Co 106 2016-2024 Form

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[Music]   In this video, we are going to cover the S corporation choice  of entity strategy within Intuit Tax Advisor   so converting a sole proprietorship Schedule C  over to an S corporation that then pays a W-2   wage to the owner and passes some of that income  out through the K1 distributable net income to   really reduce some of those self-employment  taxes. And this is one of the most common and   most requested strategies from all of the  feedback that we've heard from firms who are   currently offering tax planning, tax advisory  services. And in many cases, this strategy can   save thousands of dollars each and every year  that business is operating. IRS data shows that   there are about 28 million Schedule C taxpayers, so  it's a good place to take a look at your existing   clients and see who falls into the category and  could potentially benefit from this strategy.   So, in in this case that we're going to show,  we have a husband and wife Lar