Become A S-Corp To Save On Taxes

INCLUDES LLC STATE REGISTRATION FEE! Fee paid to the state of Illinois, (or your resident state) for the privilege of forming an LLC/Corporation in that state. 

HOWARD TAX PREP LLC STARTER ENTITY CREATION PACKAGE.  

Includes up to 30 name searches in the State databases. Preparation & filing of Corporation Articles of Incorporation, or LLC Articles of Organization.

Federal Tax ID number.

Sample Bylaws/Operating agreement.

*Toll free number or virtual mailing address for 30 days.  

IRS S-CORP ENTITY REQUEST. In order to have your business recognized as an S-corp, you must request S-corp taxation from the IRS within a certain time frame. 

FEDERAL, STATE, & COUNTY QUARTERLY PAYROLL TAX RETURN REPORTING & FILINGS FOR TAX YEAR. Includes reasonable compensation report based on tax court cases, revenue rulings, and RC reports. 

IRS COMPLIANT EXPENSE REIMBURSEMENT PLAN & TRANSACTION LEDGER. In order to take advantage of TAX FREE NON REPORTABLE INCOME, you must have an expense reimbursement policy that adheres to the Internal Revenue Service (IRS) and Department of Labor guidelines.

   IRS S-CORP ENTITY REQUEST. In order to have your business recognized as an S-corp, you must request S-corp taxation from the IRS within a certain time frame. 

IRS COMPLIANT EXPENSE REIMBURSEMENT PLAN & TRANSACTION LEDGER. In order to take advantage of TAX FREE NON REPORTABLE INCOME, you must have an expense reimbursement policy that adheres to the Internal Revenue Service (IRS) and Department of Labor guidelines.  

 FEDERAL, STATE, & COUNTY QUARTERLY PAYROLL TAX RETURN REPORTING & FILINGS FOR TAX YEAR. Includes reasonable compensation report based on tax court cases, revenue rulings, and RC reports.  

COMPLIANCE FILINGS. Includes preparation & filing of annual report and state filing fee. 

TAX RETURN FILING. S-Corp Tax Return Preparation. 

REQUIRED PAYROLL REPORTS. Quarterly Payroll filings. 

BOOKKEEPING. DIY, or our cost. If you Do your own bookkeeping, you must take the Howard Tax Prep LLC small business beginners bookkeeping course ($149 for clients, $199 for non-clients), or an approved provider bookkeeping course. 

WHAT DOES IT DO? File & pay IRS MANDATED quarterly payroll report, and state payroll taxes. 

WHAT WILL IT SAVE YOU? SAVINGS: Save over $115 per year over the cost of a monthly payroll service that charges $29.95 per month. 

·WHY DO YOU NEED IT? COMPLIANCE: IRS S-corp laws mandates that a S-corp owner pay themselves a reasonable salary before distributing dividends. This package registers your company with all taxing authorizes, and ensures Federal & State legal compliance.

WHAT DOES IT DO? ALLOWS THE S-CORP TO TAKE BUSINESS DEDUCTIONS WITHOUT YOU HAVE TO RECOGNIZE THE INCOME. IRS compliant corporate reimbursement plan. Employer & employee plan agreement. Classification of plan. Administration of reimbursement plan. IRS compliant reimbursement tracking ledger. Includes software for employee expense capture and reimbursement payments.

WHAT WILL IT SAVE YOU? SAVINGS: A MINIMUM TAX DEDUCTION OF $12, 000. Figures are conservatively based on your fair market rent in your area, and estimated mileage for your profession. 

WHY DO YOU NEED IT? COMPLIANCE: IRS S-corp laws mandates that a S-corp owner pay themselves a reasonable salary before distributing dividends. This package registers your company with all taxing authorizes, and ensures Federal & State legal compliance. 

WHAT DOES IT DO? Allows you to exclude income from currents years’ taxes,and defer the income for taxation at a later time.  Build your retirement income, and maintain access of up to 50% of the funds’ assets through loans.

WHAT WILL IT SAVE YOU? You will be able to defer up to $55,000 of taxable income. 

WHY DO YOU NEED IT? Retirement plans are an important element of a tax reduction plan. While an IRA is a good plan, if you need to access your money, you will have to pay a penalty. Those that can, should have a mix of 401k and traditional and Roth IRA’s.