Hello everyone,

So after last years taxes(first year in business), and owing so much money while purposely claiming a low income (to avoid so much in taxes), I finally found out that you can actually fill out the Form 2553 and file as an S Corp but remain an LLC.

My question is, I just found this out and haven't filed the taxes for 2017 yet. If I fill out that form, is it only for future taxes or is it possible to have it be applied for last year?

I'd love to be able to claim a higher income but I can't afford to pay 15k in taxes.

Any other tips or suggestions are much appreciated!