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OAHU Diamond Head Tax Group Experts Prepare Your Hawaii S Corporation Income Tax Return

Updated: Oct 14


Diamond Head Tax Group OAHU are experts in helping small and midsize enterprises (SMEs) with Hawaii S Corporation Income Tax Return preparation. Diamond Head Tax Group is Honolulu's trusted source of tax filing services serving Waianae, Honolulu, Kapolei, Oahu and surrounding areas. Diamond Head Tax Group in Honolulu, Oahu. Call: 808-468-8041
Diamond Head Tax Group OAHU are experts in helping small and midsize enterprises (SMEs) with Hawaii S Corporation Income Tax Return preparation. Call: 808-468-8041

Forming a business entity can provide several advantages such as protecting your personal assets, giving more financial visibility and making tax management easier. Let Diamond Head Tax Group OAHU experts aid you in choosing the right type of corporate structure to significantly reduce your yearly tax bill. An S Corporation is one type of structure, a type of corporation that may pass income directly to shareholders along with other credits, deductions and losses. S Corporations do not pay federal corporate taxes. This setup is associated with small businesses with 100 or fewer shareholders.


Diamond Head Tax Group OAHU are experts in helping small and midsize enterprises (SMEs) with Hawaii S Corporation Income Tax Return preparation. Consultant Alan Chu and Diamond Head Tax Group OAHU team also offer business owners comprehensive Honolulu OAHU Financial Planning services.


Hawaii S Corporation Income Tax Return Preparation: An Easy Way for Business Owners to Reduce Tax Bills


HAWAII Business S-Corporation Tax Filing and Preparation with Diamond Head Tax Group tax advisory services. Diamond Head Tax Group is Honolulu's trusted source of tax filing services serving Waianae, Honolulu, Kapolei, Oahu and surrounding areas. Diamond Head Tax Group in Honolulu, Oahu. Call Diamond Head Tax Group: 808-468-8041
Let the Honolulu, OAHU tax and accounting experts at Diamond Head Tax Group help your business process S Corporation Income Tax Forms.

Business owners can reduce self-employment/payroll taxes by forming a Limited Liability Company (LLC) but electing to be taxed as an S Corporation. They won't be taxed as a sole proprietorship or partnership.


Employment, Payroll and Self-Employment Taxes

These are levied on the salary of everyone in the business, even for those who are self-employed. For the self-employed they have to pay both the employer and employee portion, which as of 2016 was 15.3%. FICA, Medicare or social security tax are levied on your entire income.


Diamond Head Tax Group OAHU are experts in helping small and midsize enterprises (SMEs) with Hawaii S Corporation Income Tax Return preparation. Diamond Head Tax Group is Honolulu's trusted source of tax filing services serving Waianae, Honolulu, Kapolei, Oahu and surrounding areas. Diamond Head Tax Group in Honolulu, Oahu. Call: 808-468-8041
Diamond Head Tax Group OAHU are experts in helping small and midsize enterprises (SMEs) with Hawaii S Corporation Income Tax Return preparation. Call: 808-468-8041

Federal Income Tax

This is paid on any profit your business makes, these are standard and other deductions you can apply to this amount, and the total you end up paying will depend on your tax band. Federal income tax must be paid on your salary along with employment tax.


Paying as an LLC will include paying employment taxes on your entire salary.


Paying as an S Corp, on the other hand, allows you to take money out of the business in two different ways:

  • As a salary: you will pay employment tax as normal.

  • As a distribution: you will only need to pay federal income tax for this.

This can result in substantial differences. As an example: as a standard LLC if you take $70,000 out of the business you would pay $10,710 in employment tax.


As an S Corporation if you took out $45,000 as salary, and $25,000 as distributions, you would only pay $6,885 in employment tax, which means you make a saving of $3,825.

HAWAII Business S-Corporation Tax Filing and Preparation with Diamond Head Tax Group tax advisory services. Diamond Head Tax Group is Honolulu's trusted source of tax filing services serving Waianae, Honolulu, Kapolei, Oahu and surrounding areas. Diamond Head Tax Group in Honolulu, Oahu. Call Diamond Head Tax Group: 808-468-8041
State of Hawaii Department of Taxation S Corporation Income Tax Forms.

Click here for S Corporation Income Tax Return Form


Advantages of Forming an LLC That's Taxed as an S Corporation

Forming an LLC and choosing to be taxed as an S Corporation (subchapter S tax election status) is an easy way to reduce tax bills. Many choose this option because the initial step of forming an LLC is convenient for most business owners - many businesses start out as LLCs.

  • Forming LLCs is convenient but S Corporations pay less in taxes

  • Business owners who start out as LLCs can take advantage of tax rules by having their LLCs classified as S Corporations for tax purposes

  • Asking the IRS to consider your LLC as an S Corp is a simple process.

  • Diamond Head Tax Group OAHU will take care of filing the paperwork and file it with the IRS on your behalf.

  • Still starting out your business? Choose to form an S Corp directly and let Diamond Head Tax Group OAHU handle the paperwork!

Let Diamond Head Tax Group OAHU help you declare your business. You can establish it as an LLC and have it taxed as an S Corp, or form an S Corporation directly. We will prepare your paperwork so that this will be a convenient process.

Diamond Head Tax Group OAHU are experts in helping small and midsize enterprises (SMEs) with Hawaii S Corporation Income Tax Return preparation. Diamond Head Tax Group is Honolulu's trusted source of tax filing services serving Waianae, Honolulu, Kapolei, Oahu and surrounding areas. Diamond Head Tax Group in Honolulu, Oahu. Call: 808-468-8041
Let Diamond Head Tax Group OAHU help you declare your business as an LLC and have it taxed as an S Corp.

Contact us and let our skilled OAHU Tax Experts offer their well-rounded tax advice and tailored tax solutions to help you file accurate tax reports. Diamond Head Tax Group is Honolulu's trusted source of tax filing services serving Waianae, Honolulu, Kapolei, Oahu and surrounding areas.


Oahu CPA Tax Firm Honolulu Alan Chan Diamond Head Tax Group Personal and Business Tax Filing and Preparation Tax Advisory S Corporation LLC Payroll Services


5 Star Client Testimonials Oahu CPA Tax Firm Honolulu Alan Chan Diamond Head Tax Group Personal and Business Tax Filing and Preparation Tax Advisory S Corporation LLC Payroll Services


Diamond Head Tax Group

We are available to assist you with your Tax Needs.

Honolulu's Trusted Source for Filing Taxes for Personal and Business

Individuals ● Business ● Tax Advisory ● Payroll Services

Oahu CPA Tax Firm Honolulu Office 1050 Queen Street #100, Honolulu Hawaii 96814 Alan Chan Diamond Head Tax Group Personal and Business Tax Filing and Preparation Tax Advisory S Corporation LLC Payroll Services

1050 Queen St #100 Honolulu, HI 96814

Direct: 808-468-8041





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