21-What's an S-Corp? And When Should I Become One?
Episode description
Ever heard of the term "S-corp"? No clue what it means? No? Perfect - you're in the right place.
In today’s episode, we’re talking all about S-corp basics. This is for the business owner who has less than $100K in revenue and has heard the term but has no clue what it means. Or just someone wondering if they should be an S-corp. (Spoiler alert: you’ll know by the end of this episode!)
We’ll be talking about:
- The definition of an S-corp, and how it differs from an LLC
- How the IRS taxes them (as opposed to an LLC)
- How it affects the way you’re paid
- When’s the right time to become an S-corp
- The costs involved
- The process involved
Note: If you haven’t listened to last week’s episode, this one follows right along, so you may want to go back and listen to that one first. Also, if you’re still unsure about how LLCs work, I explain it all in episode 4.
Listen in for all the details.
And follow along with the show notes here: https://www.ericagoode.com/podcast/ep22
**MAIL BAG LINK**
Have a question about business money, taxes or QuickBooks? I want to hear them. I’m doing an upcoming “Mail Bag” episode where I will answer your questions.
Here’s the link to my “Mail Bag” - submit a question for me to answer on the Podcast.
Remember, no question is “little” or “silly”. And if you’re still nervous, I’m happy to keep them anonymous.
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- LinkedIn: Erica Goode, CPA
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