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Music hello and welcome today we're talking about form 2553 election by a small business corporation in this video we dive into why you would want to become an S corporation who should file the form 2553 and when you should file form 2553 now most corporations are considered AC corporation by default but many corporations are eligible to file form 2553 to become an S corporation in order to qualify companies must fulfill certain criteria and follow specific processes so let's take a look tip number one why become an S corporation it's important to understand why a corporation would want to become an S corporation small companies typically elect to become S corporation so that their net taxable income is taxed to the shareholders rather than the corporation itself this means that a small company can pass its income credits deductions and losses on to the shareholders for tax purposes income is then reported on shareholders personal returns and taxed at their personal tax rates and not subject to any corporate taxes C corporations on the other hand run the risk of being taxed twice both at the corporate and shareholder level when dividends are paid out tip number two who should file form 2553 with all the clear benefits why doesn't everyone would like to become an S corporation unfortunately not all small businesses can qualify for an S corp election in order to be eligible to be considered as an S corp a business must meet the following requirements the corporation must be domestic this means that they must do most if not all of their work within the United States the form 2553 has to be filed on time the corporation can have no more than 100 shareholders the corporation or eligible entity can have only one class of stock and the corporation cannot have any non-resident alien shareholders to see a complete list of the qualifications check out the IRS form 2553 instructions linked in the description box below so tip number 3 when should you file the form 2553 this is one of the most important details and often an unnecessary cause of frustration separate deadlines for form 2553 depending on if a corporation is new or existed previously new companies must file an S corp election within the first two months and 15 days following their initial formation this means that within their first 75 days as a company they must file if they want the S corp election to take effect in their first year of taxes for existing businesses the S corp election must be filed no later than two months and 15 days after the beginning of the tax year that the S corp election is to take effect so for 2022 this deadline is March 15th additionally existing businesses can file to 2553 any time before the tax year that the S corp election is to take effect a corporation that misses the deadline must wait to.

FAQ

What is the IRS form W-10 and how is it correctly filled out?
While you may have never heard of IRS Form W-10, you will if youu2019re currently paying or planning to pay someone to care for a child, dependent, or spouse? If you are, then you may qualify to claim whatu2019s called the Child and Dependent Care credit on your federal income tax return. To claim this credit, your care provider must fill out a W-10. You may also need to fill out the form if you receive benefits from an employer sponsored dependent care plan.Itu2019s certainly worth it to see if you qualify (and for this we recommend that you consult with a tax professional). The child and dependent care credit can be up to 35 percent of qualifying expenses, depending on adjusted gross income. For 2022. filers may use up to $3,000 of expenses paid in a year for one qualifying individual or $6,000 for two or more qualifying individuals. (When it comes time to figure your qualifying expenses, remember that they must be reduced by the amount of any dependent care benefits provided by your employer, if those benefits were deducted or excluded from your income.)Do You Qualify for the Credit?To see if you need to have your care provider fill out a W-10, first determine if you qualify for the credit for child and dependent care expenses. To qualify, the care must have been provided for one or more qualifying persons, generally a dependent child age 12 or younger when the care was provided. Certain other individuals, spouses and those who are incapable of self-care, may also be considered qualifying persons. (Note: each qualifying individual must be listed on your tax return.)Remember also that the amount you can claim as a credit is reduced as your income rises. According to the Tax Policy Center, u201cFamilies with income below $15,000 qualify for the 35 percent credit. That rate falls by 1 percentage point for each additional $2,000 of income (or part thereof) until it reaches 20 percent for families with income of $43,000 or more.u201dNext, consider why the care was provided. To qualify, the person (or couple, if married and filing jointly) claiming the credit must have sought care so they could work or search for employment. Further, the individual or couple filing must be considered earned income earners. Wages, salaries, tips, other taxable employee compensation, and net earnings from self-employment all qualify individuals as having earned income. For married filers, one spouse may be considered as having earned income if they were a full-time student, or if they were unable to care for themselves.Who did you pay for care? Qualifying funds spent for care cannot be paid to a fileru2019s spouse, a dependent of the filer, or to the fileru2019s child, unless that child will reach age 19 or older by the end of the year. (The rule for payments to the fileru2019s child does not change, even if the child is not the fileru2019s dependent.) Filers must identify care providers on their tax return.There are just a few more qualifying details. To qualify, filing status must be single, married filing jointly, head of household or qualifying widow(er) with a dependent child. The qualifying person must have lived with the person filing for over one half of the year. There are exceptions, for the birth or death of a qualifying person, and for children of divorced or separated parents.IRS Form W-10So, if you meet those criteria, then its time to make sure your care provider fills out a W-10. The form is simple to fill out, requiring only the provideru2019s name, address, signature and taxpayer identification number (usually their social security number). The form is only for your records, details about the provider will come when you fill out form 2441 for Child and Dependent Care Expenses.Source: The Child and Dependent Care Credit and IRS W-10 Form
How can you tell whether you should file an IRS Form 1040a or 1040ez?
For the current filing season, 2022. form 1040-EZ and 1040-A have been discontinued.If you are talking about filing recent prior year returns, form 1040-EZ was for if you are reporting wages, interest interest income under $1,500, and/or unemployment compensation and pretty much nothing else. You cannot report dependants on a 1040-EZ.1040-A if for when you have interest income over $1,500 and/or have dependants.Neither forms allow you to itemize deductions. There are other things to know as well. You can review the instructions at these links:About Form 1040-EZ | Internal Revenue ServiceAbout Form 1040-A | Internal Revenue Service
How can I fill out an IRS form 8379?
Form 8379, the Injured Spouse declaration, is used to ensure that a spouseu2019s share of a refund from a joint tax return is not used by the IRS as an offset to pay a tax obligation of the other spouse.Before you file this, make sure that you know the difference between this and the Innocent Spouse declaration, Form 8857. You use Form 8379 when your spouse owes money for a legally enforeceable tax debt (such as a student loan which is in default) for which you are not jointly liable. You use Form 8857 when you want to be released from tax liability for an understatement of tax that resulted from actions taken by your spouse of which you had no knowledge, and had no reason to know.As the other answers have specified, you follow the Instructions for Form 8379 (11/2016) on the IRS Web site to actually fill it out.
For taxes, does one have to fill out a federal IRS form and a state IRS form?
No, taxes are handled separately between state and federal governments in the United States.The IRS (Internal Revenue Service) is a federal, notu00a0 state agency.You will be required to fill out the the necessary tax documentation for your federal income annually and submit them to the IRS by April 15th of that year. You can receive extensions for this, but you have to apply for those extensions.As far as state taxes go, 41 states require you to fill out an income tax return annually. They can either mail you those forms or they be downloaded from online. They are also available for free at various locations around the state.Nine states have no tax on personal income, so there is no need to fill out a state tax return unless you are a business owner.Reference:www.irs.gov
Which IRS forms do US expats need to fill out?
That would depend on their personal situation, but should they actually have a full financial life in another country including investments, pensions, mortgages, insurance policies, a small business, multiple bank accountsu2026The reporting alone can be bankrupting, and that is before you get on to actual taxes that are punitive toward foreign finances owned by a US citizen and god help you if you make mistake because penalties appear designed to bankrupt you.US citizens globally are renouncing citizenship for good reason.This is extracted from a letter sent by the James Bopp law firm to Chairman Mark Meadows of the subcommittee of government operations regarding the difficulty faced by US citizens who try to live else where.u201c FATCA is forcing Americans abroad into a set of circumstances where they must renounce their U.S. citizenship to survive.For example, suppose you have a married couple living in Washington DC. One works as a lobbyist for an NGO and has a defined benefits pensions. The other is self employed in a lobby firm, working under an LLC. According to the IRS filing requirements, it would take about 15 hours and $280 to complete their yearly filings. Should they under report income, any penalties would be a percentage of their unreported tax burden. The worst case is a 20% civil fraud penalty.Compare the same couple with one different fact. They moved to Australia because the NGO reassigned the wife to Sydney. The husband, likewise, moves his business overseas. They open a bank account, contribute to the mandatory Australian retirement fund, purchase a house with a mortgage and get a life insurance policy on both of them.These are now their new filing requirements:u2022 Form 8938u2022 Form 3520-Au2022 Form 3520u2022 Form 5471 (to be filed by the husbands new Australian corporation where he is self employed)u2022 Form 720 Excise Tax.u2022 FinCEN Form 114The burden that was 15 hours now goes up tou2022 57.2 hours for Form 720,u2022 54.20 hours for Form 3520,u2022 61.22 Hours for Form 3520-A.u2022 50 hours efor Form 5471For a total of 226.99 hours (according to the IRSu2019s own time estimates) not including time to file the FBAR.The penalties for innocent misfiling or non filings for the above foreign reporting forms for the couple are up to $50,000, per year. It is likely that the foreign income exclusion and foreign tax credit will negate any actual tax due to the IRS. So each year, there is a lurking $50,000 penalty for getting something technically wrong on a form, yet there would be no additional tax due to the US treasury.u201d
When dissolving an LLC do you need to fill out IRS Form 966?
The answer will be yes or no depending on how your entity is recognized for tax purposes. An LLC is not a recognized entity by the IRS. By default, a single-member LLC is organized for tax purposes as a sole proprietorship and a partnership for tax purposes if there is more than one member. However, you can make an election to be taxed as a C Corporation (i.e., an LLC for legal purposes that is taxed as a C Corporation for tax purposes).You must complete and file form 966 to dissolve your LLC if you have elected to be a C Corporation or a Cooperative (Coop) for tax purposes. S Corporations and tax-exempt non-profits are exempt from filing this form (see here).If you are organized for tax purposes as an S Corporation you would file your taxes via form 1120S for the last time and check the box indicating that your return is a u201cFinal Return.u201d Same is true for a Partnership, but with form 1065.On a state and local level, best practice is to check with your state and local agencies for requirements.For digestible information and tools for understanding how the tax landscape affects your business, visit Financial Telepathy
Do un-contracted workers have to fill out IRS W4 form?
I have no idea what an u201cun-contracted workeru201d is. I am not familiar with that term.Employees working in the U.S. complete a Form W-4.Independent contractors in the U.S. do not. Instead, they usually complete a Form W-9.If unclear on the difference between an employee or an independent contractor, see Independent Contractor Self Employed or Employee
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