#408 S-Corps & Saving Taxes In 2023.

Main Street Business

Mark J Kohler and Mat Sorensen

Tax Reform, Entrepreneurship, Business, Irs Updates, Tax Tips, Legal Compliance, Business Structure, Tax Prep, Accounting, Tax Strategies, Management, Financial Reporting, Estate Planning

2.4 • 584 Ratings

🗓️ 8 December 2022

⏱️ 25 minutes

🔗️ Recording | iTunes | RSS

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Summary

In this weeks Main Street Business episode, Mat and Mark break down important tips on how to best save taxes in 2023. Don't miss this weeks episode of the Main Street Business Podcast. To submit a question for the next open forum show, or to learn more, visit https://mainstreetbusiness.com/ Grab my eBook 30 Unique Strategies Every Business Owner Should Know! You don't want to miss this! Secure your tickets for the #1 Event For Small Business Owners On Main Street Ameri...

Transcript

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0:38.6	But 2023, I want to emphasize this. This is the best time to do the S-Corp. If you're a small business owner, whether you've got a main business or a side hustle, selling goods and services, I don't care what it is. You got an eBay store. You got a big company, small company. S-corporation is the entity you need to be using. Too many people pay self-employment tax. And those that are S-corp owners currently maybe take too much salary. How could I pay less tax every year in my business? The S-Corporation is going to save you, and especially when you're making 40 to 50,000 or more. That's when it kicks it. Welcome, everyone, to the Main Street Business Podcast with Matt Sornson and Mark Kohler. Feeling merry today, and it's not just because I'm wearing a green sweater.
0:41.1	It's not just because Christmas is around the corner.
0:44.6	It's because we're talking about S corporations and saving taxes in 2023.
0:45.6	Yeah.
0:51.6	But what better gift could you give to yourself than to save taxes in 2023?
0:53.2	You deserve it.
0:53.6	You know what?
0:55.5	You're on the nice list. You deserve it. You know what? You're on the nice list.
0:56.2	You deserve it.
1:03.4	Now, some of you may have heard, your friend, your family member has an S corporation.
1:08.5	You've seen it in social media on our podcast posts or YouTube.
1:12.1	And your accountant may or may not have brought in this up to you.
1:14.2	In fact, I want to say this to all of you.
1:18.2	Many of you may have had your account and say, yeah, it doesn't work for you.
1:21.5	Okay, let's just start with a clean slate right now.
1:22.4	Bull crap.
1:25.5	That can very well be incorrect information.
1:29.3	I just taught my workshop this last weekend and with close to 300 people on virtual and in person, it was shocking to hear how many people said, well, my accountant
1:35.5	said I wasn't ready for it or it wasn't going to work for me. And we ran the numbers right there
1:39.5	in the workshop. It's just, and there was probably a hundred CPA or tax professionals right there in the
1:47.2	room agreeing with. So. Yeah, lots of misinformation. We'll clean up some of the misconceptions and the
1:53.3	bad advice you might hear out there. Tell you how the strategy works and why to do it. But
	...

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