This article will show you the 5 easy steps you need to set up an S-corporation for your business, and significantly reduce your self employment taxes.
Entrepreneurs can own multiple businesses in their lifetime. While you could separately own each business, you lose out on potential efficiencies. Learn more about the benefits a Holding Company Structure provides, and why you should consider implementing one.
One very confusing concept for new business owners is determining how to pay yourself from your business. This article covers the ideal breakdown between S-corp salary or distributions for business owners.
CleverProfits’ agency, coaching, and consulting clients. They retain a single layer of tax on all business profits generated while eliminating self-employment taxes for owner-operators.
Failure to file the requisite forms and pay your payroll taxes significantly increases your exposure to an audit by the IRS and your state’s unemployment division which could result in back taxes, penalties, and interest. This is why year-end planning around your compensation is critical.
One of the most important elements of tax planning for S-corporation owners is to consider the amount of W-2 salary paid to the owner of the business.