How One Client Saved $24k on Their Taxes by Becoming an S Corporation

from Building Your Money Machine · host Mel H Abraham, CPA, CVA, ASA

As an entrepreneur, you have the opportunity to structure your business in a way that makes the most sense for you. But with so many options available, it can be difficult to know which one is right for your specific situation. Should you be an LLC, a sole proprietorship, or an S Corporation? Well, it depends on your situation and in this episode I'll break it all down for you.I'll walk you through the math and give you a worksheet to help you see if S Corporation is right for your business. So if you're looking to cut down on your tax bill or just want to improve your overall tax strategy, you're in the right place. Hit that play button, and let's dive right in!IN TODAY’S EPISODE, I DISCUSS: The different types of business entitiesImportance of having a good tax strategy for your businessThe best time to switch to an S CorporationRECOMMENDED EPISODES FOR YOU If you liked this episode, you'll love these ones:How to Go from Job to Entrepreneur with Amy PorterfieldHow Entrepreneurs Really Build Wealth!Your Business Is a Bad Wealth PlanShould You Convert Your IRA to a Roth IRA?RECOMMENDED VIDEOS FOR YOU If you liked this video, you'll love these ones:How to Go from Job to Entrepreneur with Amy Porterfieldhttps://youtu.be/YfmxJ3Za_acHow Entrepreneurs Really Build Wealth!https://youtu.be/u-TFVlM5ufYYour Business Is a Bad Wealth Planhttps://youtu.be/hGrNLWKK8doShould You Convert Your IRA to a Roth IRA?https://youtu.be/IWKQnPaXofwTAKE THE FINANCIAL FREEDOM QUIZ:Take this free quiz to see where you are on the path to financial freedom and what your next steps are to move you to a new financial destiny at http://www.YourFinancialFreedomQuiz.com OTHER RESOURCES:7-Day Money Plan Workshop: https://www.TheMoneyPlanWorkshop.comAffluent Entrepreneurs Private Facebook Group https://www.melabraham.com/group/CONNECT WITH ME:Website: MelAbraham.comYouTube: MelAbraham.com/tube/Instagram (@melabraham9): MelAbraham.com/ig/Facebook Group: MelAbraham.com/group/TikTok: https://www.tiktok.com/@melhabrahamGET MY BOOK:“The Entrepreneur's Solution The Modern Millionaire's Path to More Profit, Fans, & Freedom” – melabraham.com/book/

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This episode was published on February 27, 2023.

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