How to Revoke or Shut Down an S-Corp

Posted by on Oct 16, 2021 in S-Corp, Small Business Tax |

The S-Corp has been a popular entity choice for small business owners. However, there are instances where S-Corp shareholders may want to end their tax status. The S-Corp structure has several benefits including potential tax savings. It also comes with several rules which, if not followed, could lead to penalties, automatic revocation of the S-Corp status or both.  S-Corp Requirements Must be a U.S. corporation Must have no more than 100...

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How To Deduct Shareholder Health Insurance for an S-Corp

Posted by on Oct 11, 2021 in S-Corp, Small Business Tax |

Your health is your wealth so it’s no is surprise that most employers want to offer health insurance to their employees. However, for many S-Corp business owners the cost of insurance is too expensive to offer such a benefit. Health Insurance Important to Employees For some workers health insurance is nice to have but for others, particularly those who have to deal with chronic medical conditions, it’s literally a matter of life or death. A...

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S-Corp Advantages and Disadvantages

Posted by on Jun 22, 2021 in S-Corp, Small Business Tax |

Many taxpayers are confused about taxes and that’s understandable. With all the different credits, restrictions and changing laws taxes can be difficult to understand particularly as an S-Corp owner. Few know the advantages and disadvantages of using an S-Corp. What is an S-Corp? An S-Corporation is not a legal entity but an entity for tax purposes. A corporation, or an LLC, can elect to be treated as an S-Corp. This election is done by filing...

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S-Corp Truck Leasing

Posted by on Jun 14, 2021 in S-Corp, Small Business Tax |

Have you wondered whether leasing or buying a truck makes better sense? There are several factors in any lease and additional considerations for an S-Corp. Table of Contents Leasing BasicsCalculating CostsTruck Lease OptionsTax Issues For S-Corp Truck LeasingPros and Cons of Truck LeasingHelpful Lease Resources If you are a shareholder in an S-corp you should be aware of the pros and cons of truck leasing. It is also critical that you ask the...

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How Do You Fill Out Form 2553

Posted by on May 31, 2021 in S-Corp, Small Business Tax |

NOTE: This is for informational purposes only. Tax situations vary. If you need further assistance contact your tax professional or give us a call. We have written several articles on the benefits of an S-corp. Perhaps the most appealing is that an S-corp could potentially save its shareholders thousands of dollars in taxes ever year. An S-corp is not a legal entity. You cannot go to your local town clerk or Secretary of State and set up your...

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Corporation Advantages and Disadvantages

Posted by on Feb 21, 2021 in S-Corp, Small Business Tax |

Corporation Advantages and Disadvantages You might want to start a business and are wondering what are the advantages and disadvantages of a corporation. It’s very important to consider if a corporation is the right business structure for you. Questions like what is a corporation, why form a corporation, and do I need a corporation all come to mind and you might just be lost. As a national accounting firm, we’ve helped...

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