I. Taxes are Due at Various Times throughout the Year

1)  Example: Bill starts a New Business in January 2010.

2)  Bill’s Eye Opening Experience.

3)  You won’t receive a W-2 at the end of the year, unless…

4)  IRS Penalties Add Up – Estimated Taxes.

5)  The IRS Will Figure the Penalty for You.

6)  Can I get the Penalty Removed or Abated?  Sometimes…

7)  Penalties Due From the Example Above.

8)  Tax Liens and Levies — You have IRS Payment Options, but they could have been Avoided 

9)  Can You Bankrupt Yourself Out of IRS Taxes?

II.  Legally Eliminate Taxes.  Your Accountant can Help you with this – Here is how it Works…

10)  The Type of Organization that Qualifies with the IRS…

11)  How Schedule C Net Profits are Taxed

12)  What Happens to Schedule C reporting After Your S-Corporation is Setup?

13)  How Partnership Profits are Taxed

14)  Estimated Taxes or 1040ES Payments.

15)  What is the 1120S Corporation?. 24

16)  How the S-Corporation can SAVE you Tax Dollars NOW…

17)  ‘Reasonable Compensation’ Defined?.

18)  How Much in Taxes can you Expect to Save?

III. The Solution – Steps to Free Yourself from Excessive Taxes

19)  What the SET-System is based on, in a Nutshell…

20)  The Single overlooked Problem when Electing S-Corporation status

21)  Filing the Articles of Incorporation – You Need a Name for Your New Corporation and then the Percentage of Ownership

22)  You’ll need a Federal Id Number and Must Complete IRS form SS-4 – But it’s not that difficult

23)  Why You Need a Separate Business Checking Account

24)  Don’t Overlook This… Not Doing this can Ruin your S-Corporation

25)  Back to Dr. Martin…

26)  The Dreadful Task of Reworking Tax Returns and Reclassify Income and Expenses 

27)  Franchise Tax – No you are not a Franchise, But in a way you are

28)  Using Your Business Bank Account and Stockholder Distributions

29)  Initial Meeting of Stockholders and Corporate By-Laws


IV) Administering the S-Corporation – Keeping Your Freedom from Excessive Taxes Alive and Well

31)  Step-By-Step List

32)  Allocating Payroll and Stockholder Distributions

33)  If Your business is a C-Corporation

34)  You’re already an S-Corporation – How to Save more in Taxes!

35)  How I Use the SET-System with My Clients

36)  The Dilemma of Taking ‘Reasonable Compensation’ when Showing a Loss or Low Profits for the Period/Year

37)  Accounting for ‘Business Risk’ and ‘Compensation’ Factors

38)  What if you Missed making payroll through your S-Corp and its Year-End or Close to December 31st

39)  Payroll Distributions – It’s not that Complicated Once You Understand the Process 

40)  Filing 941’s and other Payroll Returns.  Should you prepare them or Hire an Accountant or Payroll Service?

41)  The Extra Paperwork.  You will have to file a Yearly return for your S-Corporation, plus include its net income or loss in your Personal Taxes

42)  Your Social Security Benefits will be less at retirement because you are Paying Less into the System each Year

43)  Mid Year S-Corporations and Payroll (Case Study)

44)  About the Minutes & By-laws of S-corps.

45) Final Thoughts.

46)  Our Guarantee.


S-Corporation (1120S) Tax Savings Worksheet




Schedule C – John Taxpayer

Schedule SE – John Taxpayer

Form 1120S – Example Form

Form SS-4 – Application for Employer Federal ID#

Form 2553 – Election to be treated as an S-Corporation

Notice of Acceptance as an S Corporation – Example Letter