KEEP TAX BASIC
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LLCs and S corporations are different aspects of business operations but are not mutually exclusive. In this video, I will go over what an LLC is and how you can go about making the S-election.
Remember you are viewed as the employer and the employee when you own a business and are self-employed. As an LLC (with no election) or Sole proprietorship, it is considered a draw when you pay yourself. However, as a shareholder of an S Corp, it is required for you to pay yourself. This also means the S Corp will have to pay payroll taxes.
Switching to an S-corp is one way you can lower or even eliminate self-employment taxes.
Please reach out click the link https://ktbservices.us/contact-us if you have any questions or would like a free consultation. You can also give me a call at 908-543-4716 and let's Keep Tax Basic!
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