S Corporation

S Corporation is generally the most tax advantageous form of entity for small business owners.

You enjoy the limited liability of a regular (C) corporation while avoiding double taxation. Your S Corporation files an annual tax return, but the net income flows through to the shareholders. The only income tax generally paid is at the shareholder level.

S Corporations also currently enjoy a very low IRS tax audit rate of less than .4%.

All corporations are filed with the state as C Corporations. You must make a special filing with the IRS to achieve S Corporation status.

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