for S corporation elections, or 2. The S corporations elect to use Form 2553. In case of any other tax-related situation, Schedule D will simply list the information already on an IRS form that has already been filed. Here's some information that might help fill out the form: A business entity can be a corporation, partnership, limited liability company, partnership or S corporation. A sole proprietorship is treated as an S corporation if it: a) has no employees, and b) has a sole member who is a shareholder of the LLC, and c) operates only for profit. A partnership is treated as a partnership where a partner meets the following requirements: i. is not a shareholder of the partnership, and ii. is not a taxpayer. LLC's, S corps, and LPs that are sole proprietors and have gross income from an unrelated trade or business of 500000 or less are not taxed as a corporation.
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Video instructions and help with filling out and completing Form 2553 instructions 2022
Instructions and Help about Form 2553 instructions 2022
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