EP03: Entity Selection: How to Save Thousands of Dollars in Taxes and How to be Protected?

<p><span style="font-weight: 400;">Selecting the best type of business entity for your business is the most significant decision that you need to make as a business owner. How you choose your business entity may have long-lasting tax and legal repercussions, so it is crucial to get it entirely right.</span></p> <p><span style="font-weight: 400;">Taking your lawyer's advice in choosing a business entity may get you protected but not save you thousands of dollars in taxes. In the same way, your accountant may help, but you may end up saving in taxes but not be protected. </span></p> <p><span style="font-weight: 400;">Rachel Michaelov and Empire Tax professionals understand that you want to hit two birds with one stone. What you want to happen is choose the best business entity that will suit your need of getting protected and saving money in taxes. </span></p> <p><span style="font-weight: 400;">Tune in to this week's episode of the Empire Tax Professional's show and get guidance in choosing the best entity for your business. </span></p> <p><strong>Key takeaways from the episode:</strong></p> <ul> <li style="font-weight: 400;" aria-level="1"><span style= "font-weight: 400;">Figure out that if you choose the wrong business entity, it costs at least $10,000 to $15,000 every year. Imagine if you select the correct entity from the very beginning, you would have had so much money.</span></li> <li style="font-weight: 400;" aria-level="1"><span style= "font-weight: 400;">Be mindful that attorneys don't understand the tax advantages; they only understand the protection. Many bookkeeper's don't know tax rules, and most local accountants are giving bad advice. You have to be careful of who you go to and who you listen to.</span></li> <li style="font-weight: 400;" aria-level="1"><span style= "font-weight: 400;">Know for certain that when you have many people on your team, you as a business owner suffer—you overpay. </span></li> <li style="font-weight: 400;" aria-level="1"><span style= "font-weight: 400;">Understand the situati