S Corp Tax Savings
Information on S Corp Tax Savings
Many businesses start life as an s-corp and when profitable become c corps to benefit from income splitting and fringe benefits. Alternatively they form an LLC which is simpler to form and operate but offers the same personal liability protection.
S corps don’t pay federal corporate income tax but they do have to file a tax return – Form 1120S reporting the profits or loss of the business. K-1 forms are then given to the shareholders who report the figures on their individual tax returns. For more information on S Corp Tax Savings click the following link:
Salaries and bonuses paid by your S-corp are subject to income tax and self-employment tax but dividends are only subject to income tax – there is no self-employment tax.
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