income tax tax consultant tax return Tennessee 
LyfeAccounting
FEBRUARY 9, 2021
Note, that’s $9,180 more income, even after you take out Federal and State income taxes. In short, S-Corps can greatly reduce your self-employment tax obligation by only paying self-employment tax based on your salary and not on the total business income. Tax Benefits #2: Pass-through Taxation.
xendoo
JANUARY 16, 2023
The term refers to when the IRS taxes the same income twice—once at the corporation level and again on an individual shareholder’s personal income tax. The IRS taxes corporations as separate legal entities, which opens them up to double taxation. The IRS then taxes them at the corporate income tax rate.
Expert insights. Personalized for you.
52 
Let's personalize your content