DO NOT make the election until *AFTER* you have talked to a tax professional. This is *NOT* simple. Now you can do this yourself *IF* you know what your doing. But it's quite apparent you don't. Screw this up and chances are extremely high you "WILL" be filing for bankruptcy sometime in 2021 after you file the 2020 returns.
This is especially important if your state taxes personal income.
In a nutshell, you will be closing your SCH C business permanently and forever, and then you will open a completely NEW business as an S-Corp. The tax reporting is tricky. You have to show the IRS the transfer of all assets, inventory, vehicles, and other things from the closed SCH C business to the S-Corp. Do it wrong, and you'll find yourself in a hole you'll never get out of.
Please get professional help.
