{"id":312,"date":"2015-08-06T21:19:18","date_gmt":"2015-08-06T21:19:18","guid":{"rendered":"http:\/\/amerilawyer-blog.local\/?p=312"},"modified":"2017-03-28T20:47:32","modified_gmt":"2017-03-28T20:47:32","slug":"save-money-on-taxes-with-s-corporation-status","status":"publish","type":"post","link":"https:\/\/www.amerilawyer.com\/blog\/business\/save-money-on-taxes-with-s-corporation-status","title":{"rendered":"Save Money On Taxes With S Corporation Status"},"content":{"rendered":"

An S Corporation<\/a> <\/span>receives the benefit of being treated like a partnership<\/strong><\/p>\n

An S and C corporation are essentially the same type of entity except for how they are taxed. C corporations will pay income taxes on their own return. In most small C corporations the owners are paid out through salaries and fringe benefits, leaving no corporate profit and therefore no corporate taxes. However, if the C corporation pays dividends, then it will be taxed as part of corporate profit. This is referred to as double taxation.<\/p>\n

On the other hand, an S corporation<\/a><\/span> does not pay taxes itself. Any profits are paid on the individual level. This is referred to as pass-through taxation. However, the S corporation has additional restrictions on who can be a shareholders, the amount of shareholders, and the classes of stock.<\/p>\n

Making the S corporation election<\/strong><\/p>\n

To save on taxes, C corporations and single member LLC’s<\/a> <\/span>are encouraged to make the S corporation election. Multi-member LLC’s and partnerships will receive pass-through tax treatment by default. The election should be made at the time of business formation. Waiting to make an election can cause non-recognition of the S corporation status which will have negative consequences for the business\u2019s tax liability. Most importantly, the election is more then just completing a form. The proper language has to be included in the Articles as well.<\/p>\n

To understand how an S corporation election can save you money, speak to a one of our attorneys by calling 800-743-9900 or visit our website<\/a> <\/span>today!<\/p>\n","protected":false},"excerpt":{"rendered":null,"protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3,72,6,49],"tags":[],"class_list":["post-312","post","type-post","status-publish","format-standard","hentry","category-business","category-entrepreneur","category-legal-services","category-llc"],"yoast_head":"\nSave Money On Taxes With S Corporation Status<\/title>\n<meta name=\"description\" content=\"An S Corporation receives the benefit of being treated like a partnership\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.amerilawyer.com\/blog\/business\/save-money-on-taxes-with-s-corporation-status\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Save Money On Taxes With S Corporation Status\" \/>\n<meta property=\"og:description\" content=\"An S Corporation receives the benefit of being treated like a partnership\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.amerilawyer.com\/blog\/business\/save-money-on-taxes-with-s-corporation-status\" \/>\n<meta property=\"og:site_name\" content=\"Amerilawyer - 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