And welcome to the Ginger CPA. My name is Tyler, your host of the Ginger CPA YouTube channel. I also run a blog/website, thegingercpa.com. Thanks for tuning in. If you do like this video or have derived some kind of value from watching this video, please leave a like, consider subscribing, and consider checking out some more of my content on thegingercpa.com. So, let's get started. This video is about how to successfully file Form 2553, the S corp election form. This form can be kind of daunting and intimidating for people who have never really maneuvered through tax forms other than the regular 1040 tax form or their local state tax forms. But let me kind of ease your burden a little bit and let you know that this is just an informational form. There are no numbers going in here and no calculations, just basic information. So, let's break it down. Part 1 is about election information. You'll have your corporation name, which you probably have already decided on when completing your articles of incorporation, filing any kind of state paperwork, or any attorney paperwork. Make sure that this name on this line matches the name on the other forms that you have already filled out. Then, include the address in the city or state that you'll be doing business in. Next, you need to provide your Employer Identification Number (EIN). This is a must. You cannot successfully elect S corporation status without having an EIN. If you are starting a business for the first time, you probably don't have any prior experience with EINs. Here's how to get your EIN: go to the IRS's EIN Application website (irs.gov) and determine if you're eligible (which you probably are). Then, fill out the online application on the IRS website. Don't try to...
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