Making an s-election with the IRS allows you to avoid paying hefty self-employment taxes. You can’t eliminate taxes. But you can mix them around a little to save upwards of 15% on your first $120,000 of income. Are you trying to do that math in your head? That’s $18,000! Plus, you can save an additional 3-4% on profits in excess of $120,000.
If you are running a profitable small business, it makes a lot of sense, doesn’t it?
Before you can exercise those tax savings, you must first create an eligible entity, file forms with the state of Kansas, get an EIN, file a form with the Internal Revenue Service. Sound like a lot? It can be. But our kit walks you through each of those steps and provides examples of the forms you will need to file. You don’t need to go to an attorney or one of those online services. You can do it yourself!
Our Kansas S Corporation kit
We offer two s-corporation kits. One uses an LLC as the foundation. We suggest this option to most small businesses as there are fewer filing and annual requirements with this type. This version also includes a sample operating agreement, necessary to document how the entity will be managed. The other, uses the tradition corporation as the base. This version comes with sample corporate bylaws.
Click below to go with the LLC:
Click below for the corporation:
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Additional Resources
DPAD: A Big Deduction for Some Small Businesses: Do you produce, manufacture, grow, or build something? See if this deduction applies to you.
What Are the Advantages of an S Corporation?: If you’d like a little more detail and insight on why we like s-corporations.
Making Shareholder Distributions Look Reasonable: You will, as an s-corp, have a mix of income as payroll and distributions.