JOIN THE TAX-FREE WEALTH CHALLENGE! MARCH 10th-14th, 2025 https://join.taxalchemy.com/join-thechallenge?utm_source=youtube&utm_medium=description Book a Professional Tax Strategy Consultation ▶ https://taxalchemy.com/consultation?utm_source=youtube Cost Segregation Tax Savings Calculator ▶ https://taxalchemy.com/cost-segregation-calculator/ Download the Short-Term Rental Rule E-Book! ▶ https://ebook.taxalchemy.com/?utm_source=youtube Watch this FREE Webinar on How to Cut Your Tax Bill in Half as a Real Estate Investor ▶ https://join.taxalchemy.com/registration?utm_source=youtube We earn commissions when you shop through the links below. Get Help Setting up Your LLC, Now ▶ https://shareasale.com/r.cfm?b=617326&u=2911896&m=53954&urllink=&afftrack= LLCs have been one of the most popular business structures in America for many years now, However, S Corps are rising in popularity. In fact, many people believe that they are the new LLCs. There are now over 5 million S corps in America and counting. Soon, this number could be much higher. In this video, tax expert Karlton Dennis breaks down all of the key reasons why S Corps are becoming the new LLCs and why they are starting to compete with them in terms of popularity. Points he covers include the rules for S Corps, how to set one up, and the advantages that they have over LLCs. If you are someone who is trying to figure out which entity structure to use for a business, then this video can provide you with key S Corp information to help you make your decision. Like LLCs, S Corps have liability protection, but they have a number of other important benefits that LLCs don’t have. CHAPTERS: 0:00 Intro 2:20 LLCs and Self-Employment Taxes 3:36 How S Corps Solve the Problems with LLCs 4:36 What Portion of Your S Corp Income Should You Take as Salary? 6:02 Should You Switch Your LLC to an S Corp? 6:56 Will S Corps Eventually Replace LLCs? 7:59 Rules for Switching Your LLC to an S Corp 8:54 The Bottom Line 9:25 Outro *Disclaimer: I am not a financial advisor nor am I an attorney. This information is for entertainment purposes only. It is highly recommended that you speak with a tax professional or tax attorney before performing any of the strategies mentioned in this video. Thank you. #llc #scorp #businessowner