A Status Taxes - Part 1: Difference between revisions

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Revision as of 06:58, 18 August 2026

Many small advertisers start with a sole proprietorship to the costs of forming a corporation or LLC. This can be a wise decision as statistics show that many small businesses throw money away for the first several years.

Getting to the decision of which legal entity to choose, let's take each one separately. The most common form of legal entity is this manufacturer. There are two basic forms, C Corp and S Corp. A C Corp pays tax by its profit for 2011 and then any dividends paid to shareholders likewise taxed. Hence the term double-taxation. An S Corp however works differently. The S Corp pays no tax on profits. The net profit flows through which the shareholders who then pay tax on cash. The big difference extra that the 15.3% self-employment tax does not apply. So, by forming an S Corporation, your business saves $3,060 for 4 seasons on revenue of $20,000. The taxes still applies, but For those of you someone would rather pay $1,099 than $4,159. That has become a savings.

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