Am I using the right Entity Structure?
Mark Johnson, EA
Helping Home Care Agency owners get financial clarity and peace of mind knowing that their accounting and taxes are in good hands, while Maximizing Profits and Reducing Taxes.
As a business in America, you are either a Sole Proprietorship, an LLC, a C-Corp or S-Corp.
They all have their pros and cons as it relates to cost to set up, cost to operate and the amount of risk coverage they give to owners.
However, what I will be looking at today is how they operate as it relates to taxes.
I'm not sure what structure you are currently operating under, but did you know that if you choose the wrong one you can end up paying a lot more in taxes?
Majority of the businesses in the US are either Sole Props or LLC's, but if you don't make the correct tax selection you will pay an additional 15.3% in employment taxes (ie. if your profit is $100k you will pay $15.3k in addition to your federal taxes).
Please make the necessary checks and inquiries to ensure you are not throwing away money unnecessarily.
If you need help you can book a time in my calendar below or shoot me a message.
https://calendly.com/markjohnson-2/strategysession_1