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In the past decade that I have been helping clients; I have seen how most entrepreneurs do not concern themselves with the business structure's nitty-gritty until a problem arises and is discovered during tax season. In this episode of Empire Tax Professionals, we will discuss the small business entity's specific advantages and disadvantages and strategies needed to work around the confusion and potential liabilities. KEY TAKEAWAYS: ● I cannot emphasize enough to accurately know your estimated tax payments every quarter is a necessity. For an S-corporation (S-Corp) taxation structure, know the reasonable compensation you need to pay since all officers of a corporation need to be on payroll and don't want to overpay the IRS. ● When you're working in the business, you're the employee. Be careful how you allocate your income, and it should be with specific advice depending on different tax rates because reasonable compensation must be paid when you're an S-Corp. ● The financial and emotional costs of a potential IRS audit and penalties entail more enormous costs than getting CFO services. Be smart and protect yourself by managing your taxes with the help of experts. Get in Touch with Empire Tax Professionals: Did you ever imagine spending this much time on your financials? IT'S OKAY. LET US HELP YOU GET IT OFF YOUR PLATE. Contact us today: https://empiretaxusa.com/ 📚 👓 PM or email us at email@example.com to book a FREE strategy session with an Enrolled Agent on our team.