Episode 03: Tax Elections for Business Owners: LLC vs. S-Corp

by | Feb 15, 2023

The Growth Advisor Podcast
The Growth Advisor Podcast
Episode 03: Tax Elections for Business Owners: LLC vs. S-Corp
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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.

 

 

Resources:

The Tax Guide for Self-Employed Entrepreneurs Article

North Shore Accounting