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Another angle to consider: suppose company takes a loss of revenue for this year. As a C Corp presently there no tax on the loss, however there is also no flow-through to the shareholders the problem an S Corp. Losing will not help your personal personal tax return at the whole. A loss from an S Corp will reduce taxable income, provided there is other taxable income to reduce. If not, then an incredibly real no taxes due.

This gives us a combined total of $110,901, our itemized deductions of $19,349 and exemptions of $14,600 stay the same, giving us an overall taxable income of $76,952.

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