Why Most Small Business Owners Should Convert their LLCs and C Corps to S Corporations
The certified public accountants at Heemer Klein & Company, PC have good news for small business owners in Michigan. There’s a very good chance that you could save $3,000 to $10,000 a year in taxes after electing S Corporation status for your LLC or C Corporation (may not apply to businesses generating rental income).
This tax election known as a “S Corp. election” has several advantages over the C Corporation status or an LLC taxed as either a partnership or sole proprietorship. However, it is easy to lose an S corporation status if you don’t handle the conversion process just right. Therefore, if you decide to make the switch, you should consult with a business accounting expert from Heemer Klein.
A CPA from our firm can help you determine if your company qualifies for an S corporation status, guide you through the process, and help you save as much money as possible.