The All-in-One Financial Solution for Self-Employed Entrepreneurs
Join the thousands of solo-preneurs who have saved an average $10,000* a year on their business.
LLC vs S Corp taxes – Learn the tax benefits of electing to tax your LLC as an S Corp
When considering the tax implications of your business structure, it’s essential to understand the differences between LLCs and S Corps. LLCs offer simplicity and flexibility with pass-through taxation, allowing business income to flow directly to the owner’s personal tax return. S Corporations, on the other hand, provide potential tax advantages, including the ability to reduce self-employment taxes and take advantage of pass-through taxation. The choice between an LLC and an S Corp should be made based on your specific business needs and financial goals.
How Can an S Corp Save You Money? See Your Possible S Corp Tax Savings In Action.
Let’s assume you are a Single Member LLC with an S Corp tax election earning $100,000 in profit. If you take a salary of $60,000 and distributions of $40,000, you’ll only pay self-employment taxes on the $60,000 salary instead of the full $100,000 in profit you’d pay taxes on without an S Corp election. This could save you thousands of dollars every year!
Pricing
Collective is tax deductible and pays for itself within months.
Annual Plan Save 15% with annual billing
$296 / month
Monthly Plan
$349 / month
How It Works
Find out if we’re a match
Verify information about yourself and your business to see if we’re a good match for your current needs.
Set your business up for success
A team of experts is waiting to welcome you and help set up your S Corp, payroll, and books.
Focus on your passion and not your paperwork
Focus your time on what you love, knowing your taxes and bookkeeping are taken care of.
What We Offer
Business Formation
- LLC formation in your state
- Creation of an operating agreement
- Obtain Your Tax ID Number (EIN)
- File an S Corp election with the IRS
- Employer Registration in your state
- Provide a registered agent for your business
- Alerts for annual compliance filings
Self employed taxes
- Quarterly tax estimates
- Annual salary recommendations
- Owner paycheck calculator
- Business income tax returns (federal and states)
Self employed accounting
- Set-up company books and payroll
- Bookkeeping and payroll training
- 3rd Party Verification by CPA for lending purposes
Self employed bookkeeping
- Monthly categorization of business transactions
- Reconciliation of business bank and credit card accounts
- Expert review of financial reports
- Financial reports package delivered monthly
- Close books at end of year and prepare for taxes
Self employed payroll
- New hire reports filed with State
- Preparation and filing of quarterly payroll returns
- Gusto subscription for payroll ($45/month value)
- Gusto payroll system training
- Automated payroll
- Unlimited payroll runs
- Issue and file W-2s
Business support
- Free consultation with a tax advisor
- Year-round bookkeeping, payroll, accounting and tax support
- A member relationship manager
- Newsletters, resource guides, and educational webinars
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Collective is a real game-changer for anyone who needs help with business services. It’s extremely easy to use and makes it so simple to understand taxes, bookkeeping, reimbursements, travel expenses, and more!
As an entrepreneur, I’m always looking for solutions that help me optimize my workload without sacrificing quality and time – and Collective does just that! Highly recommended!
* Based on the average 2022 tax savings of active Collective users with an S Corp tax election for the 2022 tax year
** Based on data sourced from Shopify blog, QBO Essentials, QBO Live, Gusto, Taxfyle, Intuit "Tax Pro" Research, Legal Zoom and JustAnswer.com as of August 2023.