If you’re running a small unincorporated business in Ohio, can I suggest you instead consider operating the venture as an Ohio S corporation?
Here’s why I say this… If you are a small business owner who files a Schedule C to report your business earnings, you may be familiar with line 57 on the second page of your 1040: the self-employment taxes you pay (cue ominous music). Those taxes are the reason to consider the Ohio S corporation option.
While you cannot completely eliminate these taxes with an S corporation, you may be able to save on them by exploiting the tax opportunities afforded by the Subchapter S loophole.
To do this, you can work with a local accountant or attorney to form the S corporation entity and get the accounting set up. Or, alternatively, you can just use one of our step-by-step do-it-yourself kits to create an Ohio LLC or corporation and then make the s-election for that entity.
Our Ohio S Corporation kits
For Ohio small business owners and entrepreneurs interested in the small business s-corporation option, we actually provide two downloadable do-it-yourself kits.
We recommend Ohio businesses use the LLC version of our s-corporation kit, which you can acquire by clicking the button below
If you want to use a traditional corporation as the base for your s-corporation, alternatively, you can purchase that kit by clicking the button below.
Note: each kit comes with complete instructions you will need to form an LLC or corporation as well as sample governing documents you will need for the new entity.
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All of our digital goods come with a money back guarantee. If you buy one of our Ohio kits and realize it doesn’t help in your situation, just e-mail us for a refund request.
Making Shareholder Distributions Look Reasonable to an IRS Agent: S-corporation owners have two types of income: payroll from their W-2 and distributions of profits… make sure you have the right mix.
Blue Collar S Corporations: Just because you don’t wear a suit and tie to work most days doesn’t mean you can’t save money on taxes, even with an “average” income.
Why Small Businesses Should Outsource Payroll: As an s-corporation, you will have to report payroll. While we are generally very supportive of doing it yourself, this is one instance it might not make much sense.