Have you seen the many social media posts and blogs claiming that your small business can save a fortune by “becoming an S Corp”? I hate to break it to you, but depending on a lot of factors, that might not be the case for your small business.
The S Corp tax election is one of the most misunderstood tax topics for business owners.
In this episode, I examine the differences between the two most common forms of business entity for business owners: Limited Liability Companies (LLCs) and S-Corporations (S-Corps). I’ll discuss the advantages and disadvantages of each type of entity, the tax implications of each, and the process of making the election.
Join me as I break down the basics of LLCs and S-Corps and the importance of making the right tax election for your business.
The Tax Guide for Self-Employed Entrepreneurs Article