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Form Instructions 2553 Bend Oregon: What You Should Know
How to File Form 2553 for Your Own Corporation or Business Small Business Guide: Tax Guide — Small Business.Wei.gov If your corporation is classified as a C corporation, you may be a small business owner and must use the form to make an election. If a corporation is classified as a partnership, you can use Form 2553 to elect ownership of certain assets and to elect to be taxed as a partnership. If your business is taxed as an S corporation, you may use Form 2553 or Form 1123 to elect your corporation to be treated as a small business even if it didn't pay its tax for the 2023 calendar year, or you haven't filed a tax return for 2016. See the information on filing your tax return for 2023 or your filing schedule. For more information, check out section 2041 and the instructions for Schedule C. Learn more about how to file a statement of election for Form 2553 in How to File Your Taxes (for Form 2553). If you have a regular scheduled business on April 1, 2018, you can't make an election in 2023 in conjunction with Form 1123 — Election to Be Taxed as a Small Business. How to file Your Taxes for Small Business Owners Small Business Guide: Tax Guide — Small Business.Wei.gov Small business owners must complete Schedule C on or before June 16, 2021, and pay all taxes due. If you owe any taxes other than the interest on your taxes due, you'll need to pay the interest on those additional amounts by due date. If you owe only the interest on the taxes due in June, you don't need to make an election on your Schedule C or take any other action. Form 2553 — Election by Small Business Corporation To Be Taxed as a Small Business In Partnership Business Owners If you are a business owner in a partnership, you may elect to become taxed as a C corporation. You can do this by filing Form 2553. If your business is taxed as a C corporation, you must use Form 2553 to file an election. This form must be filed no later than December 15, 2019. If the election is to be taxed as a small business, you can make the election for any year in which you have a regular scheduled business on April 1. (This does not apply to certain partnership income. For more details, see Chapter 3.
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