Electing S-Corp status on top of your existing LLC is what separates business owners who are simply protected from those who are actually keeping more of what they earn. Here is the difference. Without an S-Corp election, the IRS taxes every dollar of your LLC profit at 15.3% self-employment tax. With one, you split your income into a reasonable salary and owner distributions. SE tax only applies to the salary. The distributions pass through completely free from self-employment tax. On $100,000
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Electing S-Corp status on top of your existing LLC is what separat…
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Here’s how S-Corp saves me money on Taxes. My subsidiary LLC makes money by selling a product, but it passes money to my holding company. This holding company collects all my money. This way, I can take advantage of the S-Corp pass-through tax benefits by paying myself a distribution and a salary. However, setting up an S-corp can feel like a complicated process. You've got to create a payroll account, put yourself on payroll, put money in the payroll account and file an additional tax return. I
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