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Taxpayer's Comprehensive Guide to LLCs and S Corps

The Watson CPA Group and Jason Watson has released the 2017 edition of Taxpayer’s Comprehensive Guide to LLCs and S Corps. It is available in paperback from Amazon, as a free PDF from us, and as an eBook for Kindle, Apple iBook, Barnes and Noble Nook, among others.




Book Edition

Current release is 2017 Edition. We are updating chapters incrementally and publishing after each chapter is completed. If you purchased a book in the middle of our 2017 update, and want a final 2017 Edition version, please let us know. We will ship free of charge.


Book Updates

Chapter 5 – Operating Your S Corp and Chapter 7 – Tax Deductions, Fringe Benefits were updated July 2, 2016, and Chapter 1 – Business Entities was updated October 25, 2016, and uploaded to our KB and Amazon. You can always download the entire book as a PDF at-


You can also view the entire book contents on our KnowledgeBase at-


Chapter 8 Health Care Options Updates

We will be tackling the health care chapter the fall of 2016. The dust has settled enough where we feel comfortable solidifying the information. If you need immediate assistance on Health Reimbursement Arrangements (HRAs) or Section 125 Cafeteria Plans, please use our referral of TASC-


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S Corp Benefits

How can I avoid self-employment taxes? This simple question was the inspiration for creating an article describing the benefits of an S Corporation. That original article, which was about four pages long, quickly became a series of KnowledgeBase articles on the Watson CPA Group website. The articles touched on basic topics such as how to elect S Corp status, shareholder payroll, reasonable salary determination and liability protection. Those broad topics demanded much more information, both horizontally by spanning into more related issues, and vertically by digging deeper into the granular yet riveting levels of the tax code. Beyond general S Corp benefits, our 2016 edition of this book will show you-


  • The Fallacy of Nevada Corps
  • State Taxes, Nexus and Liability
  • S Corp Benefits, Tax Savings
  • Avoiding Self-Employment Taxes
  • The 185 Reasons an S Corp or LLC Might Stink
  • Forming and Operating an S Corp
  • Late S Corp Election
  • Determining Reasonable S Corp Salary
  • Tax Deductions, Fringe Benefits, Kids on Payroll and Cars
  • Properly Paying for Health Insurance
  • Small Business Retirement Planning with Your S Corp
  • Business Valuation and Exit Strategies

Each week we receive several phone calls and emails from small business owners and other CPAs across the country who have read our Taxpayer’s Comprehensive Guide to LLCs and S Corps and praised the wealth of information. Regardless of your current situation, whether you are considering starting your own business or entertaining a contracting gig, or you are an experienced business owner, the contents of this book are for you.


This book is written with the general taxpayer in mind. Too many resources simply regurgitate complex tax code without explanation. While in some cases tax code and court opinions are duplicated verbatim because of precision of the words, this book strives to explain many technical concepts in layperson terms with some added humor and opinions. We believe you will find this book educational as well as amusing.


Here are some additional resources-