This podcast is made by Ran Chen, who holds an EA license, Insurance and Securities licenses (Series 6, 63, 65), and the CFP® designation. He is passionate about opening access to high-quality exam preparation resources and helping learners prepare more effectively for professional certification exams.

In this episode you will learn:

- Why an S corporation is often the optimal choice for a single-owner business aiming to reduce self-employment taxes.

- The critical differences in tax treatment for buyers and sellers in asset versus stock acquisitions, and why buyers prefer a stepped-up basis.

- How the related-party rules under IRC Section 267 disallow immediate loss recognition on property sales between family members.

- Key distinctions between retirement plans like SEP IRAs, SIMPLE IRAs, and Solo 401(k)s, and which is best for a self-employed individual.

- The tax implications of employee classification and why misclassifying an employee as an independent contractor is a common exam trap.

For more free exam prep tools, practice questions, and AI-powered explanations, visit https://open-exam-prep.com/ or YouTube Channel: https://www.youtube.com/@Open-exam-prep