Summary
Electing to become an S corporation can offer significant benefits for business owners, including reduced self-employment taxes and enhanced flexibility in income distribution. This structure also shields personal assets, facilitates a smoother succession of ownership, and provides more retirement planning options. By allowing profits to pass directly to shareholders without facing double taxation, S corporations streamline tax obligations and offer long-term financial advantages for stakeholders. To qualify, a business must meet specific IRS requirements, including shareholder limitations. It's been a strategic move that can reshape a company's financial future.
Kiplinger

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Electing to Be an S Corporation: Benefits You Need to Know