Should it be an s corp

Author: Elite Consulting, P.C. | | Categories: Business Returns , Cash Flow Analysis , Certified Public Accountants , CFO , CPA Firm , Monthly Accounting , Tax Accountants , Tax Advisory , Tax Compliance , Tax Consultants , Tax Consulting Firm , Tax Planning , Tax Preparation , Tax Professional

Blog by Elite Consulting, P.C.

I know you’ve heard it from your broker.

I know you’ve heard it from the agent down the hall.

I know you’ve heard it from your broke brother in-law.

But here’s the thing….

Everyone’s situation is different.

Just like every Broker and Agent is different.

Our businesses are unique.

Just like our life.

And the amount of money you earn each and every year.

Because it really depends…

Does your spouse work?

Do you still have kids at home?

Do you have kids in college?

Do you have money saved for retirement?

How many years are you from retirement?

Where do you want to grow your biz over the next 5 years?

Do you have a lot of medical expenses?

Do you have other investments?

And on It goes

The thing about choosing an entity is that you should choose the one that is RIGHT FOR YOU and YOUR BUSINESS

Determining that you should be an S-Corp from what people, or the internet says is downright negligent So, even though there are a lot of articles and you may know other Agents and Brokers using an S-Corp it still could be a disaster for you.

You need to take into consideration income limits.

And now with the new Tax Law Changes the S-Corps are not as advantageous as they used to be.

And Certain states & cities actually penalize or charge higher premiums for S-Corps.

So you really need to look at your specific situation.

To figure out whether it truly works for you or not.

So if you’re confused about what entity your business should be then speaking to a professional tax strategist should be in your plans.

Because if you do it wrong you could be losing out on tens of thousands of dollars each year.