Prepare S-Corporation Election
After a corporation has been formed, it may elect "S-Corporation" status ("S" means "Small") by preparing and submitting a form 2553 to the IRS (some states require their own version) and adopting the appropriate corporate resolution. Most small Corporations elect "S-Corporation" Status.
Once this filing is complete, the corporation will not have to pay Corporate Income Taxes (unlike regular or C-Corporations which do have to pay Corporate Income Taxes), instead each individual shareholder will pay taxes at their personal income tax rate. So, the income is "passed-through" to the shareholders for purposes of computing tax returns (you simply take the money that you earned and add it to your 1040 personal tax return).
Our service includes preparation of the IRS form and the appropriate corporate resolution.
After a corporation has been formed, it may elect "S-Corporation" status ("S" means "Small") by preparing and submitting a form 2553 to the IRS (some states require their own version) and adopting the appropriate corporate resolution. Most small Corporations elect "S-Corporation" Status.
Once this filing is complete, the corporation will not have to pay Corporate Income Taxes (unlike regular or C-Corporations which do have to pay Corporate Income Taxes), instead each individual shareholder will pay taxes at their personal income tax rate. So, the income is "passed-through" to the shareholders for purposes of computing tax returns (you simply take the money that you earned and add it to your 1040 personal tax return).
Our service includes preparation of the IRS form and the appropriate corporate resolution.
After a corporation has been formed, it may elect "S-Corporation" status ("S" means "Small") by preparing and submitting a form 2553 to the IRS (some states require their own version) and adopting the appropriate corporate resolution. Most small Corporations elect "S-Corporation" Status.
Once this filing is complete, the corporation will not have to pay Corporate Income Taxes (unlike regular or C-Corporations which do have to pay Corporate Income Taxes), instead each individual shareholder will pay taxes at their personal income tax rate. So, the income is "passed-through" to the shareholders for purposes of computing tax returns (you simply take the money that you earned and add it to your 1040 personal tax return).
Our service includes preparation of the IRS form and the appropriate corporate resolution.