Episode 1914 - Starting your own practice, pt. 3: S-corp election
whatshot 5 snips
Feb 13, 2025
Discover why the S-Corp election is a game changer for small business owners, especially in healthcare. The discussion unveils how this tax status can help avoid double taxation and reduce payroll tax obligations. Learn the essential steps to elect and maintain S-Corp status, ensuring your practice's financial structure remains optimized. Tune in for valuable insights that could save you money and streamline your business!
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insights INSIGHT
S-Corp Election Explained
S-Corp election is a tax status, not a company structure.
It offers tax benefits, especially avoiding double taxation.
insights INSIGHT
Double Taxation
Double taxation means paying taxes at both corporate and personal levels.
S-Corp status helps small businesses avoid this.
volunteer_activism ADVICE
Payroll Tax
S-Corps can avoid payroll tax via ownership disbursements.
Consider this if you've contributed enough to social security/Medicare.
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In today's episode of the PT on ICE Daily Show, ICE Chief Operating Officer Alan Fredendall continues a series on starting your own practice, focusing on the important topic of S-Corp election. Alan clarifies that an S-Corp election is not a different type of incorporation but rather a tax status that provides significant benefits for small business owners. Listeners will learn about the implications of double taxation, where businesses face corporate income tax at both federal and state levels, and how electing S-Corp status can protect owners from this issue. Alan emphasizes the importance of understanding the process and benefits of S-Corp election for anyone who has recently incorporated their business. Tune in for essential insights that can help optimize your practice's financial structure!
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