An important tax strategy that should be used by businesses making over $50,000 in profit. All too often we see business owners not taking advantage of this tax strategy! So we're here to spill the tea so everyone can use and understand this strategy and save some tax dollars!
In this guide we explain why switching your business tax entity to an S Corp will save you thousands of dollars every. single. year!
We also explain HOW to do this so you can get your business switched to an S Corp!
What is this tax strategy?
Why didn't my CPA tell me about it?
Is this strategy legal (yes)?How does it work?
Why is this so beneficial?
Who should be doing this?
How much can I realistically save yearly using this strategy?
The steps needed to convert your business to an S Corp
What forms to file to make the conversion
What responsibilities and due dates you need to know as an S Corp
How to determine your salary and your distributions
What options you have to run payroll and file payroll reports
When you will file your first business tax return after the switch
How much it costs for a CPA to set this all up for you if you don't want to DIY
You should know and understand how the S Corporation strategy works before moving forward with a tax entity change. This guide will explain everything in a way you can easily understand!