Kiritsis & Associates
Kiritsis & Associates
S Corps are usually, more favorably treated for federal tax purposes, than sole proprietorships.
1. Less self-employment taxes. S Corporation owned by one owner, could have a large chunk of their income generated by the business, passed on to them as a distribution, which is essentially treated as a return of capital, that unlike wages, are exempt from self-employment taxes.
2. Separate tax return. An S Corp files a separate tax return to report the business operation financial results, through Form 1120S. Although, largely, there no tax due with Form 1120S, it has the impact to lessen the impact, in terms of display on Form 1040. This could provide the sole business owner with certain benefits, in some unique situations (i.e. certain property tax appeals, state or local tax credits or tax subsidies).
3. Less risk of tax audit. Due in large part, to the business reporting on separate tax returns, the sole owner, could in certain situations, avoid some of the most commonly audited tax forms, such Schedule C.
Law Offices of Kiritsis & Associates
Phone # 212 922 0005
Manhattan Office (Main Office):
633 Third Avenue
New York, NY 10017
Suite 1306
Brooklyn Office (By Appointment Only):
1023 74th Street
Brooklyn, NY 11228
1st Floor
New Jersey Office:
7309 Ventnor Avenue
Ventnor, NJ 08406
2nd Floor
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We hope you would find this website useful with regards to finding potentially relevant information for your legal issue. The Law Offices of Kiritsis & Associates PLLC is a boutique law Firm Group headquartered in Midtown Manhattan, with offices in Manhattan, Brooklyn (NY) and New Jersey. We strive to provide professional legal services for individuals and various business entities. Our clientele ranges from including aspiring entrepreneurs, startups to established business organizations.
We offer flat fee prices for many of the practice areas provided listed throughout our website. For more information on the topic you may be interested, or simply to find out how our law Firm Group can help, you may click at any of our site's links.
We are available for existing and potentially new clients 7 days a week -- via online, phone and/or in person.
Phone# 212-922-0005
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