@originaldohnthornton: A lot of accountants push S Corps for one reason — to try reducing self-employment taxes that LLC members usually get hammered with. And yes… compared to a standard LLC, an S Corp can sometimes lower part of the damage. But it’s still a taxable statutory law entity. You’re still filing with the state. Still visible on public records. Still creating taxable events.
So while people celebrate “saving a little” on self-employment taxes…
they completely ignore the bigger picture. Because inside a contract law spendthrift trust… there is no self-employment tax problem to solve in the first place. No taxable events.
Far greater privacy. And powerful lawsuit protection. Same business income. Completely different financial outcome (info purposes only; not a licensed tax, legal, or accounting professional) #taxsavingstips #taxdeductions #taxsavings #taxreduction #scorpion
