I Owed $100,000 in Taxes, Then I Found This Business Hack Nobody Talks About

I owed around $100,000 in taxes. All because I was making one of the most common mistakes small business owners make: I was responsible for setting aside my own tax money, and was terrible at it. In this podcast episode, I talk about the real reason becoming an S Corp changed everything for me and it's NOT the self employment tax strategy everyone talks about. In fact I've never seen any tax guru talk about this in the way it continues to save me thousands and thousands every year (and might do the same for you!) If you are a small business owner who keeps getting surprised by tax bills, this video may help you tremenoundsly. DISCLAIMER: I am not a CPA, attorney, or financial advisor. This video is based on my personal experience as a small business owner and is for general educational purposes only. Talk to a qualified tax professional, CPA, attorney, or financial advisor before making decisions about your business entity, payroll, taxes, retirement plan, or health insurance. ==== CHAPTERS: 00:00 Tax Agent at my door 00:20 I'm not a CPA 00:52 The big problem business owners have 02:10 How I got into this Problem 03:20 What everyone says about S corps 03:49 The hidden benefit nobody talks about 04:53 When it Won't Make Sense for You 05:06 How the setup works 06:17 Huge additional Benefits 07:25 Why accountants don’t explain it this way 08:06 More Resources ======= RESOURCES MENTIONED: Jasmine DiLucci — Tax education @taxleverage Mark J. Kohler — Tax and business strategy @MarkJKohler Gusto — Payroll software https://gusto.com/d/sarah120 (this is an affiliate link - full disclosure) Live Oak Bank — the BEST high yield savings account for businesses https://liveoak.bank #SmallBusiness #SCorp #BusinessTaxes #Entrepreneurship #SmallBusinessOwner #BusinessOwner