This is the Entity Selection “Tax” Cheat Sheet: Fill in the following highlighted cells to obtain an estimate of the net income after tax liability you should expect depending on the entity you select.

1. Year of Business: Which year of business (for most people: 1)?
2. Gross Income: How much in total income for the entire year from sales of services or goods?
3. Expenses: How much expenses for the entire year (overhead; lease, material cost, labor, packaging)?
4. Salary Paid to Owner: If Corporation, how much would owner(shareholder) be paid in salary for working?
5. Entity Profit: Do not fill in (automatic).
6. Filing Status: Will you file as Married or Single?