Welcome back, everybody. Today we are going to be talking about the power of the S-Corporation,

when they make sense, when they don't, how you can implement one, and where business owners can

save thousands of dollars by utilizing the S-Corporation.

Now, I am a licensed certified public account, attorney, best-selling author, owner of multiple

tax and legal businesses, an owner of

an S corporation myself, and I have been teaching this topic to thousands of business owners

all over the country for the past 20 years. Folks, you're in the right place. Time and time again

over my career, I have had business owners come to me being given misinformation from tax

advisors that really don't understand this

topic. Asking just a few questions, I realized the business owner could have saved thousands of

dollars, and their advisor was wrong. The truth is, most business owners would benefit from an S corporation,

and then even more so, all of those S corporationcorporation owners now aren't even utilizing it properly.

There is so much opportunity for savings here, and I'm going to walk you through it in this video today.

First, what is an S-Corporation?

The S-Corporation is an entity formed at the state level.

It could be an LLC or a corp or an ink.

You set up your ABC company, and then you make an S-e election with the IRS to be taxed as an S corporation. So you could have an LLC taxed as an S corp or an ink taxed as an S corp. It's simply an entity with its own tax ID number, its own bank account, and it's what you run your business in. You may be a sole proprietorship and say,

you know what, I need to be a corporation. You'd file for a corporation and then make an S

election. Some of you out there are like, well, I have an LLC. Well, let's analyze the numbers.

You very well may need to make an S election. And then I have clients coming and go, well,

I'm just an LLC and I'll look at the paperwork and I'll go, hold it, you've made an S election. Oh yeah, I guess I'm an S corp. Oh my gosh. If you have an S election, you are an S corporation. Don't confuse the LLC with an S corp. They can be both be the same thing. Once you make an S election, you're an S corp and you're off to the races. So in summary, an S-Corp is a way of doing business. It's a company. It's an entity. And you can own it 100% and be the president, the secretary, the treasure, the head cook and bottle washer. It's your company. That's an S-Corp. Now, why would you want to be an S-Corporation? Now, I've got three reasons why. First, you're going to

save on self-employment tax, the dreaded FICA, the FICA, the FD word of taxation. FICA. We don't

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