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Home / Archives for S Corporation

S Corporation

Importance of Choosing the Right Business Structure

Dec 13, 2022 By Nellie Akalp

Ask why you need a formal business structure when you start a business and the answers are usually straightforward. For some, it’s a need to separate personal assets from the business; for others, it’s a desire to lower overall taxes or be viewed as a more credible business.

Filed Under: Making Your Business Official Tagged With: Business Entity, C Corporation, LLC's, Nellie Akalp, S Corporation

3 Ways an S Corporation Can Help You Save Money

Nov 13, 2019 By 1800Accountant

If you’re just starting a business or think your current entity isn’t working for you anymore, it’s time to do some research. A sole proprietorship can be good for a small company or an entrepreneur with limited assets. An LLC is a wise choice for a still small business with the risk of liability. But […]

Filed Under: Making Your Business Official Tagged With: S Corporation

Rideshare Driver? Cover Your Assets with an LLC

Sep 9, 2019 By 1800Accountant

If you’re driving for Uber or Lyft, this might be the first time you’ve taken on the responsibilities of self-employment, including reporting business earnings on your income tax return. Ridesharing is a bit different than other businesses, and you have a few options for how you report that income—you can use a Schedule C, or […]

Filed Under: Making Your Business Official Tagged With: Business Entity, LLC, S Corporation, Sole Proprietorship

What is an S Corporation?

Jul 19, 2019 By TaxConnections

According to the IRS, S Corporations are corporations that elect to pass corporate income, losses, deductions, and credits through to their shareholders for federal tax purposes. Shareholders of S corporations report the flow-through of income and losses on their personal tax returns and are assessed tax at their individual income tax rates. This allows S […]

Filed Under: Making Your Business Official Tagged With: Incorporation, S Corporation

What is the Schedule K-1 Tax Form for Businesses?

Apr 26, 2019 By 1800Accountant

Are you a partner in a business? Do you receive distributions from an S corporation? If you answered “yes” to either of these questions, then the business entity you participate in should have provided you with a Schedule K-1 tax form. But just what is a Schedule K-1 and how does it work? Reporting Pass-through […]

Filed Under: Finance, Tax and Accounting Tagged With: Partnerships, S Corporation, Taxes

Taxation of Corporations: C Corporation and S Corporation

Jan 10, 2019 By TaxConnections

There are generally two ways corporations may be taxed under the federal rules. By default, a corporation is taxed under Subchapter C of the Internal Revenue Code. However, a corporation may instead elect to be taxed under Subchapter S of the Internal Revenue Code. The selection of a certain type of entity structure or election […]

Filed Under: Tax and Accounting Tagged With: C Corporation, Incorporation, S Corporation, Taxes

Best Business Entity Structure After Tax Reform: S Corp and C Corp

Nov 27, 2018 By TaxConnections

There’s no easy answer to this question, though the entity choice considerations have undergone some changes due to the new tax law. For tax years beginning in 2018 and beyond, the Tax Cuts and Jobs Act (TCJA) created a flat 21% federal income tax rate for C corporations. Under prior law, C corporations were taxed at […]

Filed Under: Tax and Accounting Tagged With: Business Entity, C Corporation, S Corporation, Taxes

S Corporation Business Structures Many Considerations

Oct 29, 2018 By TaxConnections

The S corporation business structure offers many advantages, including limited liability for owners and no double taxation (at least at the federal level). But not all businesses are eligible – and, with the new 21% flat income tax rate that now applies to C corporations, S corps may not be quite as attractive as they […]

Filed Under: Tax and Accounting Tagged With: S Corporation, Taxes

Tax Reform Creates Desire for the C Corporation

Jul 5, 2018 By TaxConnections

When you first see a 21 percent tax rate for the C Corporation, you have to think this could be the choice of entity for your business operation. Further, when you find yourself in the out-of-favor group for the 20 percent deduction authorized by new tax code Section 199A, you naturally gravitate to thinking about the C Corporation, […]

Filed Under: Tax and Accounting Tagged With: Business Entity, C Corporation, S Corporation, Taxes

Types of Business Entities and How They Work

Jun 14, 2018 By 1800Accountant

If you’re starting your own business, or even if you’ve been in business for a while, you may be wondering what your options are for structuring your company. There are a number of types of business entities, each of which works in different ways. Choosing the right one for your company may be the single […]

Filed Under: Making Your Business Official Tagged With: Business Entity, C Corporation, LLC, Partnerships, S Corporation, Sole Proprietors

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