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S-Corp vs LLC Tax Savings Calculator
Compare the total tax burden between LLC and S-Corporation elections. See potential self-employment tax savings and determine the optimal business structure.
Important S-Corp Considerations
S-Corp Benefits
- SE tax savings on distributions
- Pass-through taxation (no double taxation)
- QBI deduction on distributions
- Enhanced business credibility
S-Corp Requirements
- Reasonable salary requirement
- Payroll processing and compliance
- Annual corporate tax return (1120S)
- Higher accounting and legal costs
Important Disclaimers
Reasonable Salary Requirement:
S-Corp owners must pay themselves a “reasonable salary” for services performed. The IRS scrutinizes salary levels and can reclassify distributions as wages.
State Tax Considerations:
Some states don’t recognize S-Corp elections or impose additional taxes. State-specific analysis is required for accurate comparisons.
Election Timing:
S-Corp elections must be made by March 15th of the tax year (with possible extensions). Late elections may require special procedures or wait until the following year.
Professional Consultation Required: This calculator provides estimates only. S-Corp elections involve complex tax and legal considerations that require professional guidance.
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