Tax Savings Calculator
Calculate Your Potential Tax Savings
Estimate Gross Income
Input your estimated gross income to see possible benefits.
Assess Reasonable Salary
Determine how salary affects your tax advantage.
Factor in Business Expenses
Include expenses to refine your savings estimate.
How can S-Corporation election reduce my tax liability?
Explore clear answers to key questions about S-Corp taxation, helping you decide if it’s right for your business.
What qualifies as a reasonable salary for an S-Corp owner?
A reasonable salary is based on industry standards and your role; it ensures compliance with IRS guidelines.
How do administrative costs affect overall savings?
Administrative expenses, like payroll and tax prep, reduce net savings but are often outweighed by tax benefits.
Can I switch back from S-Corp to Schedule C if needed?
Yes, but switching involves IRS procedures and timing considerations; consult a tax professional.
Is this calculator accurate for all business types?
It’s designed for Self-employed individuals, LLC’s and Sole Proprietorship considering the S-corporation election for taxation purposes.
Calculate Your Tax Savings Now
Use our calculator to see how electing to be taxed as an S-Corp can reduce your tax liability!