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Business Formation

Business Formation

S Corp Election Deadline: How and When to File Form 2553

For an existing business on a calendar year, the S Corp election deadline is March 15. If you…

Oct 8, 2026 · 9 min read
Business Formation

What Is an S Corp? A Complete Guide for Freelancers & Self-Employed

An S Corp is a federal tax status that a corporation or LLC can elect with the IRS.…

Oct 8, 2026 · 10 min read
Business Formation

How To Start an S Corp: A Step-by-Step Guide for the Self-Employed

An S Corp starts as a legal entity, not a company you build from scratch. If you’ve been…

Aug 19, 2026 · 10 min read
Business Formation

Simple Steps To Forming an LLC in Georgia: Your Comprehensive 2025 Guide

Are you thinking about taking control of your career and building something of your own? Whether you’re launching…

Jun 4, 2025 · 7 min read
Business Formation

How to Pay Yourself as a Business Owner (Without Wrecking Your Finances)

Never pay your rent from your business bank account.It sounds obvious, right? But countless solopreneurs and small business…

Jun 2, 2025 · 7 min read
Business Formation

S Corp Application Form (2553)

Special Note: Only Real Pen Ink Signatures Allowed Overview Form 2553 is a foundational document for your S…

Dec 10, 2024 · 2 min read
Business Formation

How to Start an S Corp in New York

As a NY business owner, if you’re looking for a way to mitigate your self-employment taxes, an S…

Jun 26, 2024 · 12 min read
Business Formation

Owner’s Draw vs. Salary: Paying Yourself as a Business Owner

The way you set up your business has a ripple effect. Impacting everything from how you manage money…

Jan 22, 2024 · 15 min read
Business Formation

Texas S Corp: What You Need to Know

If you call the Lonestar State home, or are considering moving there – well played, my friend, well…

Jan 2, 2024 · 7 min read
Business Formation

S Corp in Florida: Is It the Right Choice for Your Business?

Like most solopreneurs in Florida, or elsewhere, you’re passionate about your business. After all, you made the switch…

Nov 29, 2023 · 7 min read
Business Formation

What is an LLC?

An LLC, or Limited Liability Company, is a legal business structure that combines the limited liability protection of…

Aug 17, 2023 · 10 min read
Business Formation

What is Accounting?

Accounting Definition What is accounting? Accounting is the process of recording, summarizing, analyzing, and reporting financial transactions and…

Jul 14, 2023 · 8 min read
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First, tell us about your business

Net profit = Total revenue - total expenses

  1. Find total revenue. Add up all money your business earned from sales of goods or services during the year.
  2. Subtract your expenses. Deduct all business costs like supplies, rent, utilities, software, contractor payments, and loan interest.

An estimate is fine, you don't need exact figures.

W2 employees are people on your payroll

You withhold income tax, Social Security, and Medicare from their paychecks, and they get a W-2 form from you at the end of the year.

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We are experts in the unique needs and challenges of self-employed people and know that our confidence gives others confidence, too. Reach out to say hello and join our team.

We are experts in the unique needs and challenges of self-employed people and know that our confidence gives others confidence, too. Reach out to say hello and join our team.

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Collective provides a suite of tools, back-office support, and general information. Our services are not intended as tax, legal, or professional advice.

* Savings estimates reflect the average 2023 federal self-employment (SE) tax savings for Collective members with an S Corp tax election, based on business profits that would've otherwise been subject to SE tax. Actual savings will vary based on individual circumstances.

** Based on data sourced from Shopify blog, QBO Essentials, QBO Live, Gusto, Taxfyle, Intuit "Tax Pro" Research, LegalZoom and JustAnswer.com as of August 2025.

† Individual tax return packages are billed as an annual, one-time add-on fee.

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