Guides
Guides for Small Business Owners
Plain-language guides to S-Corp elections, business tax returns, IRS notices and estimated taxes, written by Stavros Makris, BSA, MSA, with sources cited.
Should your LLC elect S-Corp status?
The S-Corp election can lower self-employment tax for a profitable LLC, but it adds payroll, a separate return and a salary rule. Here is how it works and how we decide whether it fits.
Form 1120-S vs Form 1065: which return does your business file?
Partnerships and multi-member LLCs file Form 1065. S corporations file Form 1120-S. Both pass income through to the owners, but they treat self-employment tax, owner pay, profit splits and basis very differently.
Quarterly estimated taxes explained
If nobody withholds tax from your income, the IRS expects you to pay it in four installments during the year. This is how the deadlines and safe harbors work, and how to stop guessing.
You got an IRS notice. Now what?
Most IRS notices are automated, and most can be resolved with a careful written response by the deadline. Here is how to tell what you received, what it wants, and what to do in the first 48 hours.
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