61-When is an S-Corp a Bad Idea?
- Early-stage business and S-corp advantages
- S-corp considerations for pre-retirement planning
- Balancing a W-2 job with an S-corp structure
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Explore "s-corp" with insightful episodes like "61-When is an S-Corp a Bad Idea?", "Freelancers and Financial Crimes", "Sharon L. Tasman: Empowering Entrepreneurs with Legal Expertise", "25-How to Pay Yourself from Your Business - Salary vs Owner Distributions vs Profit" and "10 Factors in Choosing a Business Enitity" from podcasts like ""Coaches, Consultants, and Money", "Freelance Road Trip Podcast", "MIKE'D UP! with Mike DiCioccio", "Coaches, Consultants, and Money" and "Adam Abrahams - The Legal Tax Junkie"" and more!
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A new reporting requirement affecting LLCs and s-corps — small and independent businesses legally registered with their secretary of state — is coming your way in 2024. The Corporate Transparency Act establishes a federal database of beneficial owners of small businesses with under 20 employees, including microbusinesses and freelancers. The database is overseen by the Financial Crimes Enforcement Network of the Department of the Treasury. My goal in this episode is to educate you regarding this new law, why it was implemented, and the information you need to supply if you’re an LLC or corporation.
I’m thrilled to welcome Sharon Tasman, founder of HTBiz Law to the show! With over 30 years of experience, Sharon is a powerhouse business and tech attorney dedicated to serving solo and small business owners.
At HTBiz Law, Sharon brings the expertise of a global firm with the personal touch of a boutique practice. She's passionate about empowering women, BIPOC, and underserved entrepreneurs by providing accessible, non-intimidating legal services.
Sharon has a cumulative deal portfolio of over $6 billion and has been published extensively on key legal issues facing startups and small businesses. Her mission is to equip entrepreneurs with the legal knowledge to safeguard their interests and thrive.
We discuss the top legal concerns that small business owners face today and how Sharon helps clients overcome hurdles with tailored solutions. I learned a lot from her wealth of experience that is empowering entrepreneurs!
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Interview Recorded via Riverside.fm
Today I’m sharing the short-but-sweet answer to a question that is on EVERY new business owner’s mind: “How do I pay myself?”
It’s really not a complicated answer, but here it is:
How you pay yourself from your business depends on how your business is structured (legally) and taxed (by the IRS)
I'll talk through:
How to take an owner distribution
How frequently I recommend paying yourself
Paying yourself as a sole proprietor vs an LLC vs an S-corp
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And if you need a refresher, here are 2 episodes I refer to in the show:
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Join Mark and Mat as they break down all of the steps of maintaining your LLC or S-Corporation. Whether its a brand new entity or you've been operating for years, there are basic procedures you should be following to get maximum asset protection and tax savings. More info at www.refreshyourwealth.com .
Be careful to click with a mouse and think you have the right entity, an S-Corporation could be the perfect choice and you might not even know it. In this show, Mark and Mat break down all of the pros and cons of how, when and why to use an S-Corporation. There are so many options when structuring your business and understanding the benefits of an S-Corporation - which could save you thousands in the short AND long-run. This is a show you won't want to miss!http://www.refreshyourwealth.com
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