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Printable Form Steps to Complete 2553 IRS Pembroke Pines Florida: What You Should Know

Company is entitled to have a second tax year. Step 3.  Subtract the amount of tax due (including the amount withheld from the first Form 2553) from the total S Corp taxable income (both  succeeding tax years) to obtain the amount not to exceed the amount of the excess tax for the second tax year. Step 4. Subtract this amount from both taxable income and the S Corp net income for the first tax year to find S Corp adjusted tax for the next two tax  years. Step 5. Subtract the amount of any S Corp interest deductions to find the amount of S Corp interest income not taxed by this tax. Step 6.  Subtract the total of these adjusted tax amounts (if any) from the aggregate taxes for the second and next two tax  years. The amount of adjustment in each case is the S Corp tax paid for the tax year in question. Step 7. Determine which amount of tax applies to the second tax year by applying the adjustment in Step 6 to the amount of tax (if any) that the second tax year  applies to the corporation's first tax year in Step 1. The net income of the corporation for the tax year in question is  not reduced for this adjustment by the first S Corp taxes. Because the corporation will not receive these taxes from the second  tax year, it's not necessary to make an election here. If you have no second tax year, just divide the amount of S Corp net income by the S Corp taxable  income for the first tax year, and the net income amounts for the subsequent two tax  years. Example: If the second tax year is a calendar year, the corporation would have paid the amount of tax in the second year of 600. If you applied that amount to the corporation's first tax year of 600, your adjusted net income for the first tax year would be 600 – 600 = 300 – 300 = 300. If you made the election to have a second tax year and the corporation had one of its years of taxable income be a month (or year), your adjusted net income for the second tax year would be 600 – 600 - 300 = 500 – 500 = 100 – 100 = 100,000.

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