It is not too late to elect to be taxed as an S Corp for your business for 2022! You can still take the S Corp election right now, as long as you are compliant for 2022. You must already have an LLC or Corporation. You also need to have your books covered for 2022, at professional-grade, and be ready to run payroll. With an S Corp you're required to pay yourself a reasonable salary, so make sure you have the means to pay it before the end of the year.

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The information contained in this podcast is intended for educational purposes only and is not individual tax advice. Please consult a qualified professional before implementing anything you learn.