What Your CPA Wants You to Know
A podcast for entrepreneurs! We are a husband and wife team running our CPA firm together. We know just how difficult it can be to take your business dream to a reality. Our mission for this podcast is to guide, empower, and educate entrepreneurs in an easy-to-understand way! We want business owners to have the information that they need when they need it, AND without the hefty accounting invoices from a CPA! Follow along for practical advice, tips, and tricks from a CPA who knows what it is like to run a business, and strategies to keep your business thriving from an MBA! We will also show you how to run a business while keeping your family and sanity intact along the way!
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What Your CPA Wants You to Know
104. From W-2 to 1099: Everything You Need to Know About Self-Employment Taxes
Transitioning from W-2 employment to receiving 1099 income fundamentally changes your tax situation and officially makes you a business owner, even if you're doing the same work as before.
• Self-employment tax means paying both the employer and employee portions of Social Security and Medicare (15.3%) on top of income tax
• Business expenses can be deducted against your 1099 income, reducing your taxable income significantly
• Opening a separate business bank account is crucial for tracking income and expenses correctly
• You can simply transfer money from your business account to your personal account as needed
• Estimated quarterly tax payments are required to avoid penalties from the IRS
• Consider setting aside 25-40% of income for taxes depending on your tax bracket
• Health insurance and retirement planning now fall entirely on your shoulders
• Once netting over $50,000 in profit, consider forming an LLC and electing S-Corporation status
• S-Corps require more complex paperwork but can save significant money in self-employment taxes
• Higher-earning contractors should work with a CPA rather than trying to handle everything themselves
Check out our guides for new businesses and S-Corp owners in the show notes if you need step-by-step assistance navigating your new tax situation.
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So most people know that when you start getting that 1099 income, nobody is withholding taxes for you, and that's normal. But you might just be thinking well, I'm in the 12% tax bracket, so nobody's withholding for me. Whatever I make, I'm going to have to pay 12% of that. That is not where this ends, unfortunately. Welcome to what your CPA Wants you To Know.
Speaker 2:Tax and accounting help can be expensive, so we've created this podcast to help guide you through it all and make you feel like you have a CPA in your back pocket.
Speaker 1:I'm Carson Sands.
Speaker 2:And I'm Taryn Sands.
Speaker 1:I'm a CPA with over 10 years of experience helping people start and grow their businesses.
Speaker 2:And I'm an MBA with a specialization in marketing and entrepreneurship. Taxes suck and we want to make sure you don't pay more than your fair share.
Speaker 1:We're here to share everything your CPA wants you to know.
Speaker 2:In a fun and easy to understand way.
Speaker 1:Let's get started.
Speaker 2:Let's do it. A few people reached out to us on Instagram and I was looking back to see if I could send them a podcast episode, and I realized we did not have a podcast episode about this, and this is crazy, because this is something that we get asked all the time, so better late than never. Today's episode is all about 1099s and the people that receive them and how you need to deal with that from a tax standpoint.
Speaker 1:Yeah, it is weird. I mean I know we've talked about 1099s as part of a lot of other episodes, but never with that being the focus, and so people that were searching for that might not have found it or might not have wanted to dig through a whole episode of other stuff just to get to that one part.
Speaker 2:Right. I couldn't even find it because we've answered all the questions, but I couldn't go back and find the specific episode. I know that it was in one of them, but I have no idea which one. So quickly.
Speaker 1:if you are trying to figure out how to file 1099s from your business and you already know about some things about business, but you're trying to figure that part out. Well, we do have an episode on that, that's episode eight, but this is completely different. This is for people that have recently started receiving a 1099 for the work that they do.
Speaker 2:And getting a 1099 is for contract labor and we are seeing a big shift in that instead of W2 employees, we're seeing a lot more 1099 employees. So a lot of people are changing over and then they are contacting us being like what does this mean? What does this mean for my tax return? What do I need to do? And those are all very good questions, because it changes a lot, and today we're going to talk about all the changes and what you should do if you have recently been changed from W-2 to contractor or if you've recently changed from W-2 to 1099, and what you need to do moving forward.
Speaker 1:The most important thing you need to do is get your mind around the fact that you're a business owner now.
Speaker 2:Yes, that is. The biggest thing to take away from that is that if you're getting a 1099, you need to consider yourself a business owner. Yay, congratulations, you now have a business.
Speaker 1:Some people don't feel that way, especially when they have only one customer which they don't even think of as a customer, they still think of as their employer because they only get the 1099 from them. That's the only company they do work for. It doesn't matter if you were getting a 1099, you have a small business.
Speaker 2:Yes, and we will dive into what all that means. But it also applies to the people that maybe are still getting a W-2, but are receiving a large 1099 for, I don't know, some other type of work. I know in oil filled a lot people are getting 1099s even though they're also getting a W-2. I don't really know why or which part of that they're getting the 1099 for, but we see that a lot.
Speaker 1:Sometimes we see that certain elements of overtime are considered a contract labor and it's because their employment agreement does not allow them to work overtime. So they do additional work and they get paid 1099. Those are usually big companies, so I'm sure they're following the rules. It seems like that would be a stretch to me, because normally that would still be an employee that's just getting overtime, but I'm sure they have some workaround because, you know, these major companies aren't going to violate employment laws typically.
Speaker 2:Well, I feel like we're seeing a lot of that. So, whether they've found a loophole or something, I feel like we're seeing a lot of that. So, whether they've found a loophole or something, I feel like we're seeing a lot of people that maybe really should be an employee that are being paid on a 1099, likely to just decrease the cost for the employer.
Speaker 1:Another example, though, would be we have people that work for big truck dealerships or for heavy equipment dealerships, and the dealership pays them a W-2 for their commissions or whatever their salary is, but then a lot of these, let's say, they're selling John Deere equipment. Well, john Deere has special incentives for the salesmen that are paid directly to them and not to the dealership, and those are paid out on a 1099, because they don't work for John Deere, they work for the dealership.
Speaker 2:Okay. So there's a lot of circumstances like that. So if you're receiving a 1099, especially if it's for a significant amount, this episode is just for you.
Speaker 1:So if you are a business owner, then if you haven't filed any other paperwork to be a special kind of entity which you probably haven't, if you just started getting a 1099, then you're a sole proprietorship. We do have an episode on sole props and that's episode 28 of this podcast, and so there's a lot of good information. That's a good place to, you know, go and listen to that and find out some information, but that doesn't mean we're not going to give you a lot of great information in this episode as well.
Speaker 2:Right, that's just where you start. So if you receive a 1099 and you are filing your taxes, you're putting that on your tax return as your sole proprietor. You don't have to file anything to do that. This is just automatic. And the reason is because the self-employment taxes and we'll go into that a little bit more, but just know that automatically that's going to be filed on schedule C of your tax return without you doing anything or filing anything.
Speaker 1:So most people know that when you start getting that 1099 income, nobody is withholding taxes for you, and that's normal. But you might just be thinking well, I'm in the 12% tax bracket, so nobody's withholding for me. Whatever I make, I'm going to have to pay 12% of that. That is not where this ends, unfortunately.
Speaker 2:No, Unfortunately there are more taxes because you're not going to get out of things like Social Security and Medicare.
Speaker 1:That's right. Your employer has been withholding 7.65% to cover Social Security and Medicare and withholding for your income tax, and on top of that they've been matching the 7.65% for Social Security and Medicare with their own funds, and so that adds up to 15.3% that has been going into just Social Security and Medicare with their own funds, and so that adds up to 15.3% that has been going into just Social Security and Medicare on top of your income tax withholding. Well, now you're responsible for 100% of that 15.3%. So all of your income will be taxed at the 15.3% for self-employment, which is your Social Security and Medicare and your income tax rate, whatever that may be.
Speaker 2:So that's a lot of taxes and you're going to feel it a lot more than you do whenever you're being paid on a W-2, because your employer is paying a portion of that.
Speaker 1:Right, and all of that's going to hit you at once. Plus, you know, 12 percent, 10 percent, whatever bracket you're in, plus the 15.3 percent, you're already looking at a quarter of your income that needs to be set aside for these taxes, and that's assuming that your spouse isn't making a large income already. If they are, you could be in the 22% or 24% tax bracket.
Speaker 2:Now, all of a people don't plan in advance and then they just deal with it when they file their tax return and maybe they know they're going to owe a lot. Carson said that they generally do know that, but actually they don't. A lot of times people are surprised, so they just wait to file and then they maybe have a 1099 for $60,000 and they have to pay those taxes all at once, but they're definitely unaware of the self-employment taxes. So that's what we want to avoid by teaching you all of these things today.
Speaker 1:Yeah, and as a side note, that just highlights the evil that withholding actually is, because the IRS forces your employers to withhold all that money so that you never see it and you don't feel it. And so when you owe all this big amount, you're shocked. You've been paying it your whole life. You didn't pay more. Just because you're self-employed, you're paying the same taxes you've always paid. You're just getting hit with it all at once when you file your tax return, instead of sneaking out every two weeks a little bit of it.
Speaker 2:And it's really hard for people to plan for this, because if you've never done it and it's just been taken out of your paycheck little by little, it is hard to plan for such a large amount and actually see that you do it.
Speaker 1:I can guarantee you, if they made everybody write a check on April 15th, including employees, that people would start voting differently very quickly.
Speaker 2:I mean, I can definitely relate to that because when we started this business I was really mad about the taxes we had to pay. At the time we weren't doing estimated tax payments and we did have to pay it all at once and I was not happy.
Speaker 1:Yeah, no, she was not. She told me to recalculate those numbers.
Speaker 2:Yeah, Redo, that is not okay with me. I do not want to pay that much in taxes. But you know it just. You just get used to your check being a certain amount and most people just don't look at all those numbers. But they're really important, especially if you make a big change to 1099 and then you're having to plan for that and pay those out of pocket all at once.
Speaker 1:That's right. But hey, don't blame the IRS. They're just following the rules that they're told, paying 39.6% of the amount that is on the 1099, you're doing it wrong. So that's where we start to get back a little bit of that money, because it's sounding crazy Like I can't be self-employed if I have to pay 40% tax. That sounds absurd. Well, you don't, because in addition to having all those taxes, you also get to have a whole bunch of expenses that you put against that 1099 income.
Speaker 2:So there's nothing that you have to do to file this 1099 income on your Schedule C, which opens up the ability for you to put in deductions. So a lot of people still think that if they have a W-2 that they can have deductions right off certain things. You can't. There's no way for us to do that for you on your tax return. However, if you have a 1099, it can be put on schedule C and there's a whole list of things that you can deduct to help bring down that taxable income.
Speaker 1:Yeah, do you drive somewhere? If you're in sales, I'm sure you do. That mileage adds up so fast. You wouldn't believe it, and that's fair, because your gas is not cheap.
Speaker 2:And your cell phone, your home office things you buy, like your laptop, all of those things that people want to always deduct. You can deduct when you have a 1099.
Speaker 1:And that's a great point Even and we do see this a lot even if you're self-employed but you work from home and you get that 1099, well, at the very least you have a home office, you have office supplies, you're using your computer for business, so a portion of that can be deducted. Using your internet, portion of that can be deducted. Or your cell phone is your primary form of communication with your I don't want to say employer, because you're not an employee but with the people that are paying you, or with the customers you're working with. You know your cell phone is being used for that, so you get to deduct part of that. All of those things add up and can make a really big difference, especially when your tax rate on this income is 25 or 40%.
Speaker 2:Absolutely, and there's so many I mean software fees and certifications that you would have. There is something so definitely do not just file that 1099 straight income without taking some deductions, because we promise you you have some.
Speaker 1:Yeah, and now if you have some kind of job, some magic job, where you don't have any certifications, you don't have to do anything. People just send you money and you do nothing for it. Well, okay, then maybe you don't have any expenses. Let us know what job that is. And I might do that on the side, but I don't think that it's going to be almost anybody.
Speaker 2:No. So the first thing that you want to do is keep track of those expenses through the year, because if you have a CPA doing your tax return, you're going to need to give that to them. If you're doing it yourself, you're going to need that. So you need a total of what you've spent in every category. So what did you spend on?
Speaker 1:meals.
Speaker 2:What did you spend on meals? What did you spend on supplies? How many miles did you have? All of those things need to be calculated for the year and you'll use that to file your tax return. Now, the easiest way to keep up with this is to have a business bank account, and I know we've said this a lot, a lot, a lot on the podcast.
Speaker 1:Yeah, you can probably hear us talk about that on episode 12, starting a new business, or episode 21, roadmap for new business owners. You know, in general and we have some, by the way, that are specifically about accounting for your business, and there's some that are about doing it if you use a spreadsheet or some if you do it through QuickBooks. But no matter which way you do it, you need to have a separate bank account or your accounting is going to be a nightmare.
Speaker 2:So step one with all of this is, if you are now receiving a 1099, is to open a new bank account, and what you'll do with that is you will have all the payments that you're receiving from, even if it's just one person or many businesses, all need to go to that bank account, and then anything that you are purchasing for your business or any type of business expense needs to be used with that business debit card. Moving forward, that makes everything so easy and so simple when it comes to filing your tax return.
Speaker 1:So what's your first question whenever we tell you this? Everyone's first question is how do I get paid? How do I use the money that I make to live to eat, to pay for silly luxuries like a roof over my?
Speaker 2:house. If all the money that I'm making is going into this business bank account, it must be very complicated to pay myself from it, but good news is it's not.
Speaker 1:Not at all. There's so many ways you can do it. You can write yourself a check. That's just a distribution, doesn't affect your taxes at all, and if you're from the 1900s, like we are Don't start using big words when you say distribution. It really confuses people Okay, that's just money that comes out of your business and goes into your personal account. There's nothing fancy about it.
Speaker 2:And it's not. You don't have to run payroll.
Speaker 1:No.
Speaker 2:Nothing formal about this payment to yourself.
Speaker 1:None of that is necessary yet. That's all things we do down the road when things get more complicated, but right now it's just moving the money from your business account to your personal account. You can do it through a check if you're from the 1900s, like we are, but if you're from this millennium, then you could just transfer it over. If you bank your business and you're personal at the same bank, then it's really easy. You just transfer from one account to the other and that's it, and then you can use the money. However, you need to Just make sure you take that extra step and transfer the money. However, you need to just make sure you take that extra step and transfer the money, because if you start buying personal items through the business, it just complicates your life unnecessarily.
Speaker 2:Yes. So don't make it complicated to pay yourself. You're a sole proprietor. You don't have to run payroll or anything like that. You can have a business bank account and a regular checking account and you can just transfer online, like we do from Wells Fargo, from one bank account to the other when you see fit. It doesn't have to be on the first and the 15th, it doesn't have to be biweekly, it can be whenever you want, it can be every day. Whenever you have enough money in that account that you feel like you want to transfer a bunch out and it can cover the expenses, go ahead and pay yourself.
Speaker 1:But here's why you want that extra step. If you have all of your expenses running through your personal account, you're going to miss some because you're not going to know was that Walmart trip for office supplies or was it personal and you might err on the side of caution and that's just an expense you miss. What you won't miss is the income, because the full amount of your income is reported right there on that 1099 and the IRS already knows about it. So you already have to report all that. We certainly don't want to miss any expenses and having a separate account can make that so much easier. And God forbid if you do get audited. Having that separate business account will give you a leg to stand on when you're approving your expenses.
Speaker 2:Absolutely. This is just going to save you so much time, so it doesn't take very much time to open a bank account, especially if you do it online. You can do that on WealthFargo, for sure. It's so fast, but you're not going to have to go through all 12 bank statements through the year and try to sift through what was business, what was personal, and gather that information up for your tax return. It's going to be right there, super easy.
Speaker 1:And the last reason is if you get to the end of the year and, oops, you didn't do your bookkeeping, that happens and you're like I don't want to. That sounds miserable. I would rather do anything else in my whole life than do accounting. I totally understand that feeling. So you're like I'll hire a bookkeeper or I'll pay the CPA to do it. That's great. If you have that separate account, they will take that and they'll charge you a reasonable amount and they'll get it done for you. If they look at it and it's all mixed into your personal, then one of two things will happen. If it was us, we'll just say I'm sorry, we can't help you. You're gonna need to find someone else. If it is another bookkeeper, maybe they're hungry for money, but they're still gonna see how much extra time it's gonna take them. In that situation They'll they're just going to charge you about five times as much as they would have in a normal situation?
Speaker 2:Well, no one can go through your personal bank account and know what was for your business and what wasn't. That's just. It doesn't matter how good the bookkeeper is, they can't do that.
Speaker 1:If you do have that business bank account, you can tell them, like everything in here is business related, okay, well then they'll know what to do with it. But if even if they're willing to take on a mixed account like that, they're going to require a lot of effort from you. So now you're paying extra and you're still having to do a whole lot of work to tell them oh, this was business, oh, this was personal. By the time you do all that, you might as well just do it yourself.
Speaker 2:And if you're kind of scared because we're mentioning bookkeeping and you didn't realize that having a 1099 meant you're going to have to start bookkeeping, it's not as scary as it sounds. You don't have to get QuickBooks, especially if you're just having minimal transactions and you're just getting started. If it's very simple, all you need this for is to plan for taxes and to file your tax return. So you're going to need a in categories and total for the year and then how much money you made total for the year. So those two things are what you need for your tax return. But also you're going to need that information to help you plan for taxes in the year, which brings us to estimated tax payments.
Speaker 1:Ah, yes. So this is something that you should start doing when you become a 1099 person, because nobody is withholding those taxes for you and the IRS. They're not willing to wait until April 15th to get that money. They want you to pay it in quarterly throughout the year so that they can. I don't know, usually if they need more money they just print more, but I guess the original idea of the estimated payments was so that they have operating money throughout the year and they don't get all of it just at one time from all the business owners.
Speaker 2:Yes, they will fine you, they will penalize you if you don't make these payments and you just pay them all at once when you file your tax return. So unfortunately that sucks.
Speaker 1:If you're already into your first year and you haven't done this yet. A lot of times they don't penalize you the first year. It just depends, because the way they penalize you is. It's a complicated calculation, but just suffice it to say that it's never too late to start and it's not the end of the world if you've already missed a few of those. But moving forward, just be prepared to pay that in. You're already setting the money aside. You're not making that much interest on it in the savings account anyway. Just go ahead and pay it into the IRS, because their penalties are higher than whatever you're earning in the savings account.
Speaker 2:Estimated tax payments just confuse the hell out of people. So we do have an episode coming up where we will walk you through how to make the estimated tax payments, where you can do that, all of your options, the due dates and all of that. I also realized we didn't have one of those, even though we've talked about it a lot.
Speaker 1:Yeah, I know Isn't that weird. I know we mentioned it in episode 23, along with some other things, but we talk about retirement and a bunch of other stuff in that episode.
Speaker 2:It's either the next episode or the one after that. It's going to be all about estimated tax payments. So if you're listening to this and this applies to you just stay tuned for that episode. We'll go further into that. But basically you're going to make four payments during the year of those taxes that you're going to owe at the end. If you don't, there are penalties.
Speaker 1:So we'll just say that for now, and the name says it all. They're estimated tax payments, because you're estimating how much tax you'll owe in total when you file your tax return and you're paying about a quarter of that four times through the year.
Speaker 2:Right, you're just looking at what you made in that quarter and sending in a payment. It's just a guess. It's always a guess whenever you own a business, because you don't know what the year is going to look like. But maybe for some of you listening, you know how much contract work you're going to have and that will make things a little bit easier. It is important to note that your tax return will change. Like I said, you'll be filing a separate form now. So if you're doing it yourself, it will change and if you have a CPA, it will very likely increase the price that you're paying if you just were filing with W-2.
Speaker 1:That's true, because it is a business, and so it does complicate things.
Speaker 2:I know you did want to mention, just in case you hadn't thought about this if you are new to getting a 1099 and you were previously a W-2 employee, you will no longer have retirement savings or health care from your job, so you need to plan for those things too.
Speaker 1:Right. And if you're just starting on the 1099 path, unless if you are already making a significant amount of money which happens sometimes you might not be ready for retirement yet. It might just be something you want to put in the back of your mind for later. But there are ways to save for retirement through your business or even outside of your business just to make sure you're still contributing. But the health insurance, that's a big one. You don't want to wait on that and there are options out there that don't cost an arm and a leg.
Speaker 1:Now, the marketplace is great. If you don't make any money, you can get a lot of discounts on the health insurance, and that's great. If either you're already making a lot of money, or even if you're not but your spouse is, then you're not going to qualify for any of those discounts, and paying full price through the marketplace it's pretty expensive. But there's some alternatives that maybe are not considered technically health insurance, but they still work. They still cover you when you're sick and stuff, and MediShare is one of those. It's pretty well known. But just cost sharing plans in general of any kind would be a much cheaper option, and we did that when we started out, and I mean it was an eighth of the price, maybe a 10th of the price of what the marketplace insurance was. So keep that in mind.
Speaker 2:And we do have an episode all about where we talk about what we did when we first started our business, and it's episode number 74 health insurance options for business owners. So keep that on your radar if you're just now moving to 1099.
Speaker 1:So the last thing we'll talk about and you might not be there yet, but this could be way, way, way down the road, or it could be today.
Speaker 1:Yeah, you could be knocking on the door of needing to do this right now, but people always ask about do I need an LLC? You don't need one necessarily. It could be beneficial. We have so many episodes talking about the benefits of an LLC, when you need one, why you need one and, beyond that, an S-Corp when you make an S-election for tax purposes to be taxed as an S-corporation, it can save you a great deal of taxes. But it's not for everybody. We have, I mean, not just episodes about that, we've written a book about it, and so we have a lot of information about that. The whole.
Speaker 2:S-Corp series. But the LLC I do want to state in this podcast episode that has nothing to do with your taxes. So an LLC is just going to provide legal protection for your business. You may or may not need that, depending on what type of work you're doing. So check out episode number nine. Do you need an LLC for your business? So, like we said, you are a business owner, so think of it as a business. Maybe you do need that LLC. Now, the S-corp part of all of this is based on how much income you're making. So if you are netting over $50,000, if it's significantly more than that, you need to go ahead and move forward with the LLC and the S-corp now.
Speaker 1:And when Taryn says netting, she means not what's on the 1099, but what is left after you deduct all of the expenses from that income.
Speaker 2:On your tax return. So people will be like, oh yeah, I'm making $60,000 for the year. That's not what we mean.
Speaker 1:If we're getting your mileage and your office expenses and your other things and after all of that it's bringing you down to 30,000 in net profit that's great, but it's not time to do an S-Corp yet.
Speaker 2:It's not going to be worth it. You just want this on your radar as you continue to grow your business or get more contract work or whatever that $50,000 mark, because that's when it will be worth it for you to switch to an S-Corp, which is all about saving taxes. However, a lot of people switch to 1099 work, like I'm thinking of some anesthesiologists that we have, like nurses, things like that that right off the bat, are making well over that $50,000 in profit mark. So from the very beginning, they're going to want to file all of this.
Speaker 1:Right, Because these are people that are still working in the same field and they just switch from being a W-2 employee to a 1099 contractor and being well established in their field. Yeah, they're immediately making well over the threshold where an S-corp makes sense. So for those people, move quickly. Hopefully they are aware of this and they're already reaching out to their tax professional, but it doesn't always happen that way.
Speaker 2:So if this applies to you and you know you're going to be netting well over $50,000, then you need to look at episodes 38, 39, and 40. That's all about the S-Corp has just had a W-2 job and then all of a sudden are thrown into all of this. Because when you convert to an S-corp you do have to be an LLC, you do have to run payroll, you have to do all of those more complicated business things. But it's well worth it because you're going to save a lot in taxes. But it's still a pain in the butt and it's still a lot to learn in a short amount of time.
Speaker 1:Right, and if you're at that point, if your income's that high and you need to do the S-corp and all that, I mean you're past the point where you should be doing it yourself. You're too busy, your time is too valuable to waste on this stuff. Let somebody do it. They can do it quickly and correctly. You need a tax professional for that.
Speaker 2:If you're at that point, you absolutely need a CPA. So if you're listening to this, you know probably step one is to find a good CPA because to do all the conversion and everything they can help you file your LLC, they can help you convert to an S-corp and they can help you with your tax questions and then, most importantly, they're going to be filing your S-corp tax return, which you cannot do yourself.
Speaker 1:No, it's going to be too complicated and you'll miss so many deductions. I mean, they're at that point then.
Speaker 2:yes, it is an expense that you just need to build into your business because they're going to save you way more money than you're paying them Exactly. So this is a lot of information, but hopefully it's helpful and you can refer to the episodes that apply to you. So if you're just starting out, it's completely fine to start out as a sole proprietorship. There's nothing that you need to do as far as paperwork goes to file any of that. You don't have to get an EIN, you don't have to do any of that. What you need to do is just be tracking your income and expenses with your separate bank account for your business and be prepared for your taxes to change significantly. Then, if you are making well over $50,000 in profit, you need to dive into the S-corp stuff that we talked about.
Speaker 1:Right, and if this doesn't feel overwhelming and you want to learn even more, I have, you know, heard a lot of people say they go back and listen to like all the episodes of the podcast, which I mean thank you, that's. I'm very honored that you've spent your time doing that. Or, if you want it in a more digestible format, we do have our guides for new businesses and our guides for S-Corp owners.
Speaker 2:Yes, you can check the link in the show notes for those. We have one that walks you through all the steps, and then we have another one just for people that are considering switching to the S-Corp.
Speaker 1:And you know that new business guide. All of that information is contained in these podcast episodes, but it's a lot of listening to get. All of the information is contained in these podcast episodes, but it's a lot of listening to get all of the information. The guide has it all in something you could probably knock out in a night or two and get through.
Speaker 2:So yeah, it's very organized, step by step.
Speaker 1:But the podcast is free and the guide does cost money, so well, we appreciate you listening.
Speaker 2:If you found this episode helpful, or you were listening and you thought of someone that this would apply to, please send that episode to them. That is how we grow the podcast and we get more people listening. So we really appreciate when people take the time to share the episode.
Speaker 1:And if you don't share it with people, then that's just more money that other people are paying to the IRS Right.
Speaker 2:So we definitely don't want that we want to save everyone as much money as possible Until next time. Thank you so much for listening to.
Speaker 1:What your CPA Wants you to Know Podcast. This podcast is intended to provide accounting and tax information for educational purposes only. All tax situations are unique and should be handled with the assistance of a tax professional.