What Is Form 2553?
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The short answer
Form 2553 is the IRS election that changes how an existing LLC or corporation is taxed — it does not create a company, change your liability protection, or alter your ownership. It splits your profit into a salary, which carries employment tax, and distributions, which do not. That saving is real above roughly $50,000 of profit, but it comes with payroll, a separate annual return, and a salary the IRS can challenge.
Form 2553 is the IRS form that asks for an existing business to be taxed as an S corporation. Its formal title is Election by a Small Business Corporation. If someone has told you that you should "become an S corp", this form is the entire mechanism — there is no other route, and nothing you do with your state, your bank or your bookkeeper achieves it on its own.
The sentence above contains the thing almost everyone gets wrong on first contact, so it is worth slowing down. Form 2553 does not create a company. It does not change your legal structure, your liability protection, your ownership, your bank accounts or your name. Your LLC stays an LLC. Your corporation stays a corporation. The only thing that changes is which set of tax rules the IRS applies to the profit.
What an S corporation actually is
"S corporation" is not a kind of company you can form. No secretary of state issues one. It is a federal tax classification — subchapter S of the Internal Revenue Code, which is where the letter comes from — that an eligible LLC or corporation can opt into by filing this form.
Every business already has a default classification the day it is formed, and the default is usually fine. A single-member LLC is disregarded and reported on Schedule C. A multi-member LLC is a partnership. A corporation is a C corporation, taxed once at the entity and again on dividends. An S corporation, like the LLC defaults, pays no federal income tax of its own: profit passes through to the owners on a Schedule K-1 and is taxed on their personal returns at their own rates.
| Classification | Who pays income tax | Employment tax on profit |
|---|---|---|
| Single-member LLC (default) | The owner, on Schedule C | Self-employment tax on all of it |
| Multi-member LLC (default) | The partners, via Form 1065 and K-1 | Self-employment tax on active partners' shares |
| C corporation | The company, then again on dividends | Only on wages actually paid |
| S corporation | The shareholders, via Form 1120-S and K-1 | Only on the salary portion |
Read the last column again, because it is the whole point. Income tax treatment barely moves when a default-taxed LLC elects S status. Employment tax treatment moves a great deal.
Where the money actually comes from
As the owner of a default-taxed LLC you pay self-employment tax on 92.35% of your net profit. The rate is 15.3%: 12.4% for Social Security, which stops at the wage base ($184,500 for 2026, up from $176,100), and 2.9% for Medicare, which has no ceiling at all. There is no salary in this world. Every dollar of profit is exposed.
An S corporation splits the same profit in two. You put yourself on payroll and pay yourself a reasonable salary, which carries FICA at 7.65% from you and 7.65% from the company, plus about $42 a year of federal unemployment tax. Whatever profit is left after that salary comes out as a distribution, and distributions carry no employment tax. The saving, in the simplest terms, is roughly 15.3 cents on every dollar you move from the salary side to the distribution side.
There is no percentage rule for salary
The "60/40 rule" you will see repeated on accountants' blogs has no statutory, regulatory or case-law authority behind it. Neither does any other ratio. The standard is what you would have to pay an unrelated person to do the work you do, and it is the single most audited number in the S-corp world. See reasonable compensation before you pick a figure.
There is also an offset that most articles leave out. The Section 199A qualified business income deduction lets pass-through owners deduct 20% of business income, and it is now permanent — the One Big Beautiful Bill Act (Pub. L. 119-21, sec. 70105) repealed the sunset that was scheduled after 2025, so any source telling you it expires is stale. But the salary you pay yourself is a business deduction, which means it reduces qualified business income dollar for dollar. Roughly a third of the headline payroll-tax saving is clawed back through a smaller 199A deduction.
Above the 2026 income thresholds — $403,500 married filing jointly, $201,750 for most other returns, with the W-2 wage limitation fully phased in by $553,500 and $276,750 — the sign flips. Up there the deduction is capped by reference to W-2 wages, and a sole proprietor pays none, so their deduction is squeezed toward zero while an S corporation keeps up to 50% of the wages it pays. At high income, cutting your salary can cost you more than it saves.
Your numbers
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Profit for the year before paying yourself anything.
A starting point only — see the note on reasonable compensation below.
Likely worth itTax year 2026
$5,056
estimated saving per year
The election looks like it saves around $5,056 a year — comfortably more than the payroll and filing costs it creates. Confirm you can support the salary figure and that you are ready for the ongoing filings.
Federal income tax plus employment taxes, plus the added cost of running payroll and a corporate return.
Stay as you are$28,462
Income tax $11,506Self-employment tax $16,955
Elect S-corp$23,406
Income tax $13,682Payroll taxes $8,304Added costs $1,420
Where the saving actually comes from
- Employment tax you stop paying
- +$8,651
- Extra income tax, mostly from a smaller QBI deduction
- −$2,175
- Payroll service and the extra tax return
- −$1,420
- Net
- $5,056
Most calculators quote 15.3% of your distributions and stop there. They leave out that every dollar of salary also reduces your qualified business income deduction, and that your adjusted gross income moves. Both are included above.
In this model, the lowest total tax lands at a salary of $18,000
That is an observation about the arithmetic, not a recommendation. Reasonable compensation is a facts-based legal standard — what you would have to pay someone else to do your job. Setting salary to whatever minimizes tax is precisely the position the IRS challenges. There is no 60/40 rule, and no percentage safe harbor of any kind.
What an S election commits you to
Running payroll at least quarterly, filing Forms 941 and 940, issuing a W-2, filing a separate Form 1120-S every year, keeping the salary defensible, and — in some states — a separate state election plus entity-level tax. The election also locks in: revoking it generally bars re-electing for five years.
Ready to make it official?
Start my Form 2553Estimates use 2026 federal figures verified on July 30, 2026. They cover federal tax only and assume one owner-operator, no self-employed health insurance or retirement contributions, and no qualified property. State taxes are not included. This is self-help information, not tax advice.
Who it is for, and who it is not
The practical filter is profit, not revenue. Below roughly $50,000 of net profit the compliance costs usually swallow the saving, and the honest answer is to stay where you are. Between $50,000 and $80,000 it is genuinely marginal and depends on your state and your salary. Above that it is normally worth doing. Is an S corp worth it? works through the arithmetic properly.
The legal filter is eligibility, and it is stricter than people expect. An S corporation must be a domestic entity with no more than 100 shareholders, all of whom are individuals, estates or qualifying trusts. No partnership, LLC or corporation can hold shares. No shareholder may be a nonresident alien, which catches businesses with a foreign co-founder more often than any other rule. And there can be only one class of stock, which quietly disqualifies LLCs whose operating agreements contain a preferred return or a distribution waterfall. The line-by-line instructions cover each test in full.
What the election commits you to
An S election is an ongoing obligation, not a one-off filing. From the effective date forward you are running a payroll company, and the administrative floor is real:
- Payroll, properly. A W-2 salary paid on a schedule, with income tax and FICA withheld and deposited on time. Paying yourself a lump sum in December and calling it salary is a common and expensive shortcut.
- Employment tax returns. Form 941 every quarter, Form 940 once a year, and a W-2 and W-3 each January.
- A separate business return. Form 1120-S, due March 15 each year, with a Schedule K-1 to every shareholder. Filing it late carries a penalty charged per shareholder, per month, so a two-owner company accrues it twice as fast.
- Distribution discipline. Distributions must follow ownership percentages exactly. Paying one 50% owner more than the other can be argued as a second class of stock.
- Whatever your state adds. Registering for state payroll accounts is a separate job from the federal election.
Budget $900 to $2,700 a year for payroll service and the extra return preparation. That is the number that has to be beaten before any of this makes sense.
Your state may not follow along
Federal acceptance does not automatically create a state S corporation. New York requires a separate Form CT-6 that must be approved, and filing Form 2553 alone leaves you a C corporation in New York — the most expensive S-corp mistake in the country. California charges a 1.5% S-corp franchise tax with an $800 annual minimum, owed even in a loss year. Tennessee does not recognize S status for franchise and excise tax at all.
| State | Treatment | Tax the entity still owes |
|---|---|---|
| Alabama | Recognized automatically | No entity-level income tax on pass-through income; the Alabama Business Privilege Tax (BPT) technically still applies but is fully exempt (and no return is required) when the computed tax is $100 or less — which covers most small S corps. |
| Alaska | No personal income tax | No personal income tax. Alaska does have a graduated corporate net income tax (0% to 9.4%), from which S corporations are generally excluded; no franchise or net-worth tax. |
| Arizona | Recognized automatically | No general entity-level tax. Arizona corporate income tax (4.9%) reaches only income taxed at the federal corporate level. No franchise or net-worth tax. |
| Arkansas | Recognized automatically | No Arkansas income tax at the entity level, but the Arkansas franchise tax (Secretary of State) still applies every year regardless of S status. |
| California | Recognized automatically | 1.5% S corporation franchise tax on California net income, with an $800 annual minimum franchise tax. |
| Colorado | Recognized automatically | No franchise tax, no net-worth tax and no minimum tax. The only entity-level Colorado income tax is voluntary, via the SALT Parity Act PTET election. |
| Connecticut | Recognized automatically | No franchise or net-worth tax on S corps. The 6.99% Pass-Through Entity Tax is ELECTIVE (optional) for tax years beginning on or after 1/1/2024; the base composite return CT-1065/CT-1120SI is still mandatory. |
| Delaware | Recognized automatically | No corporate income tax on the S corp itself, but Delaware franchise tax + annual report to the Division of Corporations (min $175 or $400, plus $50 report fee, due March 1), a Delaware business license and gross receipts tax if it actually operates in-state, and mandatory 6.60% prepayments of personal income tax for nonresident shareholders. |
| District of Columbia | Not recognized for entity tax | DC Corporation Franchise Tax on Form D-20 at 8.25% of DC taxable income, with a hard minimum tax of $250 (DC gross receipts $1M or less) or $1,000 (DC gross receipts over $1M) — payable by every S corp regardless of federal pass-through status. |
| Florida | No personal income tax | None in the normal case. Florida corporate income tax (5.5%) applies to an S corp only if it pays federal income tax on Line 23c of Form 1120S. There is no franchise tax, no net worth tax, and no minimum tax. |
| Georgia | Form 600S-CA (Consent Agreement of Nonresident Shareholders of S Corporations) — required only if there are nonresident shareholders; there is no corporate-level Georgia S election form. | Georgia net worth tax — graduated from $0 (net worth of $100,000 or less) to a $5,000 maximum (net worth over $22,000,000), reported on Form 600S. No entity-level income tax on the S corp's pass-through income unless the entity elects PTE treatment or loses S recognition. |
| Hawaii | Recognized automatically | No entity-level income tax on ordinary S corp income, but the Hawaii General Excise Tax (GET) applies to gross income regardless of entity type. |
| Idaho | Recognized automatically | $20 minimum tax owed by virtually every Idaho S corp, plus a $10 Permanent Building Fund tax in limited cases, plus 5.3% tax on composite/ABE income and on built-in gains and excess net passive income. |
| Illinois | Recognized automatically | 1.5% Personal Property Replacement Tax on net Illinois income; the corporate franchise tax still exists but the first $10,000 of liability is exempt from 1/1/2025. |
| Indiana | Recognized automatically | No general entity-level income tax, but Indiana AGI tax reaches federally taxed built-in gains and passive income, and a composite return for nonresident shareholders is mandatory. |
| Iowa | Recognized automatically | No Iowa income or franchise tax on an ordinary S corp by default, BUT Iowa Code 422.16B makes composite filing and tax remittance on behalf of nonresident shareholders MANDATORY — a real entity-level liability. |
| Kansas | Recognized automatically | None for an ordinary S corp — Kansas has no corporation franchise tax. The only entity-level tax is the OPTIONAL SALT Parity Act election (5.58% for 2026); banks/S&Ls pay privilege tax instead. |
| Kentucky | Recognized automatically | Limited Liability Entity Tax (LLET) applies to every Kentucky S corp with a $175 annual minimum, regardless of profit or loss. An optional pass-through entity tax election is also available. |
| Louisiana | Recognized automatically | For periods beginning on/after 1/1/2026: no Louisiana corporation income tax on the S corp and no franchise tax (repealed). An informational CIT-620 is still mandatory and must be e-filed. |
| Maine | Recognized automatically | None in the normal case — no franchise tax, no minimum tax, no annual entity fee. Maine corporate income tax (3.5%–8.93%) applies only if the S corp has federal taxable income at the corporate level. |
| Maryland | Recognized automatically | Mandatory nonresident-member pass-through entity tax (Form 510) plus an optional electing PTE tax on all members (Form 511). No franchise or net-worth tax, but a $300 SDAT annual report fee applies to every corporation and LLC. |
| Massachusetts | Recognized automatically | Massachusetts corporate excise: the GREATER OF (a) the non-income measure of $2.60 per $1,000 of Massachusetts tangible property or net worth plus the net-income measure, or (b) the $456 minimum excise — owed every year, including loss years. |
| Michigan | Recognized automatically | No Corporate Income Tax, no franchise tax, no gross receipts tax on an S corp. The only Michigan entity-level income tax is the ELECTIVE flow-through entity (FTE) tax at 4.25% for 2026. Recurring non-income obligation: the LARA annual report, Form CSCL/CD-2500, $25 if filed on time by May 15. |
| Minnesota | Recognized automatically | Minnesota minimum fee based on Minnesota property plus payroll plus sales; $0 below the threshold, which is $1,280,000 for 2026. |
| Mississippi | Recognized automatically | S corps are exempt from Mississippi income tax by statute but DO pay Mississippi franchise tax on capital, with a $25 minimum. Composite and electing-PTE returns pay tax at the entity level. |
| Missouri | Recognized automatically | None. Missouri's corporate franchise tax was fully phased out effective January 1, 2016, and an S corp owes no Missouri corporate income tax at the entity level. |
| Montana | Recognized automatically | No franchise, net-worth or minimum tax on an S corporation. Entity-level liability arises only if the entity elects the 5.9% PTET, files a composite return, or must remit pass-through withholding for nonresident owners. |
| Nebraska | Recognized automatically | No Nebraska corporate income tax or franchise tax on an ordinary S corp, but mandatory nonresident-shareholder withholding (4.55% for 2026) is an entity-level obligation, plus a biennial occupation tax report to the Secretary of State. |
| Nevada | No personal income tax | No income tax, but a $500 annual State Business License for corporations plus an Annual List fee starting at $150 and scaling with authorized stock; Modified Business Tax on wages and Commerce Tax above $4M gross revenue. |
| New Hampshire | Not recognized for entity tax | Business Profits Tax at 7.5% of taxable business profits and Business Enterprise Tax at 0.55% of the enterprise value tax base; BET paid is creditable against BPT. |
| New Jersey | Recognized automatically | New Jersey Corporation Business Tax statutory minimum tax of $375–$1,500 based on New Jersey gross receipts (or $2,000 for certain affiliated groups), owed every year regardless of profit. |
| New Mexico | Recognized automatically | $50 annual corporate franchise tax owed by every S corporation, regardless of income or activity, plus 5.9% corporate income tax on any entity-level income and 4.9% withholding on nonresident owners. |
| New York | Form CT-6 | Article 9-A fixed dollar minimum (FDM) franchise tax of $25 to $4,500 based on New York receipts; the MTA surcharge does NOT apply to a New York S corporation. |
| North Carolina | Recognized automatically | North Carolina franchise tax on net worth: "$200 for the first one million dollars ($1,000,000) of the corporation's tax base and $1.50 per $1,000 (.0015) of its tax base that exceeds one million dollars," with an absolute minimum of $200 owed every year, even by an inactive corporation. |
| North Dakota | Recognized automatically | No franchise tax, net-worth tax or minimum tax. Form 60 is effectively an information/flow-through return; the only entity-level cash obligation is 2.5% withholding on nonresident shareholders (or composite tax). |
| Ohio | Recognized automatically | No franchise or net-worth tax on S corps. Elective entity-level tax (IT 4738) at 3% for 2026, or mandatory IT 1140 withholding at 3%. Separate Commercial Activity Tax on gross receipts and separate municipal net profits taxes. |
| Oklahoma | Recognized automatically | No entity-level income tax in the normal case and NO franchise tax (repealed after tax year 2023) — but mandatory 4.75% withholding on nonresident shareholders' distributive shares is a real entity-level cash obligation. |
| Oregon | Recognized automatically | $150 minimum corporation excise tax for every S corp doing business in Oregon, plus the Corporate Activity Tax (CAT) above $1M of Oregon commercial activity. |
| Pennsylvania | Recognized automatically | Essentially no PA entity-level income tax: the capital stock/franchise tax was eliminated for tax years beginning January 1, 2016 and after, and a PA S corp owes corporate net income tax only to the extent of built-in gains (7.99% for 2025, 7.49% for 2026). The recurring obligations are nonresident shareholder withholding at 3.07% and a $7 Department of State annual report. |
| Rhode Island | Recognized automatically | $400 annual minimum corporate tax, owed by every Rhode Island S corp regardless of income or activity. Optional pass-through entity election tax at 5.99% is also available. |
| South Carolina | Recognized automatically | No franchise tax on income, but a one-time CL-1 initial report fee applies, and the entity may elect to pay the 3% active trade or business income tax itself under § 12-6-545(G). |
| South Dakota | No personal income tax | No income tax and no franchise tax on ordinary businesses. The only recurring state-level obligation is the Secretary of State annual report: $55 filed online, $70 on paper. |
| Tennessee | Not recognized for entity tax | Tennessee franchise and excise tax, owed in full by S corporations: excise tax at 6.5% of Tennessee taxable income (after a $50,000 standard deduction from net earnings) plus franchise tax at 0.25% of Tennessee net worth, minimum $100. |
| Texas | No personal income tax | Texas franchise (margin) tax — 0.75% standard / 0.375% retail-wholesale, with a $2,650,000 no-tax-due threshold for the 2026 report year; a Public Information Report is still required even when no tax is due. |
| Utah | Recognized automatically | NO minimum tax — Utah's $100 minimum (privilege) tax expressly does NOT apply to S corporations. The only mandatory entity-level cash outlay is Schedule N pass-through withholding for non-individual and nonresident shareholders. |
| Vermont | Recognized automatically | $250 minimum annual entity tax on every Vermont pass-through entity, owed regardless of income. No franchise or net-worth tax. Vermont has NO pass-through entity tax (no SALT-cap workaround). |
| Virginia | Recognized automatically | No Virginia franchise, net worth, or entity income tax on an S corp, but mandatory 5% withholding on nonresident owners' Virginia-source income (due on the ORIGINAL April 15 due date, not the extended one), an optional 5.75% elective PTET, and an SCC annual registration fee based on authorized shares ($100 for 1–5,000 shares). |
| Washington | No personal income tax | B&O gross receipts tax applies at the entity level regardless of S status; no income tax and no franchise tax. |
| West Virginia | Recognized automatically | No franchise or net-worth tax (West Virginia's business franchise tax was fully phased out). Mandatory nonresident withholding at the top individual rate, plus an optional elective pass-through entity tax at the same rate. |
| Wisconsin | Recognized automatically | Economic development surcharge: greater of $25 or 0.2% of Wisconsin net income, capped at $9,800 — but only if gross receipts are $4 million or more. |
| Wyoming | No personal income tax | No income tax. An annual report license tax applies: the greater of $60 or $0.0002 per dollar of Wyoming-located capital, property and assets, due on the first day of the entity's registration month. |
Showing 51 of 51 jurisdictions.
When it has to be filed
The rule is no more than 2 months and 15 days after the start of the tax year the election is to take effect, or any time during the preceding tax year. The counting is subtler than it looks: the two-month period ends the day before the numerically corresponding day, so a tax year starting January 1 gives March 15, not March 16.
As of today, the calendar-year 2026 deadline has gone — it was Monday March 16, 2026, rolled forward one day because March 15 fell on a Sunday. The window for tax year 2027 is open now. An existing calendar-year business can file today for an effective date of January 1, 2027, and the last day to do so is Monday March 15, 2027. The deadline guide works through fiscal years and mid-year formations.
Missing the deadline does not void the form
This is the single most under-reported fact about Form 2553. Under IRC §1362(b)(3) a late election is not rejected — it is simply treated as an election for the following tax year. And if you want your original date back, relief under Rev. Proc. 2013-30 is available for 3 years and 75 days after it. See late S-corp elections.
A brand-new entity cannot file early
An entity with no prior tax year has no preceding year to elect during, so a form filed before its first tax year begins is invalid rather than early. That first tax year starts on the earliest of three dates: when the entity first had owners, first had assets, or began doing business — which is often not the formation date.
This is the date that goes on line E. For a calendar-year business it is usually January 1.
You are filing early, which is allowed
An entity that already has a prior tax year may elect at any time during the preceding tax year, so filing now for an effective date of January 1, 2027 is valid. The final deadline is March 15, 2027.
- Timely filing deadline
- March 15, 2027
- Late relief closes
- March 16, 2030
- 3 years and 75 days after your effective date, under Rev. Proc. 2013-30.
How it gets filed
Form 2553 cannot be e-filed. The current revision is dated December 2017, and it goes to the IRS by mail or by fax to one of two service centers. Which one depends on where the business actually operates — its principal business, office or agency — and not on where it was incorporated. A Delaware LLC run from California files as a California business. Routing on the state of incorporation is the most common filing error there is. Where to fax Form 2553 has the address and fax number for each state, where to mail Form 2553 covers the postal route, and how to file Form 2553 walks the whole procedure end to end.
Two practical details catch people at the printer. The signature and date boxes on page 1 are not fillable in the official Form 2553 PDF — only the title field is — so the form has to be signed by hand. And page 2 has room for exactly seven shareholders; beyond that you attach extra copies of page 2.
What comes back is Notice CP261, the acceptance letter. The IRS says to expect a determination in about 60 days, but it does not publish a live processing estimate for this form, so treat that as an expectation rather than a promise. Keep your fax confirmation or certified-mail receipt — it is the only evidence of your filing date, and you will need CP261 itself to open payroll accounts. Form 2553 processing time covers what happens after you file.
Form 2553 and Form 8832 are not alternatives
Form 8832 changes an entity's classification — for example, having an LLC treated as a corporation. Form 2553 elects subchapter S treatment. An LLC filing a timely Form 2553 gets the classification change automatically as part of the election and must not file Form 8832 as well. The two forms only appear side by side in a narrow late-filing scenario, which the comparison guide sets out.
Is it permanent?
You file Form 2553 once. There is no annual renewal. The election continues until it is revoked or terminated — revocation requires the consent of shareholders holding more than half the shares, and once you have revoked or terminated, electing again within five years generally needs IRS consent. It can also terminate on its own the moment you stop qualifying, which is what happens if an ineligible shareholder is admitted or the one-class-of-stock rule is broken. Treat it as a decision with a five-year shadow rather than something to try for a year.
See what the election would actually save you
Enter your profit, filing status and state, and get a number that accounts for the Section 199A clawback, your state's treatment, and the real cost of running payroll.
Run the numbersFrequently asked questions
What is Form 2553 used for?
Form 2553 is used to elect S-corporation tax treatment for an existing LLC or corporation. It tells the IRS to tax the business under subchapter S, which means profit passes through to the owners and only the salary portion carries employment tax. It does not form a company or change an entity's legal structure.
Is an S corporation a type of company or a tax status?
A tax status. No state forms S corporations — you form an LLC or a corporation under state law and then elect S treatment federally by filing Form 2553. Your legal entity, liability protection and ownership documents are unaffected by the election.
Does an LLC have to become a corporation before filing Form 2553?
No. An LLC can file Form 2553 directly. A timely Form 2553 carries the necessary entity classification election with it, so the LLC should not file Form 8832 as well. The LLC remains an LLC under state law and keeps its existing EIN.
How much does filing Form 2553 actually save?
The saving comes from moving profit out of self-employment tax, which runs at 15.3% on 92.35% of net profit. Against that you lose part of your Section 199A deduction, because salary reduces qualified business income dollar for dollar, and you take on roughly $900 to $2,700 a year in payroll and tax preparation costs. Below about $50,000 of profit the costs usually exceed the saving.
Do I have to pay myself a salary after filing Form 2553?
Yes, if you work in the business. A shareholder who provides services must be paid reasonable compensation through payroll before taking distributions, and the IRS can reclassify distributions as wages if the salary is too low. There is no percentage rule or safe harbor — the standard is what you would pay someone else to do the same work.
Is Form 2553 the same as Form 8832?
No. Form 8832 elects an entity's classification, such as having an LLC treated as a corporation. Form 2553 elects subchapter S treatment specifically. Filing Form 2553 on time handles the classification question automatically for an LLC, so filing both is a mistake in ordinary circumstances.
Can I undo an S election if it does not work out?
Yes, but not casually. Revoking the election requires the consent of shareholders holding more than half the shares, and after a revocation or termination you generally need IRS consent to elect S status again within five years. Treat the election as a multi-year commitment rather than something to trial for a single year.
Scorply provides self-help tax forms and general information, not tax, legal, or accounting advice. We are not a law firm or an accounting firm and we do not review your situation. Estimates are illustrations based on the figures you enter, not a recommendation.
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