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What is an S-Corporation

WEBWhat is an S-Corporation? Contact Us According to the IRS: “S corporations are corporations that elect to pass corporate income, losses, deductions, and credits …

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How Do Health Insurance Benefits Work for an S Corporation

WEBShareholders who own more than 2% of the S-Corp cannot receive accident or health insurance as a tax-free benefit. If an employee-shareholder receives health insurance …

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How Should S-Corps Reimburse Employees and Deduct Expenses

WEBIt is a reimbursement plan that is set up by the business, in this case an S-Corp, which reimburses employees for their personally paid business expenses, and in …

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How to Start Using an Accountable Plan for Your S-Corp

WEBHow to Create a Written Accountable Plan for your S-Corp. First up, write out an official business document that details how the Accountable Plan will operate for your …

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How an S-Corp Subsidiary (QSub) Works for Small Businesses

WEBRequirements of a QSub Under a Parent S-Corp. 1. 100 percent of the subsidiary must be owned by the parent S-Corp. 2. The subsidiary must be eligible to …

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Asset Allocation in an S-Corp Sale – The Seller’s Perspective

WEBThe seller’s preference may depend on the type of assets falling under this class. For personal property assets such as furniture, fixtures etc., a low amount in …

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Retirement Plan Options for S-Corps

WEBThe solo 401k is a great option for self-employed s-corp owners who want to save for retirement. It allows you to contribute up to 25% of your salary (just like a SEP) as the …

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Flowchart for Maximizing Health Insurance Deductions and Tax

WEBHealth Insurance Benefits and Deductions in an S-Corp. Download our PDF Version. We hope you found this helpful! Although his chart provides an overview of …

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Who is Considered Allowable Shareholders in an S-Corp

WEBNon-profit businesses that have been recognized by the IRS as being tax-exempt by virtue of its charitable programs and qualifies under 501 (c) (3) is considered …

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Buying an S Corporation

WEBKey Takeaways for Buying an S-Corp. An asset sale is typically better for the buyer. An asset sale allows the buyer to improve cash-flow by “stepping up” the s-corp’s …

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How to Keep the S-Corp Filing Status

WEBMarch 15th is the filing deadline for your S-Corp tax return, and K-1s must be distributed to each of the partners/shareholders. Missing that March 15th deadline or failing to …

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How to Take Minutes at your S-Corp or Small Business’s …

WEBHow to Take Minutes at your S-Corp or Small Business’s Shareholders’ and Directors’ Meetings Contact Us If you’re the owner of an S-Corp or small business, …

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Can an S-Corp Own Interest in a Foreign Subsidiary

WEBAs you know, there are specific rules about the eligible shareholders in an S-Corp, but that doesn’t address the question of when the roles are reversed and the S …

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How Does the Inflation Reduction Act Apply to S-Corps

WEBInflation Reduction Act- Corporate Stock Buyback Tax Impact on S-Corps. The Act imposes a nondeductible 1% excise tax on the fair market value of corporate …

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Asset Sale vs. Stock Sale

WEBAsset Sale vs. Stock Sale Contact Us As we know from our previous article, What is an S-Corporation, s-corps have major tax savings for business owners, most …

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How to Take “Minutes” for Sole Proprietorships or Single Owner …

WEBEvery business owner should take minutes, regardless of how small the business is. Minutes help protect against courts “piercing the corporate veil”. Minutes are …

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