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I have a very simple small business that has very straight forward taxes. I am the only employee and I don't have a lot of complicated deductions / credits. Am not married and don't have kids. It is my only source of income.

I wanted to file my taxes as an s-corp so as to reduce my small business tax. Is this manageable for me to do on my own with Turbo Tax Business? Or should I go with an accountant?

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    Corporations need to have a board, board meetings, records of the meetings, etc. Not requiring these things is one of the major benefits of an LLC. What do you think the S-Corp arrangement will give you that an LLC won't from a taxation standpoint? – quid Apr 20 '16 at 19:58
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    @quid I would stay an LLC, but only file as an s-corp which is allowed. Filling as an s-corp allows you to pay yourself a "reasonable" salary and the rest of income can be counted as a dividend. You only have to pay small business tax on the salary part of it, so it lessens it. – Ser Pounce Apr 20 '16 at 20:00
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    @quid there is no board requirement. It will essentially run exactly the same as an LLC, just I can file my taxes as an s corp. – Ser Pounce Apr 20 '16 at 21:16
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    @keshlam No I'm asking how hard is it to do these taxes on my own. – Ser Pounce Apr 20 '16 at 22:26
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Yes, you can make the election to file your LLC as an S-Corp, and Turbo Tax Business can help you with the S-Corp business return. You need to make sure you're set up correctly and there are a lot of things to be aware of. For example, the whole "reasonable salary" thing is a can of worms.

So while the answer to your question is "yes, it's manageable, you can do it on your own," it might be worthwhile to have a professional help you the first year, make sure it's set up right, and then you can do it on your own in subsequent years.

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