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S-Corp Election

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Elect S-Corp Taxation

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Eco-fyle is well versed in the process and happy to handle your transition to an S-Corporation. We will make the process simple and hassle-free for you, collecting all the information and handling the paperwork quickly. 

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S-Corp Election: Preparing and Filing with Form 2553

Tax advantages of S-Corp Election

Have you ever wished you could reduce the amount of tax you pay on your business earnings? With an S-Corporation Tax Election, that dream can become a reality. This tax election tells the IRS to tax your LLC or Corporation to be taxed as an S-Corporation. It is a type of tax classification. Both C-Corporation and LLCs can reduce their tax liability. When making this election C-corporation’s profits are only subject to individual income tax rates, instead of both corporate and individual income taxes (known as “double taxation). An LLC electing S-corp saves on taxes too, by sheltering business income from self-employment taxes through income splitting. Eco-fyle can help guide you through the process of electing to be taxed as an S-corporation to help you save money and hassle. 

LLC Tax Savings

Single- Member and Multi-Member LLCs can elect S-corp and benefit from income splitting. Receiving payments in both in the form of a regular salary and also through profit distributions. Allowing them to save on Medicare and Social Security taxes, also known as FICA.

Experienced Team

A C-Corporation can make an S-corp election and have income is passed through to the owners instead of being taxed at the corporate rate, avoiding double taxation. Additionally, owners may qualify for a 20% deduction on business income

Frequently Asked Questions

Have a question? If you can’t find an answer to your question schedule a consultation or email us at info@eco-fyle.com.

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incorporation. Request a consultation with one of our specialists!