Interested in starting your own business? Already in the process? You should get to know your new arch enemy: self-employment taxes. Or, you can try to eliminate them before they can even begin their attack on your profits.
You could go to a lawyer. Or one of those popular online document shops. Maybe you should talk to an accountant? Unsure of the next steps? I’m willing to bet you can do it yourself. For a fraction of the cost. Without taking up too much of your precious time.
Our kit can walk you through setting up an eligible entity (an LLC or corporation) and filing Form 2553 with the Internal Revenue Service, all in an easy to read step-by-step process that includes examples of the very forms you will be filling out and filing.
Our Maine S Corporation kit
The quick & dirty: S-Corps save money by rearranging your income to avoid those self-employment taxes. A simple election can save you up to 15% on the first $120,000 of your business profits. All legal. No joke.
Some people hear s-corp and assume that it has to be a corporation. Not so fast, my friend. While it can be, an LLC can make this election as well. And limited liability companies generally have fewer reporting requirements while still affording a separation of personal and business assets, which is why we generally recommend going this route as the “base” of your new s-corporation.
Our LLC version of the Maine kit is available below:
Click below for the corporation option of the kit:
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Additional Resources
How S Corps Are Taxed: Be sure you understand what you are getting into before you make the election.
Hiring Your Children as a Tax Loophole: Kids around working age? Figure out the right way to maximize the benefits of employing them.
Quick and Dirty Payroll For a One-person S-Corp: Get to know your new obligation as an s-corp: payroll.