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McVay Business Services - Accounting & Tax Services Pensacola, FL

4/29/2019

Is your business paying to much taxes? S-Corp may help !

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​S Corp Savings If you own a business as a garden variety single-member LLC (one owner or shareholder), your business income will be reported on your personal tax return under Schedule C and is subject to self-employment tax (currently 15.3%) and ordinary income tax.

The same is true for a business that has not formed a corporation such as a sole proprietor and partnerships. So, you could easily pay an average of 40% (15.3% in SE taxes + 25% in income taxes) on all your net business. These saving are available if you follow some basic rules when running your business. Owner reasonable salary is required to fulling enjoy the S-Corp benefits. McVay has payroll services for S-Corp owners as low as 99.00 per month - Full Payroll Service and Features. 

Your S-Corp income is only taxed at your personal Federal rate. Wow! However, when your partnership, LLC or corporation is taxed as an S-Corp you are both an employee and a shareholder (think investor). As an employee, your income is subjected to all the usual taxes that you would see on a paystub- federal taxes, state taxes, Social Security taxes, Medicare taxes, unemployment and disability. However, as a shareholder or investor, you are simply getting a return on your investment much like a dividend which is not subjected to self-employment taxes. Net savings is about 8-10% of your net business income after expenses

Mike McVay - Tax Accountant * S-Corp & LLC Expert - 850-725-5696
Mike@MikeMcVay.com 

    Mike McVay, Tax Accountant Blog
    Certified ​QuickBooks ProAdvisor & Licensed Tax Accountant Pensacola, FL

    Best Price
    ​No Compromise

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    Author

    Mike McVay, Accountant Experienced IRS Tax Resolution Specialist
    With over 20-years experience working with individuals, families & small business owners. McVay has long term knowledge in taxation to help with their income tax, I.R.S tax issues and businesses management.
    850-725-5696​
    Mike@MikeMcVay.com

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