S-Corp Tax Savings Calculator
Calculate your potential tax savings from S-Corporation election. See if S-Corp status could save you thousands in self-employment taxes.
Business Information
Enter your business details to calculate S-Corp savings
Your business profit after expenses
What you would pay someone else to do your job
S-Corp Analysis Results
Detailed analysis of your potential S-Corp savings
Enter your business income and reasonable salary to see potential S-Corp savings
S-Corp Election FAQ
When should a freelancer consider S-Corp election?
Generally, freelancers earning over $60,000 annually should consider S-Corp election. The tax savings from reduced self-employment tax often outweigh the additional compliance costs.
What is reasonable compensation for S-Corp owners?
Reasonable compensation is what you would pay someone else to do your job. It must be paid as W-2 wages and is subject to payroll taxes.
Can I elect S-Corp status anytime?
S-Corp elections are typically due by March 15 of the tax year you want the election to take effect, though late election relief may be available.
Ready to Make the S-Corp Election?
Our experienced NYC CPAs will guide you through the S-Corp election process and ensure you're maximizing your tax savings.