IRS representation in Marine Park, Brooklyn

It depends on profit after you pay yourself a defensible salary, not on revenue. The saving comes from the portion of profit taken as distribution rather than wage, so it only works once there is meaningful profit above a reasonable wage for the work you actually do. Electing too early creates payroll obligations and no benefit.

Not immediately, in most cases, but it adds to basis, which reduces the gain when you sell. Keep the invoices. The principal residence exclusion covers a lot of gain but not all of it, and basis is where people lose money through poor records rather than bad advice.

For an employee, very little directly. For a business owner, New York’s pass through entity tax is worth modeling, because it can move state tax from the capped personal deduction to the entity level. Whether it helps depends on your specific numbers.

Send us the notice before doing anything else. Most are automated matching letters where the agency has seen a form you already reported differently, and they resolve on paper.

Usually. Installment agreements, and in some cases penalty abatement where there is reasonable cause. What is available depends on the amount, the age of the debt and whether returns are filed, which is why filing first matters even when you cannot pay.

Yes. State notices are common here and the two agencies do not coordinate, so it is normal to be dealing with both at once over the same underlying issue.