Taxation of Subchapter S-Corporations
The government allows for a reduction in self-employment (FICA) taxes for those who choose the s-corp entity structure. This type of structure is available to US persons and can have up to 100 shareholders. Most states allow the s-corp structure.
The tax savings can be quite significant. However, there are unique challenges associated with this structure. Examples below:
- The IRS frequently requires payroll
- Non-US persons cannot be shareholders
- Some states have an additional tax on s-corps
Whether you are interested in tax optimization consulting (planning) for your s-corp or whether you need your returns filed, feel free to contact us below. Some common services that we provide for s-corps include:
- Formation of the S-corp
- S-corp election services
- Payroll setup & onboarding
- Annual return filings
- Quarterly return filings
- Bookkeeping
- Strategic planning & guidance
Costs vary depending on the specifics of your business, so please provide some context when you reach out.
Please use the below contact form to get in touch for assistance with your business taxes. We respond within a few hours.
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If I file my C Corp Tax return in NYC and had gain of 15,000 in 2021 but carried forward more loses (24,000) from prior years. Would I have to pay more than $25 to NYC and $25 to NYS
Great question! The answer is “probably not,” but this really depends on how the numbers work out. Did you want us to run the computation for you?