The ability to make the right decision at the right time is the most desired quality in any business entrepreneur. And there are certain business decisions that can take your entrepreneurial ambitions further ahead than others. The decision to incorporate your business is one such decision that can affect the future of your business in a positive direction.
S Corporation What Is It?
For many small businesses, the S corporation is the business entity of choice. The S in S corporation refers to a tax designation. All corporations are created the same way under state law. A small business must then chose a tax status, to wit, C, S or non-profit. Important issues concerning S corporations are covered in this article.
Starting A Business: Sole Proprietor Or Corporation?
When starting a business, it is important to consider the potential tax and legal issues. Most people choose a “sole proprietor” as their business type when starting out. Starting your business as a sole proprietor does not require any special paperwork from the IRS.
Which is exactly why most people start out this way. Being a sole proprietor means that you and the business are one and the same.
According to the IRS:
“A sole proprietorship is an unincorporated busi…
Four Dumbest S Corporation Setup Mistakes
S corporations can save you thousands of dollars a year in corporate and payroll taxes. But for heaven’s sake, don’t make these common mistakes says CPA and tax professor Stephen L. Nelson.
How to Save Thousands with an S Corporation
Ever wondered why more than three million business owners and entrepreneurs operate their firms as S corporations? Because they save thousands annually in taxes. Want to know how to get your fair share of these tax savings? Read tax professor and CPA Stephen L. Nelson’s down-to-earth explanation of how an S corporation saves business owners money.