S corporations should be given special attention for tax reporting because of the effect on the taxpayer

The Basics

  1. Is selecting an “S” corporate election the right choice for me?
  2. The forms of business recommended by Saafenet
  3. Selecting a fiscal yearS corporations
  4. Accounting periods and methods
  5. Be certain you have a business the IRS won’t declare a hobby
  6. Incorporating or forming an LLC requires special attention
  7. If you plan to operate in a foreign state be certain to select the right one
  8. Documenting operating revenues and expenses
  9. What types of expenses are deductible for your business
  10. documenting mileage expense
  11. Expenses that are not deductible

Advanced Topics

Start-up Issues

  1. If you plan to buy a business, don’t inherit undisclosed tax liabilities

Tax Credits

  1. Avoid the use of excessive tax credits
  2. Get a tax credit for using plug-in electric vehicles


  1. S corporation officers must view payments for services as salary
  2. Using the “Work Opportunities Tax Credit”

Year end filing

  1. Be certain you use the right tax preparer if you won’t be filling your own return
  2. Don’t let a consultant talk you into an abusive tax shelter


  1. Setting up a 401 K plan when you’re operating alone