88 \\ Should You Really Be an S Corp? 5 Red Flags Most Business Owners Miss
- Author
- Tiffany Phillips - CPA, Small Business Money Mentor, Financial Expert
- Published
- Mon 18 Mar 2024
- Episode Link
- https://smallbusinessfinance.podbean.com/e/88-s-corp-secrets-revealed-the-5-red-flags-you-shouldnt-ignore/
Not every business should elect S corporation status—and bad advice on this topic can cost you thousands in taxes. In this episode, we break down five red flags that mean an S Corp could be a bad move for you, including owning real estate in the entity, having non U.S. owners, raising outside capital, skipping a reasonable salary, or running a business that isn’t profitable yet. You’ll also learn when an S Corp does make sense (and how to think about timing) so you can make a smarter decision instead of following bad advice from a friend, TikTok, or your golf buddy.
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