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For Businesses that are profitable, and the goal is to take the profit out of the company in a tax efficient manner, S-corp is a great tax designation to elect for your business., potentially saving thousands depending on the level of profitability of your business.
💼 For LLC 75% 𝗗𝗶𝘀𝗰𝗼𝘂𝗻𝘁 link - [ Ссылка ] (paid)
Fees are as follows $29 + state fee + $9 for BOI (this optional but recommended as failure to do so can result in a fine of $500/day)
🏆 For S-Corp 60% 𝗗𝗶𝘀𝗰𝗼𝘂𝗻𝘁 link -[ Ссылка ] (paid)
Fees are as follows $89 + state fee + $9 for BOI (this optional but recommended as failure to do so can result in a fine of $500/day)
Recommended formation service - We have negotiated with Northwest to provide the best discount and packages for our users, we get compensated when users use our discount links.
🧮 To see how much you can save by forming an S corp check out our Scorp calculator:
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S Corp distributions are like a paycheck or bonus that owners get from their business's profits. They have some tax benefits, making them a popular choice for many business owners. Check out our video to learn how they work and if an S Corp makes sense for your business!
Time Stamps
0:44 1 What is an S Corp
1:43 2 Reasonable Salaries
2:21 3 What are Distributions?
3:10 4 Distribution Tax Rate
4:15 5 How Much Distributions to Take?
5:56 6 Reporting Distributions
6:59 7 Examples
8:03 8 Key Takeaways
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🎥 S Corp vs LLC
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📝 What is an S Corp written guide:
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#scorp #distributions #taxes
