Setting up a Vermont S Corporation
You learn something new every day.
Why should you know about this if you are a small business owner or prospective entrepreneur? Because this simple tax designation can save you up to 15% on your first $120,000 of income. It isn’t even one of those deductions that phase out at certain income levels. You save an additional 3+% on income levels beyond that.
Was that new too?
Hopefully you can translate these new learnings into tax savings!
Our Vermont S Corporation kit
We mentioned eligible entities earlier and offer one version for each type: an LLC (our preference) and a corporation. Our reasoning behind recommending the limited liability company option is because there are generally fewer filing requirements and they provide some tax flexibility that corporations don’t during the startup phase, especially if you are unsure of your early revenues.
Each will walk you through setting up the chosen entity with Vermont filing information, how to get an EIN, IRS Form 2553 for making the s-election, and provide governing document templates. These are documents you can fill-in-the-blanks to substantiate who owns the business and how it is managed, especially important for small partnerships.
Option 1) LLC base (our preference):View Cart
Option 2) Corporation base:View Cart
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