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If you’re a single-member LLC, you could actually be overpaying in tax to some degree, depending on your situation. And one of the ways to help you save money on tax is to switch to an S-Corp vehicle.
The best thing about Profit First is you get to set aside money for your taxes which takes the stress level down tremendously. However, you also have to be able to put strategies in place so you can keep more of that money that you’ve set aside and earned – legally.
In this episode, you will hear:
- Why the S-Corp status is valuable as a tax strategy vehicle for businesses
- Why is it better to establish my business as an LLC first?
- The cost of a separate tax return
- Why get the help of a 3rd party when it comes to your payroll tax return
- How much is reasonable compensation
- The things you can and can't do in the S-Corp
- Why you need to document minutes of your shareholders’ meeting
- Additional types of expenses that can be reimbursed to you personally through the S-Corp
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Supporting Resources:
008: Profit vs. Cash Flow – What You Need To Know
023: Prime Year-End Tax Planning Happens When Q3 Ends
