Part 4/6:
There are two straightforward options to elect S corporation status, both of which can be done without expensive professional help:
1. Filing Simultaneously with Your Tax Return
Deadline: You can make your S election by filing Form 1120S (U.S. Income Tax Return for an S Corporation) along with Form 2553.
Timing: This must be submitted no more than six months after the end of the tax year for which the election is to take effect.
Details: On Line E of Form 2553, specify the first date of the tax year that the election applies to, ensuring it matches the tax year reflected in Form 1120S.