Tax status election

Tax status election

The decision of the status under which to file a tax return. For example, a corporation may file as a C corporation or an S corporation.

Tax Status Election

The decision by a person or company about one's filing status. For example, a married person may file jointly with, or separately from, his/her spouse. Likewise, a company often may file as an S corporation or a C corporation. One makes a tax status election depending on one's circumstances and the filing status that is most advantageous.