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S corporation
61
MENTIONS
25
EPISODES
24
PODCASTS
Search complete. 61 mentions across 25 episodes found for "S corporation".
Oct 29, 2026
Ryan DerousseauHOST
But some of the things to think about are just whether a solo 401k or a cash balance plan or a regular 401k need to be implemented.
Ryan DerousseauHOST
Another thing could be is whether or not the S corp makes sense.
Ryan DerousseauHOST
You know, a CPA likes to put business owners in an S corp almost immediately.
Ryan DerousseauHOST
You know, one, there are long-term benefits to it, but the short term is they get to file two things, an S corp filing and a personal filing.
Ryan DerousseauHOST
So they're making more off of the business.
Ryan DerousseauHOST
You need to make sure it's a viable for you to do that moving forward.
Yuri KapilovichHOST
So that traps some folks.
Yuri KapilovichHOST
So if you're new, if you're a student, if you're somebody who's just about to enter the profession, be mindful of that, right? Because if you're doing something like, let's just say, PCS, private client services or private wealth services or whatever these firms calling it these days, right? You're going to want to make sure that in those realms, PCS, private account services, which is high net worth individuals, the businesses that they own, maybe some partnerships, S-Corps, things of that nature.
Yuri KapilovichHOST
That's going to be beneficial, right? Because if you have 10 years doing that, which is what I've done, 10 to 12 years, if you have some doing that, then you have a wide gamut of ways you can go with that.
Yuri KapilovichHOST
You can go into a private family office.
18 MINS LATER
Yuri KapilovichHOST
Put an S-corp, K-1, a fake one, in there and see what the difference is between Let's say taking $200,000 net profit S-Corp K-1, put it in, see what the tax is, take that same 200, put it in a Schedule C and take out the K-1 and see what the tax differences are between those two.
Yuri KapilovichHOST
Just sit down and take a look.
Yuri KapilovichHOST
And, you know, because you see a lot of stuff about S-Corps and LLCs and what the difference is and should someone elect that.
Yuri KapilovichHOST
For your own knowledge, just go check it out and put it in there and see what the difference is in tax effect on it.
Marcus CriglerHOST
So everybody talks about, and like, this is probably the most common trick in the book, right? You start making a little bit of money.
Marcus CriglerHOST
You make this S-corp election, right? We talked about this a little bit on the entity structure side.
Marcus CriglerHOST
And then this S-Corp election allows you to do a lot of things, but it requires you to do a lot of things as
Kaden HackneyGUEST
well.
Kaden HackneyGUEST
One of
Kyara OfuaniGUEST
I think that one thing that people always get confused about is that they think they can't make money from their nonprofit, but you definitely can because a nonprofit is just a form of a business.
Kyara OfuaniGUEST
So it's just like if you have an LLC, S Corp, whatever, blah, blah, blah.
Kyara OfuaniGUEST
A nonprofit is just a form like that.
Kyara OfuaniGUEST
It's just that you have to do things for the betterment of the community.
Matthew GraczykGUEST
Transwing this concept of this design and the way he explained it to me is like when he first started it He's like, okay He had like two wing joints and it was too expensive and complicated and heavy and like I screw it I'm just gonna take cut the wing in half 45 degree angle Fly it crash it tweak it, you know get it better and better and like the first time he flew was like butter so just really was uh was was great that way and that's about the time when I met him and and we were gonna go and I was just trying to help them out.
Matthew GraczykGUEST
There are so many, I've been an entrepreneur for 35 years and just like how do you form the company, S Corp, C Corp, LLC, what state do you incorporate, how do you raise money, price debt or price equity, safe rounds, convertible notes.
Matthew GraczykGUEST
For somebody that's done it a few times, the answers are really easy.
Matthew GraczykGUEST
You can save somebody a lot of problem and mistakes, and that's what I was trying to do.
Jared FoosHOST
I honestly think that when they switched over to this new system, that the new system did not get all of the 2553s or did not get all of the previous filings.
Jared FoosHOST
Because we have taxpayers that have been in this S-Corp for 20 years.
Jared FoosHOST
And they're like, why are you filing S-Corp? We don't have an active 2553.
Jared FoosHOST
for you to be following this.
Jared FoosHOST
I think there was a ton of crap.
42 MINS LATER
Jared FoosHOST
Number one, I'd be fixing the entity department.
Jared FoosHOST
meaning the majority of America that's paying the majority of taxes is a small business.
Jared FoosHOST
So the entity department, the people that deal with partnerships, S-Corps or even C-Corps, and even the election to become them, I would actually put some people in there.
Eric ThomasSOUNDBITE_SPEAKER
What if the pain could make you better? What if the pain could build muscle? What if the pain could cause you to reach higher, to leap farther, to run faster? What if the pain could help you? What if all pain isn't hurt, but it's health? There are no limits but the ones you place on yourself.
Eric ThomasSOUNDBITE_SPEAKER
Why do I have to work at a job with insurance when we live in a country where I can start my own nonprofit, LLC, S-Corp, whatever I want, and I can go get my own insurance? Take those limits off.
Eric ThomasSOUNDBITE_SPEAKER
There are no limits.
Eric ThomasSOUNDBITE_SPEAKER
There is no such thing as fear.
Jennifer ForteGUEST
So you're making all those decisions along the way.
Jennifer ForteGUEST
But fast forward to 2014, and we had decided at that point to incorporate into an S-Corp and become 50-50 partners with Dr. Hill and the S-Corp then owned three LLCs that would all be branded under the name Lakeview Dental Care.
Jennifer ForteGUEST
And if you want to talk about challenges, if I'm being perfectly honest, that was, you know, all went into effect January 1st of 2014.
Jennifer ForteGUEST
And I think I cried every day I worked for two months because it was just, you know, because I was the one that dealt with all the back end stuff that was all changing, you know, all the banking, all the accounting, all the paperwork, all the legal stuff.
David BoothGUEST
In 1996, their deal ran out, and so we realized if we bought them out, we could bring in individual investors and convert from a C-corp to an S-corp.
David BoothGUEST
That means an S-corp gets taxed like a partnership.
David BoothGUEST
And when we converted to the S-Corp, brought in individuals, one of the individuals worked at Schroeder's and managed the money for Arnold Schwarzenegger.
David BoothGUEST
And so when we bought out Schroeder's, he wanted Arnold to participate in that.
David BoothGUEST
That's how we got to know Arnold well and how he got involved
Hannah ColeHOST
I find a lot of people get put into an S corporation and then the accountant stops responding to emails, doesn't tell the client that they have to set up payroll and just walks away.
Hannah ColeHOST
And now this person starts getting into trouble because they don't have all the pieces in place and they can no longer reach this accountant.
Hannah ColeHOST
Welcome to the Sunlight Tax Podcast.
Hannah ColeHOST
It's had quieter moments.
Hannah ColeHOST
So it's been kind of in existence actually for a long time.
Hannah ColeHOST
And what had happened to Andy is for one reason or another, at some point, she was advised to form an S corporation.
Hannah ColeHOST
Now, if you don't know, an S corporation is a tax entity.
Hannah ColeHOST
It's a tax status that you can elect with the IRS.
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