We’ll discover if an S-Corp is right for you, help you convert to an S-Corp and then run the accounting & tax so you can focus.
It’s not enough to just convert your sole proprietorship to an S-corp, you’ll want to make sure that you make wise choices to abide by the IRS rulings on reasonable salaries, document requirements & 1120S tax returns.
We'll help you compare LLC Sole Prop taxation to S-Corp taxation, so you can know the difference and choose correctly.
Sole proprietorships will owe self employment tax on 100% of their net income.
• 12.4% Social Security Tax (up to limit of $147k)
• 2.8% Medicare Tax
Any income over the Social Security Limit of $147k (2022), is not subject to Social Security tax.
We’ll dive into your books, tax return, goals & your profession to understand whether or not an S-Corp is right for you. You’ll want to consider converting to an S-Corp if the tax savings, asset protection, and other benefits outweigh the cost of compliance.
1120S Tax Return
Conversion to S-Corp Using 2553 Form
Corporate Documents
Tax Plan Analysis
Perform a Reasonable Salary Analysis
Consider Investment Goals
Exhaust All Tax Planning Strategies
