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Revision as of 22:59, 14 May 2026


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Getting to be able to the decision of which legal entity to choose, let's take each one separately. The most typical form of legal entity is the corporation. There are two basic forms, C Corp and S Corp. A C Corp pays tax as per its profit for 2011 and then any dividends paid to shareholders likewise taxed. Hence the term double-taxation. An S Corp however works differently. The S Corp pays no tax on profits. The gain flows through to the shareholders who then pay tax on that money. The big difference let me reveal that the 15.3% self-employment tax does not apply. So, by forming an S Corporation, your business saves $3,060 for the year on revenue of $20,000. The taxes still applies, but I'm sure someone is supposed to pay $1,099 than $4,159. That is an important savings.

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Because with the increasing tax rate better brackets, a reduction of taxable income in a very higher bracket saves you more tax than very same reduction through a lower class. So let's compare the tax saving of contributing $1000 by a single individual with a $30,000 income with that of a single person with a $100,000.

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