Are you trying to decide if an S Corporation is the right choice for your business? I know it sounds appealing with all those potential tax savings, but making the wrong choice can lead to unnecessary complications.  But how do you know if an S Corp is truly a smart move for your business?On this episode of Become Sensible, I'll take you through everything you need to know about S Corporations---from what they actually are to how they differ from other structures, like C Corporations. I'll cover the unique tax benefits, the requirements and limitations, and how this entity type can impact your long-term growth strategy. Whether you're a new entrepreneur or have been in business for a while, this episode will help you understand if an S Corp is the right move for your situation.ConnectFollow me, Fiona Nguyen, on LinkedIn. Learn more about Balannx.Timestamps0:00 - Introduction to S Corporations and common business questions1:00 - Understanding what an S Corporation is and its unique tax treatment3:00 - Pass-through benefits and how they differ from a C Corporation5:00 - Key components and restrictions of an S Corporation8:00 - Tax advantages and the role of self-employment tax10:30 - Who should consider an S Corporation and the factors involved12:00 - Calculating reasonable compensation and IRS expectations15:00 - Weighing S Corp costs vs. benefits for small business owners18:30 - Common misconceptions and mistakes with S Corporations21:00 - Choosing between LLC and S Corporation based on business phases24:00 - Planning ahead: S Corporation requirements and deadlines26:00 - Key takeaways and final advice on choosing the right business structure Hosted on Acast. See acast.com/privacy for more information.

Ver todos los episodios