Setting up an Idaho S Corporation
You probably don’t need to worry too much about legal liability protection in the smallest of small businesses. Further, tax benefits of incorporation really don’t start to add up until a firm is making profits of probably high five figures or more. (So let’s say $80,000 in profits and above.)
However, at the point a firm is making respectable profits, incorporation should probably be considered. Both as a way to minimize the owners’ risks and as a way to try to avoid some of the self-employment taxes that are otherwise levied on all of the profits.
Note: Self-employment taxes include the 15.3% combined Social Security and Medicare tax levied on roughly the first $120,000 of a business owner’s income as well as the 3-4% Medicare tax levied on the business owner’s income above that $120,000 threshold.
For this reason, we publish two do-it-yourself S corporation kits for Idaho small business owners. Both kits (their cost equals $37.95) provide detailed steps for setting up an S corporation and include the governing document the small business owner will need for their new LLC or corporation.
Our Idaho S Corporation kit
If you are reading this thinking “Great! Which one should I use?” You should probably opt for the limited liability kit. It has fewer annual requirements, making it well, simpler. Less red tape is a very good thing.
Our LLC kit is available below:View Cart
Our corporation kit is available here:View Cart
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Making Shareholder Distributions Look Reasonable: It’s all about how you mix your profits between salary and distributions when you operate as an s-corp.
What Are the Advantages of an S Corporation?: Be sure you understand what you are getting into before you make the election.
DPAD: A Big Deduction for Some Small Businesses: You could save big if you manufacture, produce, or grow something.