Consultants and Money

55-3 Things You Need to Change When Becoming an S-Corp


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In this episode, Erica talks through what needs to change in your business once you convert to an S-corp for IRS tax purposes.

Covered in this episode:

  • When to start considering an S-corp
  • Paying yourself as an employee
  • Reasonable compensation
  • Accountable plans (i.e. employee reimbursement policies)
  • Business tax returns (1120-S)

 

Related episodes:

  • Ep 25 - How to Pay Yourself From Your Business

  • Ep 21 - What’s an S-Corp and When Should I Become One?

  • Ep 30 - Extending Your Tax Deadline

 

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Consultants and MoneyBy Erica Goode

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