Navigating S Corps: The Pros, Cons, and Tax Implications for Small Businesses [Ep. 165]
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Choosing the right business structure isn’t just about compliance – it’s about maximizing tax efficiency and aligning with your long-term goals.
Larry Heller, CFP®, CDFA®, and William Huether, CPA, CGMA, MBA, discuss how S-Corporations can help business owners save on taxes, streamline compliance, and drive growth. They compare S-Corps to C-Corps, LLCs, and partnerships, offering insights on tax benefits, drawbacks, and strategies to align business structures with long-term goals.
With practical advice on avoiding double taxation and leveraging pass-through entity tax (PTET) benefits, William provides a roadmap for optimizing your business structure.
Key Points Covered:
- Why S-Corps Work: Reduce double taxation, save on self-employment taxes, and enjoy a corporate framework’s perks
- PTET Benefits: Discover how to bypass the $10,000 SALT cap using pass-through entity tax strategies
- Entity Selection Simplified: Weigh the pros and cons of S-Corps, C-Corps, LLCs, and partnerships to find the best fit for your business
- Compliance Essentials: Stay on top of filing deadlines, salary requirements, and state-specific rules like New York elections
- Avoiding Pitfalls: Learn about reasonable salary requirements, local jurisdiction limitations, and transition strategies between entity types
- And much more!
Actionable Takeaway: The right business structure could be the key to significant tax savings and long-term financial success. Consult a CPA or tax professional to evaluate your options and create a tax plan tailored to your goals.
Resources:
- Unlocking Tax Strategies to Optimize Your Retirement (Ep. 152)
- Investing with the Reservoir Strategy (Ep. 119)
Connect with Larry Heller:
- (631) 248-3600
- Schedule a 20-minute Call
- Heller Wealth Management
- LinkedIn: Larry Heller, CFP®, CDFA®, CPA
- YouTube: Life Unlimited with Larry Heller, CFP®
Connect with William Huether:
About Our Guest:
William Huether is a Certified Public Accountant with over eleven years of experience with clients in a broad range of industries, including the retail, wholesale, distribution, restaurant/hospitality, not-for-profit, solar, investment company, manufacturing, and real estate industries. William holds the Chartered Global Management Accountant (CGMA) designation from the AICPA and the Chartered Institute of Management Accountants.
William works in Sheehan’s assurance practice and provides auditing, accounting, and consulting services to clients in various industries in accordance with U.S. generally accepted accounting principles and International Financial Reporting Standards. William also provides a variety of tax planning, compliance, and consulting services to individuals, corporations, flow-through entities, and trusts. He is an active member of the firm’s recruiting committee, a mentor in the firm’s career advisor program, and serves on the firm’s Quality Control Committee.