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Tax issues to assess when converting from a C corporation to an S corporation

C Corporation, Past-Through Entities, S Corporation, Small Business / By Douglas Freeman

Operating as an S corporation may help reduce federal employment taxes for small businesses in the right circumstances. Although S corporations may provide tax advantages over C corporations, there are some potentially costly tax issues that you should assess before making a decision to switch. Here’s a quick rundown of the most important issues to …

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Is an S corporation the best choice of entity for your business?

Business Income Tax, S Corporations, Small Business, Tax Deduction, Tax Planning / By Douglas Freeman

Are you thinking about launching a business with some partners and wondering what type of entity to form? An S corporation may be the most suitable form of business for your new venture. Here’s an explanation of the reasons why. The biggest advantage of an S corporation over a partnership is that as S corporation …

Is an S corporation the best choice of entity for your business? Read More »

Steer clear of the Trust Fund Recovery Penalty

Income Tax, Internal Revenue Service (IRS), Small Business, Social Security / By Douglas Freeman

If you own or manage a business with employees, you may be at risk for a severe tax penalty. It’s called the “Trust Fund Recovery Penalty” because it applies to the Social Security and income taxes required to be withheld by a business from its employees’ wages. Because the taxes are considered the property of …

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Thinking about converting from a C corporation to an S corporation?

C Corporation, S Corporation, Tax, Tax Planning, Tax Savings / By Douglas Freeman

The right entity choice can make a difference in the tax bill you owe for your business. Although S corporations can provide substantial tax advantages over C corporations in some circumstances, there are plenty of potentially expensive tax problems that you should assess before making the decision to convert from a C corporation to an …

Thinking about converting from a C corporation to an S corporation? Read More »

Should you elect S corporation status?

Business Income Tax, Federal Taxes, Internal Revenue Service, S Corporation, Small Business, Social Security, Social Security & Medicare (FICA) taxes, Tax, Tax Cuts and Job Acts (TCJA), Tax Savings / By Douglas Freeman

Operating a business as an S corporation may provide many advantages, including limited liability for owners and no double taxation (at least at the federal level). Self-employed people may also be able to lower their exposure to Social Security and Medicare taxes if they structure their businesses as S corps for federal tax purposes. But …

Should you elect S corporation status? Read More »

Tax issues to assess when converting from a C corporation to an S corporation

Is an S corporation the best choice of entity for your business?

Thinking about converting from a C corporation to an S corporation?

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