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...

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...

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...

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...

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...

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...