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Revision as of 06:50, 7 August 2026

A disgruntled ex-employed call the state, reported my family's glass business for sales tax evasion. One of many local state florida sales tax auditors called to schedule some time to pore through our books.

Getting for you to the decision of which legal entity to choose, let's take each one separately. The commonest form of legal entity is tag heuer. There are two basic forms, C Corp and S Corp. A C Corp pays tax as per its profit for last year and then any dividends paid to shareholders can also taxed. Hence the term double-taxation. An S Corp however works differently. The S Corp pays no tax on profits. The gain flows to the shareholders who then pay tax on that money. The big difference here is that the 15.3% self-employment tax does not apply. So, by forming an S Corporation, small business saves $3,060 for 4 seasons on a fortune of $20,000. The tax still applies, but Major someone would rather pay $1,099 than $4,159. That is a large savings.

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