Heard a friend mention their s-corporation? Read a little blurd about them? Saw something about avoiding self-employment taxes? Maybe you should check out a few more articles here around our blog for the details.
Long story short: you can save up to 15% on the first $120,000 of business profits and an additional 3-4% on amounts greater than that. If you are earning or anticipate earning in the upper five or six figures, creating an entity and then making the Subchapter S election makes a lot of sense.
Our New Hampshire S Corporation kit
Most people hear s-corporation and assume that it has to be a corporation. Not quite. While you can, and there are some who should, use the corporation as a base for the s-election, you also have the option of making the election with an LLC.
We generally recommend using the limited liability company as the platform entity for the s-corporation. Why? Fewer requirements. Less hoops to jump through, both in the set up process and annually. Plus it has greater tax flexibility. For example, if you are in the startup phase and aren’t sure if your profits will be in the upper-five figures or more, you can wait on becoming an s-corporation and instead operate as a sole proprietor or partnership for tax purposes during your startup period.
Our preferred LLC version of the kit is here:
The corporation kit is available below:
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Additional Resources
How Taxes Kill Successful Small Businesses: In a period of growth, don’t let taxes get you down.
S Corporations, Health Insurance and Obamacare: Stay up to date on the health care changes for small businesses.
Should You Use an S-Corp as a Sideline or Part-time Business?: If you are keeping your day job, should you consider the s-corp option?