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If you meant to elect S corporation status but missed the deadline to file Form 2553 , don’t panic — the IRS offers relief for a late S corporation election  under certain conditions. Why It Matters Filing Form 2553 on time lets your business be taxed as an S corporation, meaning income passes through to the owners and helps you avoid double taxation (as with C corporations) or overpaying in self-employment taxes (as with sole proprietorships and partnerships). Late Election

Starting a new business is exciting—but navigating taxes can feel overwhelming. Getting your tax planning right from the start can save you money, avoid penalties, and set your business up for success. Here’s a quick checklist for new business owners. 1. Choose the Right Business Structure Your business structure affects your taxes, liability, and paperwork. Common options include: Sole proprietorship LLC S Corporation Partnership Consult a CPA to determine which structure be

The Bipartisan Budget Bill (BBB) Act of 2025 introduced significant changes to the standard deduction for seniors. Here’s what you need to know to plan your taxes effectively. New Senior Deduction A temporary senior deduction of $6,000 per qualified person is available for 2025 through 2028. Key points: A qualified person is anyone who turns 65 by the end of the year. For example, individuals turning 65 on January 1, 2026, are considered 65 as of December 31, 2025. The deduct