LLC vs S corp and why you need to know the difference

Name: LLC vs S corp and why you need to know the difference
Duration: 86 s
Description: Check your IRS SS4 letter to see if you're a single-member LLC or S corp, since S corps skip that 12% self-employment tax.

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Are you sure you know what your LLC actually is for tax purposes? A standard LLC files on Schedule C and owes that 12% self-employment tax, but an S Corp election lets the same profit skip right to income tax only. TJ explains how to check your SS4 letter from the IRS to find out which structure you're actually using.

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