@stech wrote:
Thats the only reason I want to elect S Corp, to pay myself salary & reduce SE tax.
Please do NOT make such a big decision without the assistance of a tax professional. For example, if you are a service-business and you are the only one working for the business, almost all of your profit should be salary so you may not be saving any Social Security and Medicare taxes. Besides the additional work and additional tax returns, it may not save any money (and paying less Social Security tax usually means smaller a retirement when are start collecting Social Security).
You were not on salary in 2020, so you don't qualify for the late election to be taxed as a S-corporation for 2020.
The due date for making that election is today (March 15th).
