Custom Manufacturing Industry podcast is an entrepreneurship and motivational podcast on all platforms, hosted by Aaron Clippinger. Being CEO of multiple companies including the signage industry and the software industry, Aaron has over 20 years of consulting and business management. His software has grown internationally and with over a billion dollars annually going through the software. Using his Accounting degree, Aaron will be talking about his organizational ways to get things done. Hi ...
…
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Content provided by Mark J Kohler and Mat Sorensen, Mark J Kohler, and Mat Sorensen. All podcast content including episodes, graphics, and podcast descriptions are uploaded and provided directly by Mark J Kohler and Mat Sorensen, Mark J Kohler, and Mat Sorensen or their podcast platform partner. If you believe someone is using your copyrighted work without your permission, you can follow the process outlined here https://podcastplayer.com/legal.
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#559 Retroactive S-Election for 2024: Why & How
Manage episode 462374091 series 1248143
Content provided by Mark J Kohler and Mat Sorensen, Mark J Kohler, and Mat Sorensen. All podcast content including episodes, graphics, and podcast descriptions are uploaded and provided directly by Mark J Kohler and Mat Sorensen, Mark J Kohler, and Mat Sorensen or their podcast platform partner. If you believe someone is using your copyrighted work without your permission, you can follow the process outlined here https://podcastplayer.com/legal.
In this episode of the Main Street Business Podcast, Mark J. Kohler and Mat Sorensen share powerful insights on why converting your LLC to an S corporation is a game-changer for tax savings. They discuss the crucial tax advantages, the importance of structuring income properly, and walk you through the filing process. Find out how you could potentially save $7,000 or more with this strategic business move.
Here are some of the highlights:
- Mark emphasizes how LLCs do not save taxes and explains the process of turning an LLC into an S corp.
- Discussion on the difference in tax rates between LLCs and S corps, with S corps allowing for lower self-employment tax.
- Mat and Mark cover the importance of allocating income to FICA wages and the potential savings.
- Mark outlines the three-step process for making a late S corporation election, including filling out form 2553 and referencing revenue procedure 2013-30.
- Mark explains the workaround for the first year, including claiming compensation on both the 1120s and Schedule C.
- The benefits of the S corporation strategy for business owners and the potential annual savings.
- Need for proper health insurance premium write-offs and the overall benefits of the S corporation strategy.
- Why S Corps should avoid taking the Qualified Business Income (QBI) deduction when filing taxes.
- Grab my FREE Ultimate Tax Strategy Guide HERE!
- Are you ready to get certified in EVERY strategy I teach? Start your journey with a FREE 15-minute demo to explore the Main Street Tax Pro Certification.
- You don't want to miss this! Secure your tickets for the most significant tax & legal event of the year: Tax and Legal 360
- Looking to connect with a rock star law firm? KKOS is only a click away!
- Check out our YOUTUBE Channel Here: https://www.youtube.com/markjkohler
- Craving more content? Check out my Instagram!
Chapters
1. Maximizing Tax Savings With S-Corporation (00:00:00)
2. Navigating S-Corporation Payroll Procedures (00:09:12)
3. Strategic Tax Savings for Small Businesses (00:21:30)
689 episodes
Share
Manage episode 462374091 series 1248143
Content provided by Mark J Kohler and Mat Sorensen, Mark J Kohler, and Mat Sorensen. All podcast content including episodes, graphics, and podcast descriptions are uploaded and provided directly by Mark J Kohler and Mat Sorensen, Mark J Kohler, and Mat Sorensen or their podcast platform partner. If you believe someone is using your copyrighted work without your permission, you can follow the process outlined here https://podcastplayer.com/legal.
In this episode of the Main Street Business Podcast, Mark J. Kohler and Mat Sorensen share powerful insights on why converting your LLC to an S corporation is a game-changer for tax savings. They discuss the crucial tax advantages, the importance of structuring income properly, and walk you through the filing process. Find out how you could potentially save $7,000 or more with this strategic business move.
Here are some of the highlights:
- Mark emphasizes how LLCs do not save taxes and explains the process of turning an LLC into an S corp.
- Discussion on the difference in tax rates between LLCs and S corps, with S corps allowing for lower self-employment tax.
- Mat and Mark cover the importance of allocating income to FICA wages and the potential savings.
- Mark outlines the three-step process for making a late S corporation election, including filling out form 2553 and referencing revenue procedure 2013-30.
- Mark explains the workaround for the first year, including claiming compensation on both the 1120s and Schedule C.
- The benefits of the S corporation strategy for business owners and the potential annual savings.
- Need for proper health insurance premium write-offs and the overall benefits of the S corporation strategy.
- Why S Corps should avoid taking the Qualified Business Income (QBI) deduction when filing taxes.
- Grab my FREE Ultimate Tax Strategy Guide HERE!
- Are you ready to get certified in EVERY strategy I teach? Start your journey with a FREE 15-minute demo to explore the Main Street Tax Pro Certification.
- You don't want to miss this! Secure your tickets for the most significant tax & legal event of the year: Tax and Legal 360
- Looking to connect with a rock star law firm? KKOS is only a click away!
- Check out our YOUTUBE Channel Here: https://www.youtube.com/markjkohler
- Craving more content? Check out my Instagram!
Chapters
1. Maximizing Tax Savings With S-Corporation (00:00:00)
2. Navigating S-Corporation Payroll Procedures (00:09:12)
3. Strategic Tax Savings for Small Businesses (00:21:30)
689 episodes
All episodes
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Similar to Main Street Business
Custom Manufacturing Industry podcast is an entrepreneurship and motivational podcast on all platforms, hosted by Aaron Clippinger. Being CEO of multiple companies including the signage industry and the software industry, Aaron has over 20 years of consulting and business management. His software has grown internationally and with over a billion dollars annually going through the software. Using his Accounting degree, Aaron will be talking about his organizational ways to get things done. Hi ...
…
continue reading
Call them changemakers. Call them rule breakers. We call them Redefiners. And in this provocative podcast, we explore how daring leaders from across industries and around the globe are redefining their organizations—and themselves—to create extraordinary impact in today’s rapidly changing world. In each episode, Russell Reynolds Associates Leadership Advisor Hoda Tahoun and former CEO Clarke Murphy host engaging, purposeful conversations with leaders in and out of the business world who shar ...
…
continue reading
Some Goodness is hosted by Richard Ellis, a seasoned sales leader passionate about inviting top business minds to share their wisdom. Each episode is only 15-20 minutes, perfect for your commute or workout.
…
continue reading
Stephan Piscano founder of The Real Estate Networking Group the largest real estate group online interviews experts in real estate, finance, sports, motivation and more as we use common sense concepts to give investors insights on financial markets and have a lot of fun talking sports, politics and business motivation as well!
…
continue reading
The Craig Groeschel Leadership Podcast offers personal, practical coaching lessons that take the mystery out of leadership. In each episode of the Craig Groeschel Leadership Podcast, Craig brings you empowering insights and easy-to-understand takeaways you can use to lead yourself and lead your team. You’ll learn effective ways to grow as a leader, optimize your time, develop your team, and structure your organization.
…
continue reading
Rachel Cooke is your guide to leadership and communication, helping you craft a workplace environment you can feel good about. She’ll share tips to help you balance your work and personal life, effectively invest your time, and be mindful about where you’re devoting your energy. Let Rachel help you navigate your path to success—however you define it.
…
continue reading
Kipp Bodnar (HubSpot’s CMO) and Kieran Flanagan (Zapier’s CMO), lead you down the rabbit hole of marketing trends, growth tactics and innovation. On the way you’ll pick up undiscovered strategies to give you that slight edge for success. These are not your typical twitter thread regurgitated marketing tactics that everyone is doing. These are new methods, with unfiltered examination of successful fresh ideas.
…
continue reading
Where startup founders raise millions and listeners can invest. Host Josh Muccio takes listeners behind closed-doors and into the room where deals are made. Part of the Vox Media Podcast Network.
…
continue reading
Practical business lessons for the real world.
…
continue reading
Welcome to the What’s Next! Podcast. I’ve met so many brilliant people as I traveled the globe and have had some fascinating conversations that I’ve wished had been recorded so I could share them with you - this podcast was a way for me to recreate those moments and let you in on some fantastic insights. My current conversations center around one objective: what's next for companies and individuals as they look to innovate and grow. I hope these conversations inspire you as much as they have ...
…
continue reading
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