13. Business Entity Elections

Welcome to Questioning Your Cents where you can get real-world, pragmatic tax & financial advice for business owners, entrepreneurs and independent contractors.

We are your hosts, Kevin Molen and Charles Steinmetz. Our job is to help educate you on how to manage your money and save on taxes. In this episode, we discuss the different types of business entities.

Important Points:

Different Types of Entities

Three Options as a Sole Proprietor:

1. Do Nothing
2. DBA
3. LLC

Pass Through Entities:

1. Partnership
2. S Corporation

C Corporation

Why do you set up an LLC?

Pros and Cons of an LLC

Tax vs Legal structures

What is a pass through entity?

Why are partnership agreements important?

When is it beneficial to become an S-Corp?

Comfort Zone:

1. I Inherited a home and am now selling it. How is this treated for tax purposes?
2. Why is my tax refund being delayed?

Videos referenced:

Stimulus Checks Round 3 - https://molentax.com/stimulus-checks-round-3/

Child Tax Credit Changes - https://molentax.com/american-rescue-plan-changes-to-child-tax-credit/

Texas Federal Disaster - https://molentax.com/texas-declared-federal-disaster-what-does-this-mean-for-my-taxes/

Unemployment Taxation - https://molentax.com/american-rescue-plan-unemployment-taxation/

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