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 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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Moving Your S-Corp to Another State

Posted by on Nov 17, 2023 in S-Corp |

People move for better weather, economic opportunities, to be closer to extended family and even for tax incentives. If you own an S-Corporation, we will discuss how moving the business to another state can affect you. You have several options to consider when moving an S-Corporation to another state including: Setting up a new S-Corp in the new state and then merge the old S-Corp into the new one Keeping the current S-Corp and registering...

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How to Get Your S-Corp Acceptance Letter from the IRS

Posted by on Nov 8, 2023 in S-Corp, Small Business Tax |

Your S-Corp Request and Acceptance Letter An S-Corp has its advantages and disadvantages and these must be considered before you choose this tax status. It’s not automatic. Before you choose to go down this path you should know that in order to qualify as an S-Corp you first must meet the following requirements: Have no more than 100 shareholders Individuals who are shareholders must generally be U.S. citizens or U.S. residents (trusts and...

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How to Take Money Out of an S-Corp

Posted by on Nov 6, 2023 in S-Corp |

So you’ve set up your S-corp and now are at the point where you need to take money out. What’s the best way to do it? Will I have to pay tax on the money? These are all common questions for new S-Corp owners. We will go over the different payments and discuss the impact they can have on your taxes. Distributions S-Corporations are pass-through entities. This means that the income that the business makes will be passed on to the owners who then...

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