<aside> ⚠️ As a monthly client, you have access to Business Structure 101 in the Course Vault. You can take the short course to gain a better understanding of how S-Corp compares to other business structures.

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Becoming an S-Corp can be a huge money-saver Below are resources to help you understand how you can benefit from S-Corp. We can complete the S-Corp election for you and provide all services needed to support S-Corp bookkeeping and tax needs.

• Payroll
• 1120s (Separate S-Corp Tax Return due 3/15 each year
• Accountable Plan

Follow the steps below to learn more. If you want to discuss further (after you review these resources), reach out in Financial Cents, and we can book a Zoom call to discuss further how S-Corp can benefit you.

THINGS TO KNOW

• To elect S-Corporation status, you have first to be an LLC (We can help you with that too if you're not)
• You have to be on payroll inside your company (we can help with this, too)
• You have a separate tax return for your S-Corp (Form 1120s). It is due on 3/15 each each year (we handle this too)
• No taxes are paid on the S-Corp, it still flows from the 1120S to your personal return, but we can now leverage your salary to lower taxes due each year.
• You can also create an IRA through your S-Corp, contribute to it, and have the business match you (all as an expense to the business). You can learn more in Financially Focused Collective in the Retirement lesson.
• You can have a business vehicle under the business name you. This allows you to deduct vehicle expenses directly.
• You can reimburse yourself tax-free for home office and personal vehicle use through the business as an S-Corp through something called an Accountable Plan (which we can handle for you)