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

THINGS TO KNOW

• To elect S-Corporation status, you first have to be an LLC (We can help you with that, too, if you're not already)
• 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 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 located in the Retirement lesson.
• You can have a business vehicle under the business name. 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)

Updated 7/23/2025