What Form 8865 Entity 2024

Hi, my name is Keith Hall. I'm a CPA. I've owned my own business for over 25 years, and I'm here to help you with your small business. You may be asking yourself today, "You've got a new business. What entity form should you choose? Should you operate as a corporation, maybe an LLC, a partnership, or just continue as a sole proprietorship?" This is a very important question. Maybe the real question is, which one of those entity forms will help you pay the least possible tax? It's a very common question, and maybe I have a surprising answer for you. But at the end of the day, the overall tax liability will not be different regardless of the entity form that you choose. Now, there are certainly differences, and there are pros and cons to all of those types of entity forms. In fact, we have other videos here to help you with those pros and cons of each of those entity types. But from a tax standpoint, if you hear the point being if you're an LLC or if you're a corporation, you're going to end up paying less tax, be real careful with that because this should not be a tax decision. There are certainly lots of other things to consider in choosing an entity form. For example, limited liability. Maybe you've heard an LLC or a corporation can help protect your personal assets from some of the liabilities of the business. This is certainly a great reason to consider one of those entity forms. So, if you're in an industry that has higher than normal liabilities or perhaps you have a number of employees who work for you, choosing one of those entity forms that can help with liability issues is certainly a good reason to...