Taxpayer's Comprehensive Guide to LLCs and S Corps

By Watson CPA Group ()

Posted September 9, 2017

 

The Watson CPA Group and Jason Watson have released the 2017 edition of Taxpayer’s Comprehensive Guide to LLCs and S Corps. 280 pages of pure pleasure! It is available in paperback for $17.95 from Amazon and as an eBook for Kindle, Apple iBook, Barnes and Noble Nook, among others.

 

Our book is also available for purchase as a PDF from ClickBank for $9.95. Why do we all love 95 cents? We all know that 9.95 is really 10 bucks. At least we are not like gas stations… $9.949. Silly! Yet we digress.

 

Before you spend your money, we encourage you to review the highlights below and download a sample of Taxpayer’s Comprehensive Guide to LLCs and S Corps by using the following button-

 

 

Here are some testimonials to make you feel better-

 

Ronny R. says, “I enjoyed it! Gave me lots to talk about with my CPA.

 

Lisa A. says, “Detailed information about the pros and cons of creating a small business. Lots of great detail about the tax benefits and consequences. NOT a ‘dummies’ book – it assumes you already have some background knowledge.

 

Larry M. says, “I found it helpful, but could have gone into a little more detail. There is one main way to save money as an s corp, and how to determine ‘how much you can get away with’ could have been expanded on a bit more. Otherwise, pretty good guide.

 

M.S. says, “Great read for first time self-employed corp owners. Covers all the main basic of taxes and caveats. Well written and simple to understand for those not well versed in tax law.

 

If you buy our 280-page book and think that we didn’t help you understand small business tax law or the benefits of S corporations, let us know. We never want you to feel like you wasted your money. If you are ready to add some insightful reading into your day, click on one of the preferred formats. Amazon is processed by Amazon, and the PDF is safely processed by ClickBank who will email you the PDF as an attachment.

 

Warning- we are in the middle of converting to MOBI and EPUB eBook formats (painful), so please use the Amazon (paperback) and PDF buttons below-

 

$17.95 NA NA NA $9.95

 

We can send you the eBook formats once our conversion is completed (around Thanksgiving 2017) at no charge if you have already purchased the paperback or PDF versions. Simply email us for your courtesy copy.

 

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.

 

 

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 2017 edition of this book will show you-

 

  • The Fallacy of Nevada Corps
  • State Taxes, Nexus, FBA Problems, 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-

 

 

S Corp Package

The Watson CPA Group specializes in S corporations which have a small number of shareholders, and often just a one-person show. Did you know that 95% of all S Corps have only one shareholder, and 99% of all S Corps have three or fewer shareholders? Small business owners is all we do!

 

Because it is a core competency for us, we have created an S corp package that includes the following (No, the S doesn’t stand for stormtrooper)-

 

  Aspen Vail Breck Keystone
S Corp Reasonable Salary Calculation Yes Yes Yes Yes
S Corp Payroll Filings and Deposits Yes Yes    
S Corporation Tax Prep (Form 1120S) Yes Yes Yes Yes
Individual Tax Prep (Form 1040) Yes   Yes  
Estimated Tax Payments (done thru payroll) Yes Yes Yes Yes
Q3 Tax Modeling and Projection (Questionnaire) Yes Yes Yes Yes
Unlimited Consultation and Periodic Business Reviews (PBR) Yes Yes Yes Yes
Small Business Tax Deductions Optimization Yes Yes Yes Yes
Annual Processing (W2s and other filings) Yes Yes    
IRS Audit Defense Yes   Yes  
Annual Fee $2,640 $2,340 $2,160 $1,860
Monthly Fee $220 $195 $180 $155

Couple of things to keep in mind- we make very little profits on payroll processing… we offer it as a convenience to our clients. One throat to choke with a single call can be reassuring but if you want to run your payroll, go for it!. And… the benefit of the Watson CPA Group preparing both tax returns is that we slide things around depending on income limitations, phaseouts, alternative minimum tax (AMT), etc. Having our arms around both can yield some good tax savings!

 

Some more things to consider- Since only a partial year remains, our usual annual fee is pro-rated to not charge you for services you didn’t use (like payroll and consultation). However, a large chunk of our annual fee is tax preparation which is typically a fixed amount of $1,200 (both corporate and personal). Whether we onboard you in January, July or December, we have to prepare a full year tax return. This increases the monthly fee for the remaining months of 2017 but the monthly fee will later decrease in January of 2018 to reflect the amounts above.

 

The button below links to our Periodic Business Review (PBR) Agenda. We use this throughout the year as a checklist for our business clients. We can also use it for any type of business consultation.

 

 

How does all this work? Let’s chat! Your unique situation will probably fit the S corporation world, but a dialogue is much better to determine the viability. Contact us to schedule a consultation. If all goes well, we will prepare a proposal which outlines the scope of services. View a sample proposal here.

 

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