• Reasonable Compensation
I will walk you through calculating a reasonable compensation amount that will stand up to the scrutiny of an IRS audit.
• Qualified Business Income Deduction
S-Corps used to be a no-brainer in most cases. When the TCJA (Tax Cuts and Jobs Act) introduced the 20% deduction for QBI, the tax advantages of S-Corps became less obvious. I factor this when helping you decide if an S-Corp election is right for you.
• State Taxes
S-Corp elections affect state taxes. If there are huge Federal savings, but the state takes them away (or makes them worse!) then you definitely want to know. I’ll make sure we figure that into your decision.
The Process…
Meet with Me (Danny)
By default, we’ll meet on Zoom for about an hour. I’ll get all the info from you that I need to give you a recommendation.
Crunch & Decide
I’ll crunch the numbers and let you know the results. I’ll answer any questions you have to help you make the right decision.
Make S-Election
Or don’t! If an S-Election is to your advantage, I will fill out the paperwork and file the S-Election for you.
Testimonials…
I’d been wanting to know for quite a while if I should make an S election. I met Danny and he took away the mystery!
Danny has saved me thousands of dollars in taxes since helping me make an S election when I started my business!
Danny Nelson, EA
based in Anderson, SC
I’ve been serving taxpayers as a tax accountant for 16 years.
During that time, I’ve developed a philosophy of Tax Compliance & Planning where I prioritize stewardship, ethics, and relationships.