Schedule a FREE CALL with a Tax Professional :
https://go.truic.com/3WAgdzi
(See how much you could save on your taxes)

For Businesses that are profitable, and the goal is to take the profit out of the company in a tax efficient manner, Scorp is a great tax designation to elect for your business, potentially saving thousands depending on the level of profitability of your business.

Recommended formation service We have negotiated with Northwest to provide the best discount and packages for our users, we get compensated when users use our discount links.

For LLC Formation: 75% link https://go.truic.com/46UbZ7Z
Fees are as follows: $29 + state fee + $9 for BOI (this optional, but recommended, as failure to do so can result in a fine of $500/day)

For SCorp Formation: 60% link https://go.truic.com/3ZSZZl2
Fees are as follows: $89 + state fee + $9 for BOI (this optional, but recommended, as failure to do so can result in a fine of $500/day)

To see how much you can save by forming an S corp check out our Scorp calculator:
https://howtostartanllc.com/formanl...




All S corp owners must pay themselves a 'reasonable salary' in order to compensate themselves, but what does the IRS consider reasonable compensation? This video guide will explain how to determine your S corp reasonable compensation and how to pay yourself as an S corp.

TIMESTAMPS
0:00 Intro
0:53 1. What is an S Corp?
1:20 2. How Owners Get Paid
2:23 3. What is a Reasonable Salary?
3:21 4. Exceptions
4:09 5. How to Calculate Your Salary
5:09 6. Resources
6:13 7. The 60/40 Rules
6:51 8. Salary Taxes
8:31 9. Example Salaries
8:31 10. Is an S Corp Right for Me?


For a detailed step by step guide on starting an SCorp as an LLC, go here:
https://howtostartanllc.com/startan...

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