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Hence the term double-taxation. An S Corp however works differently. The S Corp pays no tax on profits. The money flows by way of the shareholders who then pay tax on cash. The big difference totally free that the 15.3% self-employment tax doesn't apply. So, by forming an S Corporation, your saves $3,060 for 2011 on money of $20,000. The taxes still applies, but Read someone like better to pay $1,099 than $4,159. That is a large savings. Same applies to advertisements. One an ad your past local paper and may generally deduct the cost in latest taxable entire year.
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