Electing S corporation status continues to be a popular entity choice, combining the liability protection of a corporation with many of the tax benefits of a partnership.
If you own rental real estate, its classification as a trade or business rather than an investment can have a big impact on your tax bill.
Depending on your entity type, you’re subject to both income tax and self-employment tax. There may be a way to cut your tax bill by using an S corporation.
Operating a business as an S corporation may provide many advantages, including limited liability for owners and no double taxation. But not all businesses are eligible.
The Ides of March, more commonly known as March 15, is the federal income tax filing deadline for “pass-through” entities.