S Corp's Explained - The Ultimate Guide to Understanding S Corporations

Schedule A FREE CALL with a Tax Professional : go.truic.com/460Dlu7
( See how much you can save on your taxes)
For Businesses that are profitable, and the goal is to take the profit out of the company in a tax efficient manner, S-corp is a great tax designation to elect for your business., potentially saving thousands depending on the level of profitability of your business.
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Fees are as follows $29 + state fee + $9 for BOI (this optional but recommended as failure to do so can result in a fine of $500/day)
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Fees are as follows $89 + state fee + $9 for BOI (this optional but recommended as failure to do so can result in a fine of $500/day)
Recommended formation service - We have negotiated with Northwest to provide the best discount and packages for our users, we get compensated when users use our discount links.
🧮 To see how much you can save by forming an S corp check out our Scorp calculator:
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Understand the complexities of S Corporations in this detailed guide by TRUiC, designed to provide entrepreneurs with a clear understanding of what an S Corp is and its advantages. Learn how electing this tax status can impact your business, from potential tax savings to operational requirements.
TIMESTAMPS
0:24 1 What is an S Corp?
1:08 2 Advantages of an S Corp
2:47 3 When to Elect S Corp Status
5:03 4 Electing S Corp Status
6:31 5 What is a Reasonable Salary
8:14 6 When Not to Elect S Corp Status
Need to Talk to a Tax Specialist for your S Corp Questions?
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🎥 S Corp vs LLC
• S Corp vs LLC (Should...
📝 What is an S Corp written guide:
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#scorp #distributions #taxes #SCorpExplained #BusinessTax #Entrepreneurship #SmallBusiness #taxstrategies

[@HowtostartanllcOfficial]

For Businesses that are profitable, and the goal is to take the profit out of the company in a tax efficient manner, S- corp is a great tax designation to elect for your business., potentially saving thousands depending on the level of profitability of your business.
Schedule A FREE CALL with a Tax Professional : go.truic.com/460Dlu7
(See how much you can save on your taxes)
Create an S Corp with Northwest (75% Discount)
go.truic.com/3HcUgxU (paid)
What is an S Corp written guide:
howtostartanllc.com/what-is-an-s-corporation

[@Tiffany-RemoteOfficeGirl]

Thank you for this valuable info. What if your sole proprietor home based business was setup many years ago in one state and now you are about to set it up in another?

[@HowtostartanllcOfficial]

Thanks for the question. To be taxed as an S corp, business owners have to form a corporation or LLC. It is generally best to form an LLC in the state where business is being conducted.
Best of luck!
Please note that the information provided by us is not, and it is not intended to, constitute legal advice or tax advice. For the most up-to-date legal advice, we advise deferring to a professional attorney or certified public accountant.

[@Tiffany-RemoteOfficeGirl]

@@HowtostartanllcOfficial Thank you.