#559 Retroactive S-Election for 2024: Why & How

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

🗓️ 21 January 2025

⏱️ 22 minutes

🔗️ Recording | iTunes | RSS

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Summary

In this episode of the Main Street Business Podcast, Mark J. Kohler and Mat Sorensen share powerful insights on why converting your LLC to an S corporation is a game-changer for tax savings. They discuss the crucial tax advantages, the importance of structuring income properly, and walk you through the filing process. Find out how you could potentially save $7,000 or more with this strategic business move. Here are some of the highlights: Mark emphasizes how LLCs do not save taxes and explain...

Transcript

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0:00.0	Welcome to the Main Street Business Podcast with your distinguished hosts, Mark J. Kohler and Matt Sorensen.
0:05.5	Both are best-selling authors and have over 25 years of industry experience with 10,000 client consultations,
0:12.3	making them the leading tax and legal experts in the nation.
0:16.1	Together, they'll unpack the most complex tax, legal, and financial strategies,
0:20.6	crucial for saving more,
0:22.1	stressing less, and building generational wealth. Today, they're your personal advisors.
0:28.1	Ready to break it down for you and make the tax and legal game easier than ever. Here is Mark and Matt.
0:34.3	We're taking the tax law and trying to put it in your favor. We're trying to apply this
0:38.0	to you and the IRS is giving you this revproc option that a lot of people are like, well, it's messy. How do I execute and pull this out? What is how you do it? That's what we're trying to do, advocating for small business owners, trying to save on taxes, finding the right way to do it? Do you feel good about it. LLCs do not save taxes. You can go back in time and turn your LLC into an S-Corp
0:57.0	as of 1-1-24. You have got to reevaluate your risk tolerance and get educated. You're wrong.
1:04.2	In 25 years, I have never had a client audited for taking too low of comp. So I see what you're doing there.
1:11.3	Yeah.
1:11.6	Man, I learned something.
1:13.1	Well, thank you.
1:17.2	Welcome, everyone to the Main Street Business Podcast.
1:19.4	This is Matt Sorensen, joined by Mark J. Kohler.
1:22.3	We are delighted to be with you today because we want to talk about saving your money.
1:26.4	Yeah.
1:26.7	And the S-Corporation election is a big question a lot of people have. There's a lot of misinformation out there. I was just talking literally to a tax lawyer today that said, well, I missed the 75-day rule, so I can't be an S-Corp for last year. I'm like, oh, my gosh. And so this is an important topic. We're going to break it down.
1:44.8	Many of you should still try to be an S corporation for 2024. January of 2025 is not too late.
1:52.2	We're going to talk about it. Yeah. So what we're talking about here is making a late S selection,
1:57.1	which is allowed. Which is allowed if you know the secret code, which we're going to give you today.
	...

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