lori-schultz
Returning Member

How late can you file a form 2553 S-Corp Election ?

I set up my business as a PLLC beginning of 2021.  I ended up make much more than I anticipated throughout the year.  Mainly in the 4th quarter.  Fear I'm going to owe a lot of self-employment tax.  I know you can file for a late election within the same tax year, but can I file still in 2022?  I have no employees and haven't paid myself a paycheck in 2021.  Just did draws, so don't know how that will affect things.  Seems to me it won't change my taxes owed, since I didn't pay in any payroll taxes or take dividends.  Never got a FEIN either since I didn't do any payroll.  Anything I can do?