Mark Kohler explains how S corporations can cut FICA taxes for professionals like dentists and doctors. Once you hit around $50,000 in income, split it between a reasonable salary and distributions. The tax savings can be substantial.
I don't want to pay all of this fica. So we convert to an S corp. I got to tell you, every dentist, doctor, engineer, landscaper, restaurant owner, cpa, attorney, independent consultants, we're all S corporations. Because once you make $50,000 or more, I want to split this income. I want to call some of it salary and some of it pass through. This is the strategy. So one of the best ways to unlock your business potential and make more money is to use this form of doing business and create a SAL that's reasonable and push out all this profit. And when you start saving this money, we're going to start deploying it in some very powerful ways.
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