A little test: Find your most recent individual tax return. The good old 1040. Flip over to the second page. Check out line 57. Is there a number there? Is it a big one? Like, close to $10,000? More than that?
Ouch. If you’re paying that much in self-employment taxes, you are a prime candidate to operate as an s-corporation.
Our South Dakota S Corporation kit
If you did that little test above and already have an LLC or corporation, you can probably skip the first step of our kit, which walks you through creating one of those entities, including examples of the same forms you will be filing. If you’re changing your entity type (or creating a new one), this should come in handy.
There are some other items that may be of use, whether you’ve started your entity or not. They include instructions on getting an EIN and how to fill out and file Form 2553 to make the Subchapter S election with the Internal Revenue Service. We even include templates of corporate bylaws and LLC operating agreements for you to fill in as it applies to your business.
For the “LLC” version of our kit, click here:
If you’re interested in the “corporation” version, click here:
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DPAD: A Big Deduction for Some Small Businesses: This deduction could be available if you grow, produce, or manufacture something.
Five Best Small Business Tax Loopholes: If you are here, you’re looking at #1. Check out the other four.
What Sort of Accounting System Does a Small Corporation Need: A few options for those of you who may not be the best at keeping the books.