When Does it Make Sense to Set Up an S-Corp

Posted by on Apr 28, 2024 in S-Corp, Small Business Tax |

When should I set up my business as an S-Corp. It’s a common question and something that you should take careful thought before doing. There are benefits to setting up your business as an S-Corp but sometimes the rules and responsibilities may outweigh the benefits. We will discuss the pros and cons here so you can decide whether an S-Corp is right for you. An S-Corp is a tax structure that may allow a business owner to save on Social Security...

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Tax Credit for Setting Up a 401k for an S-Corp

Posted by on Jan 14, 2024 in S-Corp, Small Business Tax |

For the S-Corp business owner it is smart idea to consider setting up a retirement plan such as a 401k. If you want to attract the best employees you need to offer a competitive compensation package. This not only includes a salary but a benefits package as well. It’s great when the IRS allows an S-Corp small businesses to offer their employees a benefit and still receive a tax deduction. The credit for small employer pension plan...

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S-Corp BOI Report Filing

Posted by on Jan 7, 2024 in S-Corp, Small Business Tax |

Are you an S-Corp shareholder? Are you looking to start a new S-Corp or perhaps purchase one? If you answered yes to any of those questions take a few minutes to read this article to find out how the new Beneficial Ownership Information requirements will impact you. Big brother has always been watching but now he wants to zoom in a little bit closer. The U.S. government has made national security a priority and this includes fighting money...

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How to Convert an Independent Contractor to Employee

Posted by on Dec 24, 2023 in Small Business Tax |

Converting an independent contractor to an employee involves several steps, and when doing so it’s important to comply with relevant labor laws and regulations. This is a general guide so keep in mind that rules may vary depending on your location and industry. It’s always advisable to consult with legal and HR professionals to ensure compliance. Independent Contractor vs. Employee – What’s the Difference? People often...

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How to Start an S Corp in New York

Posted by on Dec 17, 2023 in S-Corp, Small Business Tax |

There are many advantages to starting an S Corp in New York with the main one being tax benefits. However, with that comes forms and requirements that you must meet to set your business up as an S Corp and to stay compliant. S Corp vs. Other Business Structures There are several considerations when choosing a business structure but most owners select the entity that will allow them to pay the least amount of federal or state income tax. A sole...

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