Work With Erica

Erica explains the potential savings on self-employment taxes and the trade-offs with the Qualified Business Income Deduction (QBID). Erica advises listeners to hold off on making the S-Corp election until there's more clarity on tax laws, which are expected to change with the expiration of the Tax Cuts and Jobs Act in 2025.

 

00:00 Intro

00:45 The Importance of Timing for S Corp Election

01:49 Understanding S Corp and QBID

02:50 The Impact of the Tax Cuts and Jobs Act

04:11 Why Waiting is the Smart Move

05:52 Practical Steps for 2025

07:13 Concierge Bookkeeping

 

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