3 Major Considerations when becoming an S-Corp - VERY IMPORTANT VIDEO!
What’s the difference between an LLC and S Corp?
How do you start an S Corporation?
What does it cost to start an S Corp?
S Corp vs LLC
Does an S Corp reduce social security benefits?
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Does converting to an S-Corp impact your social security benefits?
How to get a mortgage as an s-Corp,
What are the problems with becoming an S-corp?
1120s tax return costs
What are the Payroll and salary requirements for s-corporations?
When you convert to an S Corp, you can usually reduce your self employment taxes which consist of your social security and medicare taxes. You'll pay social security up to the social security limit - which is about127,000 for 2017.
After you hit the social security limit, you'll only have medicare taxes to pay on that income, but when you hit certain thresholds, an additional medicare tax will be added.
The bottom line is that one of the best tax write off's for small business is becoming an S-Corp, but there are huge repercussions to your social security benefits, payroll, accounting, tax, bookkeeping, mortgage approvals, 401k limits, sep IRA limits, and other factors.
We hope this video helps you understand the s corp costs, requirements, and impacts on retirement, housing, and your overall financial picture.