LLC vs S Corp: What Business Owners Should Know About Taxes

If you're a small business owner or running a side hustle, choosing the right business structure can have important tax implications. In this episode of Financial Foundations, we sit down with a senior accountant to walk through the key differences between sole proprietorships, LLCs, partnerships, and S Corporations—along with common considerations business owners should be aware of. We discuss: -How business structure affects tax reporting -Differences between LLCs, partnerships, and S Corps -How self-employment taxes are applied -W-2 income vs distributions in an S Corporation -When an S Corp election may be considered -Common tax misconceptions among business owners -The importance of planning for taxes throughout the year This episode is designed to provide general educational insights to help you better understand how these structures work. ⚠️ This content is for informational purposes only and should not be considered tax or legal advice. Please consult with a qualified professional regarding your specific situation. #SmallBusinessTaxes #SCorp #LLC #TaxPlanning #Entrepreneur #SideHustle #FinancialEducation #BusinessOwner #Accounting #FinancialFoundations Base Wealth Management ("the Firm") is an SEC registered investment adviser located in Lakewood Ranch, Florida. Registration does not imply any specific level of skill or training, and the content of this communication has not been approved or verified by the United States Securities and Exchange Commission or any state securities authority. BWM may only transact business in those states in which it is registered or qualifies for an exemption or exclusion from registration requirements. Investing involves risk, including the possible loss of principal. Past performance does not guarantee future results, and no strategy can ensure success or protect against loss in declining markets. For additional information, please review the Firm's Form ADV, available at www.adviserinfo.sec.gov.