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What are the Main Differences Between an S-corp and a C-corp?

by Toby Mathis

September 8, 2020

In this episode of Tax Tuesday, tax attorney Toby Mathis, Esq. brings tax knowledge to the masses and answers your tax questions LIVE! He’s joined by Jeff Webb, CPA and Tax Director at Anderson Business Advisors.

Updated November 17, 2020

Featured Questions

14:50 – I live in Maryland and am going to buy a vacation home/Airbnb in Florida. Do I need LLCs in FL and Maryland?
30:27 – My company has been an S-corp since 2015, but all business income has been paid to the owner’s name and not the business name. What can I do?
46:50 – If I sell a piece of land and keep the primary house, what is the 1031 valued at, $0 or the $150k purchase price in 2012?
51:04 – Can I write-off an RV if I use it for business travel? If so, what are the requirements?
1:00:08 – What is the right way to move money in/out of an LLC? Do I move personal funds to the business account and then pay the expenses?
1:08:57 – How does a trust work in relationship to an LLC in real estate?
1:16:15 – How do I add my LLC to our living trust? Are there tax consequences?
1:19:21 – Can you take depreciation on a rental condo? What do you use for the basis?
1:22:16 – What are the main differences between an S-corp and a C-corp?
1:31:12 – What are the advantages of making my futures trading account an LLC?
1:34:16 – Is a family limited partnership, irrevocable trust, or LLC better for a small business?
1:36:41 – Is it better to invest in oil and gas as an individual or in your LLC?
1:40:31 – Is there an option to give employees a bonus without being charged a luxury tax?
1:43:07 – I have an LLC for my real estate business. How should I be paying myself through the business if I plan on filing as an S-corp?

Author Bio

Toby Mathis, Esq. ~ Founding Partner, Attorney, Author & Business Tax Expert.

Toby Mathis is a founding partner of Anderson Law Group and current manager of Anderson’s Las Vegas office.

He has helped Anderson grow its practice from one of business and estate planning to a thriving tax practice and national registered agent service with more than 18,000 clients.

In his work as an attorney, he has focused exclusively in areas of small business, taxation, and trusts. In addition, Toby was the past director and host of the longest-running local business radio program on KNUU in Las Vegas “The BOSS Business Brief”.

He sits on the board of directors for several companies and was recently appointed to the local board of Entrepreneurs’ Organization, a worldwide association of owners of successful businesses. He has authored more than 100 articles on small business topics and has written several books on good business practices, including first, second and third editions of Tax-Wise Business Ownership and 12 Steps to Running a Successful Business.