Unlock the Secrets of Small Business Tax Forms! 📋✨ Topic - IRS FORMS: CHANGES Form 2553: This form is used to elect S corporation status for your LLC. By filing Form 2553, you can have your LLC taxed as an S corporation, which may provide some tax advantages. As an S corporation, you can potentially reduce your self-employment tax burden by dividing your income into salary (subject to payroll taxes) and distributions (not subject to payroll taxes). Form 8822 (Sole proprietors): Use to update ad