May 5, 2020
One of the most common questions I get as a CPA is what is an S-Corporation, and should I form one. So here is accountants take on an S-Corp and when they should be used for tax purposes.
For a complete transcript check out our show notes for episode 7 on smallbizmama.com
Topics
Tax designation - You must have an LLC or an INC to do this.
An S-Corporation is a pass-through entity, like a sole
proprietorship or a partnership.
Differences: Must pay yourself W-2 wages if you work in the
business, No SE tax on profits.
When? Elect when your profits are more than a reasonable salary for
what you do. March 15 deadline for the current year (Form 2553).
Must set up payroll.
Discuss the importance of reasonable compensation.
For the complete show, notes go to small biz
mama.com**************************
https://www.smallbizmama.com/episode-6-how-to-eat-at-home-more-without-spending-all-your-time-planning-and-cooking/
Mentions
*********************************************************************
https://www.salary.com/
https://gusto.com/partners/invite/kristin-l-ingram-cpa-msat
Affiliates *********************************************************************
Follow Us
*********************************************************************
Facebook https://www.facebook.com/kristinlingramcpa
Small Biz Mama Podcast on Facebook
https://www.facebook.com/smallbizmamapodcast/
Small Biz Mama Group on Facebook
https://www.facebook.com/groups/smallbizmama/
The Small Biz Mama on Instagram
https://www.facebook.com/groups/smallbizmama/
Pinterest smallbizmama https://www.pinterest.com/SmallBizMama/
YouTube
https://www.youtube.com/channel/UCr6kKxvKTAwf2mPNITooG1g