Financial FoundationsApril 7, 2026

LLC vs S Corp: What Business Owners Should Know About Taxes

Dustin Taylor · Alex Wolfe, CFP
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About This Episode

If you're a small business owner or running a side hustle, choosing the right business structure can have important tax implications.

In this episode of Financial Foundations, we sit down with a senior accountant to walk through the key differences between sole proprietorships, LLCs, partnerships, and S Corporations—along with common considerations business owners should be aware of.

We discuss:

-How business structure affects tax reporting -Differences between LLCs, partnerships, and S Corps -How self-employment taxes are applied -W-2 income vs distributions in an S Corporation -When an S Corp election may be considered -Common tax misconceptions among business owners -The importance of planning for taxes throughout the year

This episode is designed to provide general educational insights to help you better understand how these structures work.

⚠️ This content is for informational purposes only and should not be considered tax or legal advice. Please consult with a qualified professional regarding your specific situation.

#SmallBusinessTaxes #SCorp #LLC #TaxPlanning #Entrepreneur #SideHustle #FinancialEducation #BusinessOwner #Accounting #FinancialFoundations

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Statistics cited on this page are drawn from third-party research and are provided for general educational context only. Individual circumstances will vary. 1,2,5 Employee Benefit Research Institute (EBRI), 2023 Retirement Confidence Survey. ebri.org. 3 Federal Reserve, Report on the Economic Well-Being of U.S. Households (2023). federalreserve.gov. 4 Federal Reserve, Survey of Consumer Finances (2022). 5 Vanguard, How America Saves (2023); National Institute on Retirement Security, Retirement Insecurity 2024.

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