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In the beginning stages of starting up a side business or becoming a consultant, people generally don’t give too much thought to the structure of their business. However, as time goes on, it usually becomes apparent that there may be benefits to choosing a legal entity to increase your profits and decrease your risks. Evgeni Ivanov, Senior Manager for Wipfli LLP, joins the show today to share the different situations his clients have come to him with in regards to LLCs and S-Corps and how to decide what is the best direction for you.
Listen in as Evgeni explains the tax benefits of forming an entity and what you need to have in place in order to make an S-election. You will learn why someone might want to form an entity, the importance of talking to a professional about this, and the best way to assess the costs that come with starting your own business.
What You’ll Learn In Today’s Episode:
- How to assess the costs associated with side incomes.
- When you should consider becoming an LLC or S-Corp.
- Why someone might want to form an LLC or S-Corp.
- What taxes you may save on by forming an entity.
- Whether a spouse’s income will impact your side income.
Ideas Worth Sharing:
Resources In Today’s Episode:
- Evgeni Ivanov: LinkedIn
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