Everything You Need To Know About S Corporations
Everyone is talking about S Corps but business owners are confused more than ever. An S Corp is not as easy as pressing a button and getting massive tax savings. You have to understand what you are getting into and when the right time is. That is what we are here for!
We get so many questions on S Corporations so we decided to do a 6 part series on everything you need to know about them, on both our Blog and Small Business Tax Savings Podcast.
Outlined below is an easy access guide to each topic, blog post, and Podcast episode.
The original series aired back in 2020. Since then we have added a few refreshed episodes which can be found here:
1. What Is a Pass Through Entity?
Initial introduction on entity types and how they are taxed.
- Blog Post: What Is A Pass Through Entity?
- Podcast Episode:
2. What Is An LLC and How Is It Different From An S Corporation?
Introduction to an LLC and how that relates to the S Corporation.
- Blog Post: What Is An LLC and How Is It Different From An S Corporation?
- Podcast Episode:
3. What Is An S Corporation and Why Should I Elect To Be One?
Introduction to S Corporations and why it may be beneficial for you.
- Blog Post: What Is An S Corporation and Why Should I Elect To Be One?
- Podcast Episode:
4. What Are The Requirements For An S Corporation and How Do I Set One Up?
We got through what the requirements are to be an S Corporation and how you go about electing to be taxed as one.
- Blog Post: What Are The Requirements For An S Corporation And How Do I Set One Up?
- Podcast Episode:
5. What Is A Reasonable Compensation For An S Corporation Owner?
As you may now know, owners of an S Corporation are required to take a reasonable compensation. We discuss how you can go about determining that and running payroll.
- Blog Post: What Is A Reasonable Compensation For An S Corporation Owner?
- Podcast Episode:
6. I Have An S Corporation, Now What Do I Need To Know?
Now that you understand the S Corp and have it setup and are running payroll, we discuss what else you need to know!
- Blog Post: I Have An S Corporation, Now What Do I Need To Know?
- Podcast Episode:
- S Corporation Strategy
- Payroll Tax Savings Calculator - Run scenarios of your specific situation to see what savings you would have.
- S Corporation Disadvantages
- Deciding If An S Corp Is Right For You
- Exact Steps on How To Elect S Corp Status
- How to Determine a Reasonable Salary
- Reasonable Salary Worksheet
- How to Setup Payroll for An S Corp
- Steps You Need to Take After Electing S Corp Status
- and so much more...
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