Use The S Corp Payroll Tax Strategy To Save Taxes

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Tax Deduction for Hiring Your Children ▶️ • Tax Deduction for Hiri...
Most businesses want to use an S Corporation structure to reduce payroll taxes on net income of the business. Understand how the S Corp structure works, when you should use it, and how to maximize tax savings.
Learn about the limited situations where S Corps are not recommended and why some business owners in NYC or Washington DC could end up paying more tax with an S Corp structure.
S Corporation election form - www.irs.gov/pub/irs-pdf/f2553.pdf
Tax Strategies for Business Owners Course - taxplanninghq.com/tax-strateg...
Video Content
00:00 - Intro
00:53 - Why We Use S Corps
03:05 - Example of How S Corps Reduce Payroll Taxes
15:52 - How and When to Make S Corp Election
19:30 - Situations Where S Corp is Not Recommended
21:54 - Special State Filings for S Corps
22:28 - Deadline for S Corp Election
⚠️ Exercise caution before using this strategy. Do your own research and make sure you fully understand the risks you are undertaking!
💡 I do not work with clients or offer any consulting services. If you want to learn more about the best tax and investment strategies, subscribe to my channel and check out these courses ▶️ sharonwinsmith.com/courses/
The information provided in this video is owned by Winsmith Tax LLC and is solely for informational and educational purposes. It is not intended as investment, legal, or financial advice. Always consult with a professional familiar with your unique situation, or conduct your own research before making any decisions. We might receive commissions for recommending certain products or services.

Опубликовано:

27 июл 2024

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Комментарии : 6

@sharonwinsmith 10 месяцев назад

Tax Deduction for Hiring Your Children ▶ ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-LcQnDMyMzZQ.html

@stevearodgers 2 месяца назад

Sharon, I've heard some entrepreneurs talk about using IRS Section 1202 Qualified Small Business Stock (QSBS) to avoid capital gains on some C Corp stock sales. What are your thoughts regarding these and how would it compare to an S Corp strategy? It seems like a C Corp would have the double taxes issue and would cost more along the way. I know you would have be in a qualifying business category for the QSBS to make sense. Thanks for another great video! Love your content!

@sharonwinsmith 2 месяца назад

Thanks Steve! I would recommend checking out this video ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-KqEHW5Wcyow.html. It is very rare in practice that business owners can actually take advantage of 1202 QSBS. I cover why that is the case in that video towards the end. Hope this helps!

@scarletp6971 Год назад

Thank you for this information. I have one question. If I file for a late s corp election for 2023, do I need to wait until IRS approval to work on payroll or do I start with payroll right away? Thank you!

@sharonwinsmith Год назад

I would go ahead and set up payroll. I've never seen the IRS not approve an S Corp late election if filed correctly. You should be safe to assume they will approve it unless you hear otherwise.

@scarletp6971 Год назад

@@sharonwinsmith thank you so much for your quick response. I'll set it up then. I really appreciate your help.