Today’s love letter is all business.
March 15 is the deadline for you to elect S-Corporation status for 2016 for your LLC or Corporation.
This is an important determination because it allows you to pay yourself a salary via payroll (thereby giving you a W-2 as if you worked for a company) and to only pay self employment taxes on the part of your income that is your salary.
If you have an LLC and do not elect S-Corporation status, you pay self-employment taxes on all of your income!
This could add up to a several thousand dollar difference for you come tax time next year.
If you need support with getting your legal, insurance, financial and tax systems set up, you may want to consider our LIFT Foundation System + Toolkit.
The LIFT Foundation System covers issues like:
- How to incorporate your business
- How to maintain your business entity
- How to protect your intellectual property
- How to set up your team members properly
- How to get legal agreements in place
- What types of insurance you need
- How to set up your financial systems
- How to save loads of money on your taxes
You can read about the full system here.
Your investment in the system gets you the education + the agreements + the implementation maps you need to get your legal, insurance, financial and tax systems in place and will easily save you tens of thousands of dollars on taxes, ensuring you don’t get sued, and that your business is LIFTed with the foundation you need for success.
Whether you get the LIFT System or not, please make sure you’ve got the right legal entity in place to protect your personal assets and ensure you don’t overpay on your taxes.
The LIFT System comes with 60 days of Eyes Wide Open membership AND if you are one of the next 5 people to enroll and pay in full in either the digital OR deluxe versions before March 12 (to give you time to make the deadline to file for your S-Election), I’m going to get on the phone with you personally to answer your questions about legal, insurance financial and tax systems in your business.
If you have any questions about whether this System is the next best step for your business, hit reply and let us know. We are always here to support you in making Eyes Wide Open investments in your next evolution.
PS — having the wrong tax setup in my business cost me over $100,000 back in 2006. I created the LIFT Foundation System so this wouldn’t have to happen to anyone else. You can hear that story plus several more in my presentation here + get a coupon code for an immediate $500 discount on the LIFT Foundation System: