Save on Self-Employment Taxes with S Corporation Tax Election
On average, small business owners save $10,000 on self-employment taxes with the S Corporation tax election.
Not sure if you’d benefit? Use the calculator below to estimate how much you could save:
For more information or to see how you will benefit from your own S Corp election, book your free consultation here.
It’s important to follow the steps below to ensure your S Corp is set up properly.
Below shows what is required for setting up the S Corporation and an example of the services you will get:
| Required | Use an Attorney | Do it yourself | Use YourVirtualTaxPreparer |
|---|---|---|---|
| Get your legal LLC in New York and obtain your Articles of Incorporation | ✔ | ✔ | ✔ |
| Complete the required publications and filings of proof of publication with NYS | ✔ | ✔ | ✔ |
| Obtain your LLC Employer Identification Number (EIN) | ✔ | ✔ | ✔ |
| File the appropriate Federal and State S corporation election forms | ✔ | ✔ | ✔ |
| Set up your NYS sales tax account if required | ✔ | ✔ | |
| Determine how much you should pay yourself per the S Corp requirement | ✔ | ✔ | |
| Payroll set-up, a requirement of the S Corp election | ✔ | ✔ | |
| Set up your LLC bank account | ✔ | Will assist | |
| Obtain a New York State agent | Extra charge annually | Typically $50+ annually | Free |
| File your biennial statement | Extra charge bi-annually | ✔ | Free |
| Prepare an estimated tax return so you can avoid underpayment penalties | Free | ||
| Training on how to manage your business income and expenses | Free | ||
| Cost | $2,000 | $825 | $1,995 |
Book a call for your free consultation
Only interested in learning about an S Corp or setting it up yourself?
Then the resource below is for you.
Learn what an S Corp is
How an S Corp can save your small business money on taxes
How to set up an S Corp yourself
Plus:
Free- Audit Proof Your Busines
Free- Small Business Tax Credits
Free- Small Business Tax Checklist for S Corps
Purchase my Step-by-Step S Corp setup guide
today for only $49.99!