Corporations are legal entities that can elect to be taxed for federal income taxation in one of two ways: c-corporation and s-corporation. S-corporations are CPAs best friends. They seem to have a knee-jerk reaction of putting their clients into them based solely on tax advice. But the reality is that they are not always the right entity. Even if it is the right tax advice, you shouldn’t knee-jerk into anything without first obtaining competent legal and tax advice. That’s because there’s a lot of factors involved in selection. As you’ll learn in this video, there are quite a few restrictions and limitations in S-corporations. If you choose unwisely, you may find yourself with a big tax bill in trying to change it later. Invest the time now to get it right or spend the money later.
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