Generally, a business selects the tax forms that yield the lowest taxes, so the biggest advantage of having a corporation taxed as S-Corp election is that you save on taxes and do not have to take all your business income on your personal tax return. However, to file for S-Corp election, you must prepare and file Form 2553, Election by a Small Business Corporation, with the Internal Revenue Service. This notifies the IRS that you intended to elect S Corp status. The IRS will then mail you a letter back confirming election for this tax treatment. (Plurk Paste)

Generally, a business selects the tax forms that yield the lowest taxes, so the biggest advantage of having a corporation taxed as S-Corp election is that you save on taxes and do not have to take all your business income on your personal tax return. However, to file for S-Corp election, you must prepare and file Form 2553, Election by a Small Business Corporation, with the Internal Revenue Service. This notifies the IRS that you intended to elect S Corp status. The IRS will then mail you a letter back confirming election for this tax treatment.

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