I just started my new small business llc in Colorado (advertising agency), 3 questions, when can I file my s corp election? The form 2553 is confusing where it states it will not be considered if submitted before November 8th, am I reading that correctly? 2nd question-I have my first paying client, when distributing a “fair salary/wage” to myself vs the dividend distribution what percentage should be distributed how to remain in line with taxes and paying the least? Last question-what are all the things to be aware of or doing before the end of the year for my small business and looking ahead to next year what to pay attention to.
thank you!!