Looking for a tax “loophole?” Struggling to figure out the best way to keep more of your profits in your pockets? The safest and easiest way, if your small business will or does earn at least say, $80,000 in profits annually, is the s-corporation.
By making a Subchapter S election with the Internal Revenue Service, you can save up to 15% on a portion of your profits by eliminating some of the self-employment taxes you pay.
Our Oklahoma S Corporation kit
Our kits provide step-by-step directions to form an eligible entity (either an LLC or corporation — more on these later) in the state of Oklahoma, including samples of the forms you will be filing. If you have already completed this step for an existing business, you can either skip this or use it to verify you did file everything completely. It also includes instructions for obtaining a federal tax identification number, and for making s-election with IRS Form 2553.
If you are wondering “Which entity type should I go with?” you should almost certainly use the limited liability company kit. LLCs generally have fewer filing requirements in most states, making the governance of them simpler. And who doesn’t need more simpler in their lives?
Click below to download the limited liability company version:
Below is the kit with the corporation as the base entity:
As a little added bonus, we include a template operating agreement with the LLC kit and corporate bylaws with the corporation kit.
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How Corporations Are Taxed: A Short Primer: Understand how c and s-corporations are taxed.
Making Shareholder Distributions Look Reasonable: Ensure you set the right mix of salary vs. distributions from your new s-corp.
S-Corporations, Health Insurance and Obamacare: Questions about accounting for small business health insurance?