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@38odh29843 No, I believe you can only submit for the coming year, not retrospectively. unfortunately, you've missed your chance for 2022, as you need to file form 2553 by March 15 of the year you want to get the tax election for. Submit the form before March 15 2023, and you can use S Corp...

@theimperfectchristian Thanks! I tried to make it as comprehensive as possible, as I'm aware there's a lot of confusion / conflicting info out there.

@kimmysa You will pay federal and state income taxes on any distributions made from the S Corp, as well as paying it on any money you take out via W2. The *only* impact that an S Corp has on tax is in reducing self-employment tax. You *do* pay that on W2 salary, but not on distributions.

@thescoot You're very welcome - good luck on your journey.

@micswife I opened up an LLC. Would it be possible to make my DBA my {first name} {last name}? Yes, I do exactly this. I have an LLC with a particular name, and one of the "brands" that I do business under is my personal name. I filed a DBA to use my personal name without issue. If I change to...

@thescoot I don't have specific knowledge about New York and S Corps, but that rule might be different to being an LLC taxed as an S Corp, rather than forming as an S Corp in the first place. Being taxed as an S Corp is a designation that you would make with the IRS by filing Form 2553. $50K...

@taejon No, that's the tax you save through filing as an S Corp with a reasonable salary.

@aaronthestudent Wave. About $45 a month.

@jilljilljill Sure, I just use a payroll service because it's lower-hassle for me.

@lisam123 So glad it helps you

@xmudpuddle You're very welcome :)

@todaystheday I set it up myself, but it was probably one of the most painful, drawn-out learning experiences that I have been through - I still get an involuntary twitch when I think about it... I wouldn't go through it again. If you have the money, hire a professional (and get...

[Hi folks, I originally posted this on /r/Entrepreneur , and I thought it would be of particular interest here - Enjoy!] I thought it might be helpful to shine some light on what goes on behind the scenes at a small freelance business. We’ve been in business for just over nine years, in the...

@antiochus This is certainly an important consideration.

@keyman Yep. I add all of our 401(K) contributions into the salary.

@brucestrom Absolutely, and, of course, the same goes for any other legitimate business expense.

@jacklemyapple Good call, thanks for pointing it out.

Please note that I am not a tax professional or accountant, some of this information could be wrong, and you should always consult a qualified professional about your unique circumstances. If you're based in the US, you might have heard about "filing taxes as an S corporation" and been told...