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:
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|
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
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!