How to File a Late S Corporation Election and Still Save on Taxes
How to File a Late S Corporation Election and Still Save on Taxes  
Podcast: Small Business Tax Savings Podcast
Published On: Wed Jun 11 2025
Description: Send us a textMissed the S Corp deadline? Don’t panic. In this episode, Mike breaks down how to file a late S Corp election the right way so you can still unlock major tax savings. You’ll learn what an S Corp really is, who qualifies, how to calculate your savings, and what to watch out for when making the switch. Plus, the exact steps to file a late election with the IRS, without triggering a red flag.🚀 Book your free demo call today! Click here or visit: https://taxelm.com/demo/ Chapters:(00:57) What Is an S Corp?An S Corp is a tax status that lets you split income into salary and distributions to lower your self-employment tax.(02:36) S Corp vs. Sole Proprietor: Tax Savings ExampleMike walks through an $80K income example showing how S Corp status can save over $5,000 in taxes every year.(05:25) When Should You Elect S Corp Status?If you’re earning $50K+ in profit and expect to grow, it may be time to switch, but only if you can handle the added costs.(08:06) Common Mistakes with S CorpsAvoid these pitfalls: no LLC, premature elections, and not paying yourself the right salary.(12:11) How to File a Late S Corp ElectionThe IRS allows late elections. Just file Form 2553 with a proper reason and follow the Rev Proc 2013-30 guidelines.(16:32) Payroll Is Not OptionalIf you backdate your election, you must also backdate your payroll. The IRS checks for this, so don’t skip it.Podcast Host:Mike Jesowshek, CPA – Founder and Host of Small Business Tax Savings PodcastJoin TaxElm: https://taxelm.com🚀 Visit:  https://www.TaxSavingsPodcast.com 🚀 Check Out TaxElm: https://taxelm.com/🚀 Join our Free Facebook Group: https://www.facebook.com/groups/taxsavings/🚀 YouTube: www.TaxSavingsTV.com👋🏼 GET IN TOUCHYou can Tweet @MJesowshek with any feedback, ideas, or thoughts about the lessons you've learned from the episodes. We want to thank you personally for tuning in 🙏🙏 LEAVE A REVIEWIf you enjoy the podcast, please leave a 5-star review on Apple Podcasts or Spotify—it helps more business owners find the show ⭐🎙 ABOUT THE PODCASTThe Small Business Tax Savings Podcast is your go-to resource for cutting-edge tax strategies to help entrepreneurs legally slash their tax bills. Hosted by Mike Jesowshek, CPA, this show breaks down complex tax topics into clear, no-fluff insights so you can keep more of your hard-earned money.