Dr. Friday explains how entity choice planning still matters, even with the 21% corporate tax rate remaining in place. She recommends working with both a tax professional and an attorney before deciding.
Transcript
G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.
The permanency of the one big beautiful bill comes into play when it comes to business entity selection.
One of the big things that people weren’t sure about is how long the 21% corporate tax rate would stay in play. Should I be an LLC, a C Corp, an S Corp, a partnership? It’s a lot.
Really, your best bet is to sit down with two important people. One would be a tax person. We can give you all the advantages and disadvantages of the entities. The second is a good attorney, because without that person you’re never gonna have it set up properly.
You need to make sure you’ve got all those people working together as a team. If you need help, first go to the web, drfriday.com.
You can catch the Dr. Friday Call-in Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.