Thank you for the advice. I have an LLC but need to get it into a S-Corp.
I am going to start the Profit First method next month, setting up the accounts now and fine tuning (= cutting the pork from our life and the business).
PWRA is fun and informative.
1 Like
Good Evening all!
I am a LLC and after 18 years in business we are starting to build up considerable funds for budgets/retained earnings etc… My accountant informed me of an option to be an LLC but file as an S-Corp with out having to change the business itself to an S-Corp, this allows me to only tax my retained earnings (after I take a honest salary taxed) with only Federal and State taxes, thus saving me from paying the self-employment tax on unspent earnings. This method of filing according to my CPA should save over 10K+ in taxes on 400K in gross sales.
Appreciate the conversation on this!!
3 Likes
lol
