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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?
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‎February 2, 2022
11:24 AM