EP14 | S Corp Election and Does It Make Sense For Your Business?

On this episode of Beyond the Receipts, we're cracking the code of S corporations. Forget boring tax jargon – we're breaking it down like you're sipping coffee with a financial bestie. We'll answer the burning questions: what are S corps, how do they save you taxes, and how do you pay yourself without tripping over the IRS red tape? Think you can just switch to S corp status and watch the tax savings roll in? Hold your horses! There's a catch – and it involves paying yourself a "reasonable" salary. We'll spill the tea on what that means and how to avoid audit headaches. This ain't just theory, folks. We're sharing real-world insights, practical tips, and a healthy dose of cautionary tales to help you decide if S corp life is for you. Let's do this!

Links:

• Follow The Tax Minded Bookkeeper on Instagram: https://www.instagram.com/taxmindedbookkeeper/
• Follow The Tax Minded Bookkeeper on Facebook: https://www.facebook.com/bbizsolution
• Check out the website: https://bbizsolution.com/
• Tax Resources & Free Downloads: https://bbizsolution.com/resources
• The Tax Minded Bookkeeper CEO Tax & Bookkeeping Membership: https://bbizsolution.com/membership
• Gussto for payroll services: https://guusto.com/
• ADP for payroll services: https://www.adp.com/
• QuickBooks Online for payroll services and bookkeeping software: https://quickbooks.intuit.com/