Does an S Corp Make Sense for Me?

If you've been scrolling through the finance side of any social media platform recently, you've likely had someone tell you to go get an S Corp. But the worst thing you can do is go get one just because someone told you to.

So how do you know when you're ready for an S Corp? I'm going to walk you through this. One of the barebones requirements for electing S Corp status is having a preexisting entity. Then you need to be asking yourself if you're profitable. Are you making at least $50,000 a year after expenses? If you do, great! Do you also have good financial hygiene? I'm talking solid bookkeeping, documentation, and keeping personal and business expenses separate. If you've got all of that, the last thing you need to do is be sure that you're current and compliant on all of your tax filings.

"Get inspired, but don't rely solely on the advice of others that aren't professionals. That's my advice on that."

What you'll hear in this episode:

• The misconceptions about the S corp as a tax strategy.
• Four ways to know if you’re ready for the S corp.
• Why you need to have quality bookkeeping.
• The one thing that can put that in jeopardy is you not respecting the boundaries.
• If you meet all these criteria, you can unlock some serious tax savings with the S-corp.

Here are some brief snippets from this episode:

[00:00:40]
There are a lot of misconceptions about Fitnancial Solutions as a tax strategy. Don't rely solely on the advice of others that aren't professionals. You need professional advice on your situation, point by period.

[00:01:50]
So is an S Corp right for you? We're going to tell you how you know. You need to be the one to decide this, because it's your decision. Last thing I want is for anyone to be asked the question, why are you an escort?

[00:02:13]
An S Corp is an election that you put on an entity. One of the bare bones requirements to get the S corp is to have an entity to put it on. To know if you're profitable, you need to know, am I making at least $50,000 in profit. You also need to maintain financial hygiene.

[00:07:01]
A small group of entrepreneurs will help you get your S Corp set up over four weeks in February 2023. If you meet four criteria, you can unlock some serious tax savings with the S Corp. The Escort Success Plan is a done for you service.

Related episodes:

196. How to Handle Suspicious Tax Pros

201. How to Deduct Medical Costs and Self-Employed Health Insurance

204. Live Q&A: Will Anyone Actually Buy My Offer?

Resources:

Find everything you need at www.keepwhatyouearn.com! https://www.keepwhatyouearn.com/

Questions about this episode? Text me!: https://my.community.com/shannonweinsteincpa

Chat about this episode in the Keep What You Earn Community – http://keepwhatyouearn.circle.so

Hire us: https://www.fitnancialsolutions.com/accounting

See how much you can save with an S Corp: https://www.keepwhatyouearn.com/keep-what-you-earn-s-corp-calculator

Find me on IG @shannonkweinstein

Meet me face-to-face on YouTube: https://www.youtube.com/channel/UCMlIuZsrllp1Uc_MlhriLvQ

Featured in Yahoo Finance! Read more here: https://finance.yahoo.com/news/10-bookkeepers-accountants-watch-2021-113800161.html

The information contained in this podcast is intended for educational purposes only and is not individual tax advice. Please consult a qualified professional before implementing anything you learn.