1. How Much Profit Should You Be Earning Before the S-Corp Election Makes Financial Sense:
Detailed video discussing when an S-Corp makes financial sense:
2. How Large Amounts of W-2 Income Can Negate the Tax Savings of An S-Corp:
Detailed video discussing W-2 and small business income:
3. What Happens When Your State Doesn’t Recognize the Federal S-Corp:
Minnesota recognizes the Federal S-Corp: Link
If you filed federal Form 2553 with the Internal Revenue Service (IRS) to elect to become an S corporation, you do not need to file a similar form with Minnesota. Minnesota automatically accepts your S corporation status once approved by the IRS.