The amount of tax savings you can have by being an S-Corp can be very substantial. Even if you’re not really ready for one now, you want to make sure that you understand it so you can pull the trigger at any point you’re ready.
There’s conflict between different personality types and characteristics. Now, as an owner, if you can put yourself in a role where you’re not always butting heads with other people in the team, but you’re in alignment and you’re actually doing what you’re supposed to do, you can make some serious momentum and power in the business.
As a business owner, one of the most important things you need to do is to find ways to reduce your taxes. Reducing your tax is 100% legal so there’s no reason to be intimidated or scared.
2020 has been a very challenging year for everyone. In fact, we were so close to giving up over the last summer.
Have you hit your financial milestone as an LLC? Are you now in a position where you’re getting a net income? If so, there are things you can do to help you save on your taxes. Because you could actually be overpaying in tax to some degree, depending on your situation.