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S Corp

Blog

S Corp Pros and Cons: Is It Worth It for Self-Employed Owners?

Real tax savings come with real responsibilities. Here’s what an S Corp actually involves, and how to run…

Oct 15, 2026 · 10 min read
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
Guides

S Corp Taxes: The Complete Guide for Small Business Owners

Understanding S Corp taxes can feel confusing because there isn’t one S Corp tax. Instead, as an owner,…

Oct 8, 2026 · 11 min read
Blog

LLC vs S Corp in New York State: Which Is Right for You?

If you run a Business-of-One in New York State, the LLC vs S Corp decision includes a state…

Oct 8, 2026 · 12 min read
Blog

LLC vs S Corp in New York City: Which Is Right for Your Business?

If you live or do business in the five boroughs, the LLC vs S Corp decision works differently…

Oct 8, 2026 · 14 min read
Blog

LLC vs S Corp in Georgia: Which Is Right for You?

If you run a Business-of-One in Georgia, the LLC vs S Corp decision starts with federal taxes but…

Oct 8, 2026 · 10 min read
Blog

LLC vs S Corp in Florida: Which Is Right for You?

If you run a Business-of-One in Florida, the LLC vs S Corp decision comes down mostly to federal…

Oct 7, 2026 · 9 min read
Blog

LLC vs S Corp in Texas: Which Is Right for Your Business?

If you run a Business-of-One in Texas, the LLC vs S Corp decision comes down mostly to federal…

Oct 7, 2026 · 9 min read
Blog

LLC vs S Corp: The Difference and Tax Benefits in California

If you run a Business-of-One in California, the LLC vs S Corp decision has a layer the federal…

Oct 7, 2026 · 12 min read
Blog

How to Convert an LLC to S Corp: A Step-by-Step Guide

How to convert an LLC to S Corp status: the 5 steps, whether you need a new EIN,…

Sep 25, 2026 · 10 min read
S Corp Articles

What Is the 2% Shareholder Health Insurance Rule for S Corps?

If your S Corp pays for your health insurance, the IRS won’t let you treat it like a…

Sep 14, 2026 · 3 min read
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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.

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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.

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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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