Tax Masters
Tax Masters is a training podcast for Pack Tax Pros. Each episode makes complex tax concepts simple and practical, so you can earn client trust, solve problems, and make more money as a Pack Tax Pro.
At Pack Tax, mastery isn’t just about knowing the rules—it’s about knowing how to explain them in a way that helps clients understand what it means for them. When you can do that, clients see you as the solution to their problems—and that’s where the money is.
Listen to episodes more than once, let the language sink in, and make it part of your vocabulary. The more you master, the more valuable you’ll become.
Tax Masters
Episode 2: S Corp, LLC, or Schedule C..... Which entity structure is best for my client?
FAQ: Should my business be an S Corp or LLC? How should it file?
Main Objective: Help you understand basic business entity structures and identify key indicators to guide clients on the best setup for their needs.
Description: In this episode, we break down the essentials of business entity structures to help you guide clients with confidence. We explore how to choose between an S Corp or LLC, explaining how an LLC’s tax filing varies—Schedule C, 1120S, or 1065—based on its setup. We share why S corporations are great for profitable businesses and partnerships work well for passive income and lower audit risks, while steering small businesses away from C corporations. We dive into spotting key indicators like client risk tolerance, profitability, and IRS rules to determine the best structure. Plus, we offer practical tax planning tips, from solid record-keeping and audit prep to setting aside the right tax savings percentage. Tune in to learn how to spot the signs and advise clients on the perfect business setup!