July because you may be living or operating in a small state doesn’t mean your business can’t have big tax or complex issues. Self-employment taxes are very real. If you are already in business, you probably know that though.
A tip? Try operating as a Rhode Island S Corporation.
If your small business is lucky enough to have (or anticipate) revenues near or above six figures, a simple tax election for an eligible entity could save you 15% on the first $120,000 of income. No, this isn’t one of those deductions that gets cut or eliminated for high earners if you trip over that mark either. In fact, you save an additional 3-4% on amounts greater than that.
Our Rhode Island S Corporation kit
Our kit provides step-by-step directions, including examples of forms, to create a limited liability company or corporation in Rhode Island and file for Subchapter S status with the Internal Revenue Service.
Now is the time to decide though, which option will be best for you? LLC or corporation? If you are asking, we’d probably recommend the LLC kit. This is because it has some additional tax flexibility and fewer general requirements while still separating personal assets.
As a bonus, each kid comes with its very own governing documents. The LLC kit comes with a temple for an operating agreement while corporate bylaws come with that version.
Click below to purchase the LLC version of the kit:
Alternatively, the corporation kit is available below:
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How S Corps Are Taxed: Become familiar with how your profits will be taxed while operating as an s-corporation.
S Corporations, Health Insurance and Obamacare: Stay up to date on the health care changes for small businesses.
What Tax Returns Are Required for a New Small Business Corporation?: Be sure you get everything that is necessary filed!