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192. Is an S-Corp Right for Your Business? Here’s What You Need to Know

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Manage episode 467299555 series 3236231
Content provided by The Legal Paige®. All podcast content including episodes, graphics, and podcast descriptions are uploaded and provided directly by The Legal Paige® or their podcast platform partner. If you believe someone is using your copyrighted work without your permission, you can follow the process outlined here https://staging.podcastplayer.com/legal.

This week on the Legally Legit® Podcast (formerly The Legal Paige® Podcast), I’m diving into one of the most requested topics and an absolute game-changer for small business owners: S-Corps! If you’re gearing up for tax season and wondering how to save thousands, you’ll want to tune into this episode.

I'll break down everything you need to know about S-Corporations, including what they are (hint: it’s a tax designation, not a business entity), how to elect S-Corp status, and why it might be the smartest move for your business. Plus, I’ll walk you through important considerations like reasonable salaries, tax savings on self-employment taxes, and how to know if an S-Corp is the right fit for you. Whether you’re a seasoned entrepreneur or just starting out, I share practical tips and advice to help you stay legally legit and maximize your tax savings.

*NOTE: This is a re-air of Episode 77: Understanding The Benefits Of S Corps and Taxes

What You’ll Learn in This Episode:

  • What an S-Corporation is and how it differs from other business structures.
  • The steps to elect S-Corp status, including filing Form 2553 by March 15th.
  • How an S-Corp can save you thousands on self-employment taxes.
  • The importance of paying yourself a reasonable salary (and what that means).
  • Key factors to consider when deciding if an S-Corp is right for your business.

Mentioned in This Episode:

  • IRS Form 2553: Electing S-Corp Status
  • Legal and Tax Resources for Small Business Owners

Links and Resources:

Join the TLP Facebook Community, a safe space to ask any questions related to the law or your business: https://tlpfacebook.com/

Visit The Legal Paige for contract templates, blogs, and additional legal resources, and follow me on Instagram: https://thelegalpaige.com/

Need 1:1 legal support for your business? https://griffithsuazolaw.com/

  continue reading

201 episodes

Artwork
iconShare
 
Manage episode 467299555 series 3236231
Content provided by The Legal Paige®. All podcast content including episodes, graphics, and podcast descriptions are uploaded and provided directly by The Legal Paige® or their podcast platform partner. If you believe someone is using your copyrighted work without your permission, you can follow the process outlined here https://staging.podcastplayer.com/legal.

This week on the Legally Legit® Podcast (formerly The Legal Paige® Podcast), I’m diving into one of the most requested topics and an absolute game-changer for small business owners: S-Corps! If you’re gearing up for tax season and wondering how to save thousands, you’ll want to tune into this episode.

I'll break down everything you need to know about S-Corporations, including what they are (hint: it’s a tax designation, not a business entity), how to elect S-Corp status, and why it might be the smartest move for your business. Plus, I’ll walk you through important considerations like reasonable salaries, tax savings on self-employment taxes, and how to know if an S-Corp is the right fit for you. Whether you’re a seasoned entrepreneur or just starting out, I share practical tips and advice to help you stay legally legit and maximize your tax savings.

*NOTE: This is a re-air of Episode 77: Understanding The Benefits Of S Corps and Taxes

What You’ll Learn in This Episode:

  • What an S-Corporation is and how it differs from other business structures.
  • The steps to elect S-Corp status, including filing Form 2553 by March 15th.
  • How an S-Corp can save you thousands on self-employment taxes.
  • The importance of paying yourself a reasonable salary (and what that means).
  • Key factors to consider when deciding if an S-Corp is right for your business.

Mentioned in This Episode:

  • IRS Form 2553: Electing S-Corp Status
  • Legal and Tax Resources for Small Business Owners

Links and Resources:

Join the TLP Facebook Community, a safe space to ask any questions related to the law or your business: https://tlpfacebook.com/

Visit The Legal Paige for contract templates, blogs, and additional legal resources, and follow me on Instagram: https://thelegalpaige.com/

Need 1:1 legal support for your business? https://griffithsuazolaw.com/

  continue reading

201 episodes

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