I Almost Lost My S-Corp Status | Avoid This IRS Mistake

Teaching Millionaires

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13d ago 9:06

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A simple payroll mistake almost cost me my S-Corp status and thousands in IRS penalties. I share my story and how my friend Ashley actually DID lose her status - resulting in years of tax problems.

Learn the critical S-Corp requirements the IRS demands:

- Why proper payroll is non-negotiable

- How to determine your "reasonable salary"

- The exact system I use to stay penalty-free

🔗 GUSTO PAYROLL DISCOUNT: https://teachingmillionaires.com/recommends/gusto

✅ FREE S-CORP CHECKLIST: https://pages.teachingmillionaires.com/s-corp

⏱️ CHAPTERS:

00:00 My S-Corp Nightmare Begins

00:32 Ashley's Cautionary Tale

02:32 How I Almost Made the Same Mistake

03:34 How We Caught and Fixed It in Time

04:31 The Critical S-Corp Requirements You Must Follow

05:29 The S-Corp Survival Checklist

06:57 The Automated Payroll System I Recommend

#SCorp #TaxTips #SmallBusinessTax

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👥 About Rich Smith: Rich Smith helps individuals and business owners optimize their wealth through smart financial strategies. With expertise in tax incentives and wealth preservation, Rich breaks down complex financial concepts into actionable steps.

📌 This video may contain links through which we are compensated when you click on or are approved for offers. The information in this video was not provided by any of the companies mentioned, and has not been reviewed, approved, or otherwise endorsed by any of these entities. I am not a financial advisor. The information I share is for educational purposes only and shouldn't be considered as certified financial or legal advice. It is imperative you conduct your own research. I am sharing my opinion only.

102 episodes

#Business #Rich Smith #Podcasting Education #About Selfemployment