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Step 1: Name Your Mississippi LLC. ... Step 2: Choose a Registered Agent. ... Step 3: File the Mississippi LLC Certificate of Formation. ... Step 4: Create an Operating Agreement. ... Step 5: File Form 2553 to Elect Mississippi S Corp Tax Designation.
Note: The S Corp is the only business tax structure that makes it possible for its owners to save on employment taxes. This is the main reason why S Corps are extremely popular with smart business owners. If you weren't being paid any employee wages at all, you wouldn't have to pay any employment taxes.
How to file taxes as an S corporation Prepare your financial statements. One of the first things your tax professional will ask for are financial statements. ... Issue Forms W-2. ... Prepare information return Form 1120-S. ... Distribute Schedules K-1. ... File Form 1040.
Mississippi Tax Rates, Collections, and Burdens Mississippi also has a 4.00 to 5.00 percent corporate income tax rate. Mississippi has a 7.00 percent state sales tax rate, a max local sales tax rate of 1.00 percent, and an average combined state and local sales tax rate of 7.07 percent.
To form an S Corp in California, you must file Form 2553 (Election by a Small Business Corporation) with the IRS and then complete additional requirements with the state of California, including filing articles of incorporation, obtaining licenses and permits, and appointing directors.
Forming an S Corporation in Mississippi Choose a Name for Your Business. ... Choose a Registered Agent. ... Decide on your Directors or Managers. ... File Articles of Incorporation or Certificate of Organization with the Mississippi Secretary of State. ... File Form 2553 to elect S Corp status.
All California S corporations and LLCs companies treated as S corporations for federal, should file Form 100S (California S Corporation Franchise or Income Tax Return).
Mississippi Form 80-105 ? Resident Return. Mississippi Form 80-205 ? Nonresident and Part-Year Resident Return.