Accountant CPA Bookkeeper & Payroll Company in Lakeville Mn
Prior Lake Mn
Eden Prairie Mn
Apple Valley Mn
Elko New Market Mn
We combine Quickbooks bookkeeping, Pro-Active Tax Planning, Payroll Services, Tax Payment and Tax Returns all into one service.
We’ll serve as your outsourced accountants, handling everything so you can focus on what you do best.
Our Mission: To empower business owners to focus on what they do best, by serving as their outsourced accountants, bookkeepers, tax advisors, and payroll specialists.
Our Purpose: To help maximize your efforts and build a business that lasts for generations.
Our Values: To be trustworthy, competent, enjoyable and rigorous.
Services We Combine:
Outcomes We Seek for Clients:
Reduce Taxes with an S-Corp
- Should you be an S-Corp?
- If you’ve already become an S-Corp, how are you managing the tension between your “reasonable salary” and your owners distribution?
- What portion of your income should be taken as a salary or as a tax efficient distribution?
- How much money can be saved with an S-Corp strategy?
The S-Corp strategy allows a business owner to reduce self employment taxes, but it requires a number of formalities such as a payroll system, accurate bookkeeping, a corporate tax return and a number of legal obligations.
How Does an S-Corp Reduce Taxes?
Rather than 100% of the net-profit being subject to self employment tax as in a sole proprietorship, only the portion which is taken as a salary is subject to the self-employment tax rate of 15.3%. You must have your corporation pay you a “reasonable salary” through a payroll system, and then you can take the rest out as an owners distribution. The salary will be subject to self employment tax, but the distribution will not.
How low of a Salary is “reasonable?”
The IRS says that the salary must be “reasonable” according to a number of factors. The number one factor that ought to be determining the salary is your company profitability. One of the major tax mitigation techniques we utilize with our clients is to ensure that they are taking a reasonable salary and utilizing as much of the owners distribution as they can.
Requirements to run an S Corp
- 1120S Corporate Tax Return
- Sound Bookkeeping
- Payroll System such as ADP, Paychex or Intuit
- Actively managing the distribution & salary portions
- Corporate documents, shareholders, meetings, and minutes (legal)
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