Date: March 10, 2023
Important Reminder – Due Date Ahead
Business owners – if you have an S or a C Corporation, there is an important tax filing due date coming up soon! To avoid penalties and late fees, you will need to have your return filed by March 15th. If you are considering making a switch to a S Corporation, then the clock is ticking! (1)
S Corporations are considered pass-through entities and are a special election that an LLC or C Corporation can request through the IRS. The major difference is that an S Corporations corporate income, credits, deductions, and losses all flow through to its shareholders (owners), and the main reason business owners elect this entity type is to avoid double taxation. Another advantage of this election is that LLC members might be able to lower their personal tax burden. Speaking with a tax strategist to see if this is the right structure for your business needs is always recommended.
Tax season doesn’t need to be stressful and pushed to the back burner – let us help. Be proactive year-round by making sure you have a plan in place so that you don’t receive a surprise tax bill or end up overpaying. Speak with a tax expert to make sure you are in the best entity type for your specific needs. We love helping our clients ensure that they are taking advantage of the tax savings provisions made available but buried under confusing pages upon pages of the tax code. If you don’t already have a tax expert on your side, we are happy to help. Click here to speak with one of our tax strategists and get to saving (all year, every year)!
Resources:
(1). Corpnet – The S Corp Election Deadline is Right Around the Corner (corpnet.com)