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Form 2553 Late Election Relief [ Reasonable Cause Examples]
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Most people form an LLC thinking it’ll save them money on taxes. But here’s the truth: LLCs give you liability protection, not tax protection. You’ll still owe income tax AND self-employment tax on everything you earn. Once your business starts pulling in $50K or more, that tax bill gets real. That’s when it might be time to upgrade to an S-Corp. Why? Because with an S-Corp, you can split your income into salary distributions, and only pay self-employment taxes on the salary part. That move alon
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