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What Is an S Corp and Should I Become One in 2023?

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Conteúdo fornecido por Mike Jesowshek, CPA, Mike Jesowshek, and CPA. Todo o conteúdo do podcast, incluindo episódios, gráficos e descrições de podcast, é carregado e fornecido diretamente por Mike Jesowshek, CPA, Mike Jesowshek, and CPA ou por seu parceiro de plataforma de podcast. Se você acredita que alguém está usando seu trabalho protegido por direitos autorais sem sua permissão, siga o processo descrito aqui https://pt.player.fm/legal.

What Is an S Corp and Should I Become One in 2023? In this episode of the Small Business Tax Savings Podcast, Mike provides an in-depth analysis of the advantages of becoming an S-corporation. Mike reviews the different entity types and explains why an S-corporation is often a better option.

Mike covers topics of what an S-corporation is, when to become one, how to set it up, what constitutes a reasonable salary for an S-corporation owner, and how to maintain an S-corporation after.

Tune in now as Mike discusses all the details on how to minimize self-employment taxes and save money legally by electing to be taxed as an S-corporation!

[00:28] What is an S-Corp and should I become one in 2023?

  • Today’s episode is, “What is an S-Corp, and Should I become one in 2023?”
  • Mike discusses everything you need to know about S-corporations

[06:01] When Does An S-Corporation Make Sense?

  • Self-employment taxes are roughly 15% of business profits
  • An S-corporation makes sense when the business starts to profit around $40, 000 - $50, 000 per year
  • You pay self-employment taxes on the reasonable salary option that you take as an owner of the company
  • By electing for S-corporation status, you can avoid self-employment taxes on income over and above the reasonable salary

[10:32] What Are The Downsides Of An S-Corporation?

  • What are the downsides of an S-corporation?
  • Having separate business tax returns which is more complex and costly
  • In order to be an S-corporation, you need to have an LLC or C-corporation set up
  • S-corporations help minimize self-employment taxes

[16:54] Closing Segment

  • Mike discusses all the details on how to minimize self-employment taxes and save money legally through electing be taxes as an S-corporation!
  • Final Words

Key Quotes

“S Corp is simply a tax election. It is not an entity type. We're just electing for an LLC that we already have set up, or a C Corporation that we already have set up. We're electing for that entity to be taxed as an S Corporation. And really, the main reason for an S Corporation is to help lower the amount of self-employment taxes you pay.” – Mike Jesowshek, CPA

--------
Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings Podcast

Join Our Tax Minimization Program: https://www.taxsavingspodcast.com/tax

IncSight Packages: https://incsight.net/pricing/

Book an Initial Consultation: https://app.simplymeet.me/o/incsight/sale

-------

Podcast Website: https://www.TaxSavingsPodcast.com

Facebook Group: https://www.facebook.com/groups/taxsavings/

--------

To find out more on this topic and many others visit our website at www.TaxSavingsPodcast.com. You can also give us a call at 844-327-9272 or send your questions to us at: Ask@TaxSavingsPodcast.com

  continue reading

297 episódios

Artwork
iconCompartilhar
 
Manage episode 365416944 series 2287541
Conteúdo fornecido por Mike Jesowshek, CPA, Mike Jesowshek, and CPA. Todo o conteúdo do podcast, incluindo episódios, gráficos e descrições de podcast, é carregado e fornecido diretamente por Mike Jesowshek, CPA, Mike Jesowshek, and CPA ou por seu parceiro de plataforma de podcast. Se você acredita que alguém está usando seu trabalho protegido por direitos autorais sem sua permissão, siga o processo descrito aqui https://pt.player.fm/legal.

What Is an S Corp and Should I Become One in 2023? In this episode of the Small Business Tax Savings Podcast, Mike provides an in-depth analysis of the advantages of becoming an S-corporation. Mike reviews the different entity types and explains why an S-corporation is often a better option.

Mike covers topics of what an S-corporation is, when to become one, how to set it up, what constitutes a reasonable salary for an S-corporation owner, and how to maintain an S-corporation after.

Tune in now as Mike discusses all the details on how to minimize self-employment taxes and save money legally by electing to be taxed as an S-corporation!

[00:28] What is an S-Corp and should I become one in 2023?

  • Today’s episode is, “What is an S-Corp, and Should I become one in 2023?”
  • Mike discusses everything you need to know about S-corporations

[06:01] When Does An S-Corporation Make Sense?

  • Self-employment taxes are roughly 15% of business profits
  • An S-corporation makes sense when the business starts to profit around $40, 000 - $50, 000 per year
  • You pay self-employment taxes on the reasonable salary option that you take as an owner of the company
  • By electing for S-corporation status, you can avoid self-employment taxes on income over and above the reasonable salary

[10:32] What Are The Downsides Of An S-Corporation?

  • What are the downsides of an S-corporation?
  • Having separate business tax returns which is more complex and costly
  • In order to be an S-corporation, you need to have an LLC or C-corporation set up
  • S-corporations help minimize self-employment taxes

[16:54] Closing Segment

  • Mike discusses all the details on how to minimize self-employment taxes and save money legally through electing be taxes as an S-corporation!
  • Final Words

Key Quotes

“S Corp is simply a tax election. It is not an entity type. We're just electing for an LLC that we already have set up, or a C Corporation that we already have set up. We're electing for that entity to be taxed as an S Corporation. And really, the main reason for an S Corporation is to help lower the amount of self-employment taxes you pay.” – Mike Jesowshek, CPA

--------
Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings Podcast

Join Our Tax Minimization Program: https://www.taxsavingspodcast.com/tax

IncSight Packages: https://incsight.net/pricing/

Book an Initial Consultation: https://app.simplymeet.me/o/incsight/sale

-------

Podcast Website: https://www.TaxSavingsPodcast.com

Facebook Group: https://www.facebook.com/groups/taxsavings/

--------

To find out more on this topic and many others visit our website at www.TaxSavingsPodcast.com. You can also give us a call at 844-327-9272 or send your questions to us at: Ask@TaxSavingsPodcast.com

  continue reading

297 episódios

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