S Corp vs. LLC - Differences and Benefits
S Corp vs. LLC - Differences and Benefits
9 months ago
wolterskluwer.com
One of the most common questions I get: ‘When should I convert my LLC to an S Corp?’ Here’s the truth: If your business is making around $50,000 or more in profit per year, it’s probably time to start looking at an S Corp election. Why? Because once you hit that level, self-employment taxes start to eat into your profits—hard. You’re paying 15.3% just in FICA taxes before federal and state even show up. But when you elect S Corp status: ✅ You pay yourself a reasonable salary (subject to payroll
0:33
One of the most common questions I get: ‘When should I convert my LLC to an S Corp?’ Here’s the truth: If your business is making around $50,000 or more in profit per year, it’s probably time to start looking at an S Corp election. Why? Because once you hit that level, self-employment taxes start to eat into your profits—hard. You’re paying 15.3% just in FICA taxes before federal and state even show up. But when you elect S Corp status: ✅ You pay yourself a reasonable salary (subject to payroll
306 views11 months ago
FacebookKarlton Dennis
What do you know filing as an S-Corp? If you’ve been operating as an LLC, understanding how and when to elect S corporation status can unlock meaningful tax savings, change how you pay yourself, and streamline how you file using the 1120-S return. Treat your next tax season as an opportunity to get proactive instead of reactive with the IRS, so your hard work shows up not just in your total revenue, but in what you actually get to take home. Even if you formed your LLC years ago, you may still b
0:25
What do you know filing as an S-Corp? If you’ve been operating as an LLC, understanding how and when to elect S corporation status can unlock meaningful tax savings, change how you pay yourself, and streamline how you file using the 1120-S return. Treat your next tax season as an opportunity to get proactive instead of reactive with the IRS, so your hard work shows up not just in your total revenue, but in what you actually get to take home. Even if you formed your LLC years ago, you may still b
27 views2 months ago
FacebookMichael Hellickson's Club Wealth Real Estate …
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Keeper on Instagram: "Is it time for your LLC to elect S-Corp status? For many small business owners, this is the most profitable tax move they will ever make. While a standard LLC is a legal business entity, an S-Corp is a tax election that can drastically reduce your IRS bill. 👇 Let’s break down S-Corp savings the math: 🔴 As a regular LLC, you pay 15.3% self-employment tax on every dollar of net profit. If you make $100,000, that’s $15,300 just in self-employment taxes. &#x1f7e
1.2K views2 months ago
Instagramkeeper.tax
0:05
Electing S-Corp status on top of your existing LLC is what separates business owners who are simply protected from those who are actually keeping more of what they earn. Here is the difference. Without an S-Corp election, the IRS taxes every dollar of your LLC profit at 15.3% self-employment tax. With one, you split your income into a reasonable salary and owner distributions. SE tax only applies to the salary. The distributions pass through completely free from self-employment tax. On $100,000
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