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S corporation
83
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23
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23
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Search complete. 83 mentions across 23 episodes found for "S corporation".
Sep 12, 2026
Ed ZollarsHOST
Minor problem.
Ed ZollarsHOST
So he invited a longtime business partner, Robert Mnuchin, you know, to co-invest through Tunkel's S-Corporation, Ganey Mead International.
Ed ZollarsHOST
What could go wrong? Okay.
Ed ZollarsHOST
Under their oral agreement, Mnuchin would contribute $16.5 million.
8 MINS LATER
Ed ZollarsHOST
Or you won't let me sue him because you're afraid about, you know, ruining your relationship.
Ed ZollarsHOST
It's like, so why do you want me to actually get the $60 million to appear out of thin air? That's how we get a note.
Ed ZollarsHOST
Now, because the S-Corporation's bank deposit records confirmed the receipt of the $16.5 million wire, the IRS met its initial evidentiary burden, shifting to Tunkle, the burden of proving by a proponent of the evidence that the deficiency determination was erroneous.
Ed ZollarsHOST
And, you know, he had full control.
Carly HillHOST
I'm going to give you a quick recap.
Carly HillHOST
We talked about S-Corp structure, Augusta rule, family on payroll, legitimate roles, solo 401k, home office deduction, HSA, maxing it out.
Carly HillHOST
Make sure you're deducting health insurance.
Carly HillHOST
Make sure you're deducting business travel and write-offs.
Emily BowieGUEST
Um, changing how you are taxed on the remaining money in your business, basically, because you're not paying three, you're not as triple taxed as you are when you're an LLC.
Emily BowieGUEST
not electing as an S-corp.
Emily BowieGUEST
So like the one thing too is an S-corp isn't technically an entity and it's only a tax election.
Emily BowieGUEST
So you're still most of the time an LLC candidate.
Emily BowieGUEST
that is taxed as an S-Corp.
Emily BowieGUEST
But it all goes back to what tax rate the remaining money gets taxed at.
Emily BowieGUEST
And that's why when you pay yourself with a W-2, it looks one way, reasonable comp.
10 MINS LATER
Emily BowieGUEST
Yeah.
Kingsley IfediGUEST
So those are three tax strategies.
Kingsley IfediGUEST
That's $21,000 of tax savings for the S Corp. That's another $14,000 tax deduction for Augusta.
Kingsley IfediGUEST
And then another tax deduction is call it $15,000 on the home office.
Kingsley IfediGUEST
We're talking about some major moves from stuff that you could probably do today.
Aminder MaanHOST
Yeah, I think you covered those points really well on either using payroll or owner draws.
Aminder MaanHOST
Just a note, if you're running payroll or if you're thinking about an S-corp, I think a lot of times business owners hear a lot of advice on social media about how there's all these tax savings that come from an S-Corp. It's actually really specific to each individual and the type of business they're running.
Aminder MaanHOST
And so it's really important to really work with a tax professional before deciding to switch to a tax corp.
Aminder MaanHOST
Like you said, Leah, that you need to have that cash coming in.
Leah McCoolHOST
really converting to being taxed as an S-corp is not just this thing that everybody should immediately run towards and do impulsively because I agree.
Leah McCoolHOST
I see ads for that all the time from certain businesses or startup-y looking things and they promise all these things and at the end of the day, like, It is so specific.
Leah McCoolHOST
I think that even though we are not specifically tax accountants, we have clients that have converted to S-Corps and have worked with CPAs that really this is their area of genius.
Leah McCoolHOST
And they have such specific... breakdowns of who is a good candidate for becoming an S Corp and who's not and I just know that for myself I was going to for last year and it just I just ended up making a decision that it was just not the right time and and I think that This is just something that I think people, yeah, people can impulsively do sometimes.
Emily BowieHOST
Welcome back to Prosper and Get Paid.
Emily BowieHOST
This week, as promised, we're talking about all the levers and key considerations you should think about when you become an S-Corp.
Emily BowieHOST
One of the biggest things I tell business owners when they are making that S-Corp conversion that they should consider doing at least one year of tax strategy because of all these levers.
Emily BowieHOST
Once you are changing how you're electing to be taxed, all these things become an opportunity for you.
Emily BowieHOST
And there are just things you need to know as an S-Corp.
Emily BowieHOST
So Andy, I would love to hear from you.
Emily BowieHOST
What is the key consideration when becoming an S-Corp?
Andrea MasonHOST
So first of all, you need to evaluate whether you should be an S-Corp before you make the S-Corp election and start taking advantage of all of these different tax strategies.
Bassim MichaelGUEST
So in California, and I'm going to assume that most of your listeners are in California.
Bassim MichaelGUEST
the California Dental Board allows a dentist to either be a sole proprietor, Schedule C, or a corporation, or a partnership, right? For a solo owner, for one owner, you could either be a proprietor or a corporation and then apply for an S election, right? The difference between a C Corp and an S Corp is that the S-Corp has one layer of taxation, meaning the income of the corporation passes through to the owner and they pay taxes on that, versus a C-Corp is a separate tax entity, in addition to it being a separate legal entity, right? So the S-Corporation will pay taxes, I'm sorry, The C corporation will pay taxes on its earnings, but then when the owner of that corporation wants to take money out of the C corp, they will have to pay taxes again on that money.
Bassim MichaelGUEST
So there is double taxation with C corps.
Bassim MichaelGUEST
So ideally, in California, we want to recommend an S corporation, but there's one trick.
Bassim MichaelGUEST
and they have to be aware of because a lot of times we clean it up after the fact.
Bassim MichaelGUEST
The one trick is, especially in the first year, and we see this all the time in the first year because of the Section 179 on the equipment, there could be losses in the s corp right particularly if you buy the practices in the in the second half of the year right so you won't be able to offset those losses against your other income let's say your income from being an associate right because um You can't deduct losses beyond what you invested.
Bassim MichaelGUEST
And in many cases, first-time buyers, they don't invest anything.
Bassim MichaelGUEST
The bank is doing 100% financing.
Serena ShoupHOST
Yeah, I right before we recorded, I had just done a live Q&A for my community.
Serena ShoupHOST
And one of the questions that came up was around the bookkeeper in my community is trying to tie out the books to what was on the S Corp tax return.
Serena ShoupHOST
Mm
Emily BowieGUEST
hmm.
S.E. DayHOST
This episode is for business owners choosing a structure, reconsidering the one they already have, or being told online that one entity is the secret to no personal guarantee funding.
S.E. DayHOST
By the end of this episode, you will understand what an LLC, S Corp, C Corp, and B Corp actually are, and how each can affect lender readiness.
S.E. DayHOST
which structure usually makes the most sense for the owner-operated business, and what you must do after formation to build a credible business credit profile.
S.E. DayHOST
We're going to separate legal structure from tax classification and certification.
S.E. DayHOST
Welcome back.
S.E. DayHOST
Before we rank anything, we have to fix the vocabulary.
S.E. DayHOST
LLC, S Corp, C Corp, and B Corp do not all describe the same legal category.
S.E. DayHOST
An LLC or a limited liability company is a legal structure created under state law.
Evan LindmanHOST
But we'll both profit there in the end, which is tough to find people.
Evan LindmanHOST
But I would never hire him on part-time or even full-time because my position and adding someone on payroll, Greg, with the S Corp is a whole disaster.
Evan LindmanHOST
Like my taxes would go up like I think $1,400 a year just doing that.
Greg DurbinHOST
Yeah, that can be an issue for domestic assault on a toddler.
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