Small Business Tax Savings Podcast

How to Avoid the Built-In Gains (BIG) Tax ?? Switching from a C Corp to an S Corp? Here’s how to steer clear of unexpected tax hits: ? Hold assets for at least 5 years – After that, no BIG Tax applies. ? Document asset values at conversion – You might not plan to sell, but things change! ? Do the math – Sometimes, selling sooner does make sense—know your numbers. An S Corp is still one of the best ways to save on self-employment taxes. Want to learn more? Check out our full breakdown! ???? #TaxSavings #BusinessTaxes #SCorp

Will the Built-In Gains (BIG) Tax Affect You? ?? Not every S Corp conversion triggers the BIG Tax! If any of these apply to you, you’re in the clear: ? Your S Corp was never a C Corp. ? You elected S Corp status immediately after forming your C Corp. ? You purchased assets after converting to an S Corp. ? You held onto your assets for 5+ years before selling. Making the switch? Knowing these rules can save you $$$. ?? Got questions? Drop them below! ?? #SCorporation #TaxPlanning #BusinessFinance

BIG Tax: What It Is & Why It Exists ???? Thinking about converting your C Corp to an S Corp? If you have appreciated assets, you might owe the Built-In Gains (BIG) Tax if you sell them within 5 years of switching. Why does this tax exist? ?? To prevent businesses from dodging double taxation by converting right before a big sale or liquidation. S Corps can be a game-changer for tax savings, but knowing the rules is key! Want to avoid costly mistakes? Let’s talk in the comments! ?? #TaxTips #BusinessTaxes #SCorporation

Thinking about switching to an S Corp? Here’s what you NEED to know! ?? An S Corp can be a smart move for tax savings, but have you considered the Built-In Gains (BIG) Tax? Many business owners don’t even realize it exists—until it’s too late. ?? This tax shouldn’t stop you from making the switch, but it’s one more piece of the puzzle you need to plan for. Before converting from a C Corp, make sure you understand how BIG Tax works and how to avoid unnecessary costs. Want to make an informed decision? Tune in to the latest episode! ???? #BusinessTaxes #SCorp #TaxPlanning

Want to avoid the Built-In Gains (BIG) Tax? ?? If you've converted from a C Corp to an S Corp, here’s how to dodge this tax trap: ? Hold onto assets for at least 5 years – After that, no BIG Tax applies. ? Time your sales strategically – Selling in a year when your business has losses could eliminate the tax. ? Plan ahead – Unrecognized gains can carry forward, so think long-term. Smart tax planning = more money in your pocket. ?? Thinking about an S Corp conversion? Drop your questions below! ?? #TaxStrategy #SCorporation #BusinessFinance

Does the Built-In Gains (BIG) Tax apply to you? ?? If you're converting from a C Corp to an S Corp, you could be on the hook for this tax—but only if you meet these three conditions: ? Your business switched from a C Corp to an S Corp. ? You had assets with a fair market value greater than their basis at the time of conversion. ? You sell those assets within five years of making the switch. Miss one of these? No BIG Tax for you! But if all three apply, you’ll want a strategy to minimize your tax bill. Want to avoid this costly mistake? Let’s talk in the comments! ?? #TaxPlanning #BusinessTaxes #SCorp

Thinking about switching to an S Corp? ?? It can be a great move for tax savings, but if you're converting from a C Corp, there's one major tax you need to know about—the Built-In Gains (BIG) Tax. ?? This tax was designed to prevent business owners from avoiding double taxation by making a last-minute S Corp election before selling assets. Without proper planning, you could face unexpected tax liabilities! Want to know how to avoid the BIG Tax trap? Drop a ?? in the comments! ?? #TaxStrategy #SCorporation #BusinessTaxes

Spending in 2024 but not putting it to use until 2025? Learn how you can still handle your deductions.? Our latest Q&A episode breaks down when to take expenses as deductions and when to capitalize costs. Listen in to get clear on the timing of your tax deductions. #TaxDeductions? #SmallBusiness

?? Ever received both a 1099 K and a 1099 NEC for the same income? You're not alone! It can be confusing, especially if a client sent a 1099 NEC while you were already getting a 1099 K from a credit card payment. But don’t panic! ?? Here’s what you need to do: ?? Contact the person who sent the 1099 NEC and ask them to amend it to show a $0 dollar amount. This way, you avoid any confusion with the IRS! #TaxTips #IRSQuestions #1099Confusion

?? Converting a C Corp Back to an LLC? Here's What You Need to Know! ?? "I formed a single-owner LLC in 2018, converted to a C Corp the same year, and now I want to convert back. Are there tax implications?" Yes! The IRS treats this as a corporate liquidation, meaning: ? Your C Corp may have to recognize gains/losses on appreciated assets. ? You, as the shareholder, could face taxes on distributed assets. It's doable, but be aware of the tax impact before making the switch! ?? #SmallBusiness #TaxPlanning #BusinessStructure