Confused about S Corps?
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If you own an S corporation and are actively involved in its operations, the IRS expects you to pay yourself reasonable compensation (aka form W-2). Why? because the IRS wants to collect your self employment taxes (FICA and Medicare) and the only way they could receive their share of your self employment taxes is if you issue yourself a big fat W-2. The IRS is aware of the game some of us play. No paying yourself high enough wages means less self employment taxes goes into

Read through these requirements and decide if an S Corp is right for you.

One of the biggest perks of an S corporation is the potential to reduce payroll taxes. The lower the shareholder's compensation, the less...