S-Corps can have very detrimental tax consequences. Today, Jasmine DiLucci, JD, CPA, EA, talks about how choosing an S-Corp could be a bad tax decision for your business.

Welcome to Tax Leverage, where we talk about the tax laws that you can leverage in business. The information on this podcast is for educational purposes only and does not constitute professional legal or tax advice.

Timestamps:

(00:00:00) Introduction

(00:01:37) Why people recommend S-Corporations for tax savings

(00:05:38) The huge tax mistake businesses can make when choosing an S-Corp

(00:13:16) Jasmine’s personal strategy in avoiding S-Corporation basis issues

(00:13:41) Which businesses should be careful in choosing an S-Corporation