Ever wondered if an S Corp is really the tax-saving miracle you've heard about on social media—or could it actually cost you thousands? One real estate investor learned this the hard way when he paid $30,000 in unnecessary self-employment taxes by structuring his rental properties incorrectly.The S Corporation tax election is often misunderstood. While it can generate significant savings by splitting your income into salary and distributions—potentially saving $20,000 to $40,000 annually—it's not right for everyone. The structure requires reasonable compensation planning, ongoing payroll compliance, and careful timing. Used incorrectly, especially with passive rental income, it can create a costly tax trap instead of tax savings.I'll walk you through real client examples showing exactly how much they saved, explain the reasonable compensation rules the IRS expects you to follow, reveal when an S Corp is a terrible idea, and share critical deadline information that could save or cost you thousands.HIGHLIGHTS• An S Corp is a tax election, not an entity—you must already have an LLC or C Corp before converting• Self-employment tax is 15.3% on 100% of net profit for sole proprietors and partnerships• S Corps allow you to split income into salary (taxed at 15.3%) and distributions (not subject to self-employment tax)• Real client saved $33,000 in one year by converting their granite business to an S Corp• Engineering consultant saved $11,000 annually by restructuring $225,000 of 1099 income• Reasonable compensation requires analyzing market rates, business profitability, and planned distributions• Don't use an S Corp if you have inconsistent income, profit under $50,000, or passive rental properties• Real estate investor paid $30,000 in unnecessary taxes by incorrectly placing long-term rentals in an S Corp• March 15th is the annual deadline to elect S Corp status, but late filing elections are possible with proper explanation• Missing the timing window cost one client thousands—he called in January instead of mid-year• S Corps require payroll setup, quarterly tax planning, and multiple tax form filings (1120-S, 941, 940, state returns)• Best candidates are consistent businesses generating $50,000+ in annual profit with active (not passive) incomeCHAPTERS0:00 - S Corp Tax Trap1:27 - What Is an S Corp2:53 - Self Employment Tax Basics3:52 - Salary vs Distributions5:39 - Reasonable Compensation Rules8:17 - Real Client Savings Examples11:54 - When S Corp Is Bad14:59 - Passive Rentals Warning17:13 - Deadlines and Late Election21:01 - Planning and Compliance Wrap UpRESOURCES MENTIONED• Schedule C (IRS form for sole proprietor income)• Form 1120-S (S Corporation tax return)• Form 941 (quarterly payroll tax form)• Form 940 (federal unemployment tax form)• Form W-9 (request for taxpayer identification)• FICA taxes (Federal Insurance Contributions Act - Medicare and Social Security)Want to keep more of what you earn? If you’re a 7-6-5 business owner ready to move from financial chaos to CFO-level comfort, visit www.simplifymynumbers.com to schedule a call with our team. Subscribe and leave a review on Apple or Spotify to help us grow the community, and be sure to share this episode with a fellow founder.This show is designed to be used for educational and informational purposes. For your own situation, be sure to contact a tax professional directly.This show is part of the ICT Podcast network. For more information, visit ictpod.net

What if the secret to Kansas's economic future isn't just about business growth—but about the health of every single person in the state? In this conversation, we explore why America's Health Rankings matter far beyond the healthcare sector, and how 30,000 influential Kansans hold the key to reversing our state's decades-long health decline.Highlights• Kansas has fallen from 8th to 27th in America's Health Rankings since 1991—the steepest decline of any state• The ranking measures over 50 factors including economic opportunity, food security, education, civic engagement, and workplace safety—not just traditional healthcare• Research shows the relationship between health and economics works both ways: healthier people are more productive, healthier workforces strengthen companies, and healthier populations boost GDP• The "30,000" influential Kansans—leaders across sectors who don't necessarily work in healthcare—play an outsized role in creating conditions for health• America's Health Rankings is produced by UnitedHealth in partnership with the American Public Health Association, combining private sector rigor with public health expertiseChapters00:00 - Welcome and Introduction to Chapter 301:30 - Recap and Personal Reflections02:15 - Introducing America's Health Rankings05:45 - The Importance of Health Rankings for Kansas11:20 - Kansas Health Foundation's Strategic Focus15:30 - The Role of the 30,000 in Improving Health18:45 - Economic Implications of Health Rankings20:30 - Call to Action and ConclusionResources• Explore the Kansas State Summary of America's Health Rankings• Economic Case for Health - The Kansas Health Foundation (KHF) has released its Economic Case for Health report, revealing that this decline is not just a medical crisis—it is a direct threat to the state’s workforce productivity and fiscal stability.Leading Health is an invitation to move the needle on Health in Kansas, and we invite you to join us in leading the way. Don’t have a copy of Leading Health? Claim your copy and learn more about the movement at kansashealth.org/leadinghealthAnd be sure to subscribe, and drop a comment to let us know what you think.

What does it take to turn Kansas into a thriving hub for film and storytelling? Sterling native Kiki Bush left Kansas for classical drama training in England and a successful acting career in New York—but the pandemic brought her home, where she discovered something unexpected. She's now fighting to bring film tax incentives to Kansas, directing her own projects, and proving that the state's "difficult beauty" deserves to be seen on screen. From the theater across the street from her childhood home to advocating at the Kansas Capitol, Kiki's journey reveals why Kansas stories matter and what happens when we choose hope and grit over easy answers.HIGHLIGHTS• TikTok tree controversy sparks debate about Kansas history and landscape• Growing up across from Sterling College Theater ignited Kiki's passion for performance• Training at London's Guildhall School as the only American in her class• Career highlights: playing Cordelia to Kevin Kline's King Lear at The Public Theater• Meeting her husband Rolfe during the pandemic through online dating in Kansas• Creating "The Game Camera" short film with a primarily female cast and crew• Fighting for Kansas film tax incentives: 38 states have them, Kansas needs to catch up• Why women over 40 face fewer opportunities in film—and how Kiki is changing that• Kansas represents "difficult beauty" that requires staying power to appreciateCHAPTERS[0:00] TikTok Tree Controversy[1:16] Podcast Intro and Guest Introduction[1:57] Meet Kiki Bush[3:30] Sterling Roots and Theater[6:38] KU to England Drama School[10:19] Career Highlights and New York[14:07] Acting Calling Moment[15:07] Pandemic Homecoming to Kansas[18:46] Life in Saline County Now[20:15] Fighting for Film Incentives[22:40] Call Your Legislators[23:00] How Film Tax Credits Work[23:40] Keeping Kansas Creatives Home[24:16] Making The Game Camera[26:32] Origins of the Story[28:44] Equity On Set[30:27] Aging and Beauty Standards[33:51] Why Kansas Stories Matter[34:22] Difficult Beauty of Kansas[40:50] Post Interview Takeaways[41:19] Kansas Hot Takes Game[43:10] Sunsets, Sunflowers, and Pride[45:37] Wrap Up and SubscribeRESOURCES• Grow Kansas Film - Organization advocating for Kansas film tax incentives (contact for talking points to reach your legislators): https://www.growkansasfilm.com/• Sterling College - Sterling, Kansas: https://www.sterling.edu/• Guildhall School of Music and Drama - London, England: https://www.gsmd.ac.uk/• Shocker Studios - Wichita, KS - https://www.wichita.edu/academics/fine_arts/digital_arts/shocker_studios.phpLearn more about the podcast at askakansan.com!This show is part of the ICT Podcast Network, for more information, visit ictpod.net

What happens when your five-year-old asks, "When can you retire?" and it forces you to reconsider everything? Today's guest, Bryan Steele—the producer of this podcast—shares the story of how that single question from his daughter revealed a profound truth: the corporate path he'd carefully followed wasn't creating the life he actually wanted. After 15 years as an aerospace engineer, Bryan found himself building a recording studio in his basement, falling backwards into podcasting, and eventually making the leap to full-time entrepreneurship. We talk about following breadcrumbs from music to recording to podcasting, setting financial milestones before leaving corporate life, and creating the freedom and flexibility he'd been chasing all along. If you're feeling the tension between the life you're living and the life you want, or if you've been ignoring those creative side quests that keep calling to you, you'll want to hear this conversation.HIGHLIGHTS• The moment Bryan's daughter asked when he could retire—and how her simple question revealed he needed to change everything about his career path• Why Bryan built a recording studio in his basement while working full-time as an aerospace engineer• How Bryan accidentally fell into podcasting through Wichita State basketball in 2014• The two milestones Bryan and his wife set before he could leave his corporate job: becoming debt-free and building a two-year financial cushion• Why tearing his ACL delayed Bryan's entrepreneurial leap but didn't stop it• The 13-year timeline from first creative exploration to full-time business owner• How Bryan balanced side hustle work while staying present for coaching his kids' sports teams• The "putting ideas in amber" strategy for managing creative distractions without losing focusCHAPTERS[1:03] Introduction and Welcome[1:53] Engineering Success Path[3:46] Big Company Machine[4:46] Redefining Success[6:24] Values Misalignment[8:58] Creative Roots Return[9:42] Basement Studio Side Hustle[10:50] Falling Into Podcasting[12:45] Breadcrumbs To Business[14:33] Daughter's Retirement Question[18:04] Building Time Boundaries[20:31] Outsourcing And Support[21:50] Outsourcing Home Tasks[22:12] Debt Free Milestones[24:03] Building a Safety Net[25:25] Torn ACL Setback[27:21] From Studio to Full Time[29:19] Following Breadcrumbs[30:52] Ideas in Amber Method[32:17] Launching Side Hustle Dad[34:15] Why It's for Dads[35:17] Mindset Strategy Tactics[35:47] Where to Listen and Wrap UpRESOURCES• The Side Hustle Dad Podcast - Bryan's new podcast launching to help dads create flexibility and freedom through side businesses; www.sidehustle.dad• Forge Podcast Co. - Bryan's podcast production company; www.forgepodcast.coWant to learn more?The ThreadBe sure to follow me @audradinell on Instagram and LinkedInThis show is part of the ICT Podcast Network.Disclaimer: we may receive a small commission on any products purchased through the links used in this episode. I only recommend tools and resources I actually use and find valuable.

What does it take to leave corporate stability for the uncertain path of entrepreneurship? Just a month ago, Savannah Tasset was a financial analyst at Koch Industries. Today, she's running her own aesthetics business at Utopia. Her story shows that sometimes the riskiest move is staying where you're unhappy—and that a finance degree can be your secret weapon in the beauty industry.HighlightsWhy Savannah graduated high school a year early to pursue aesthetics school at 17How her finance degree from K State became an unexpected advantage for business ownershipThe moment she realized spreadsheets weren't her calling—and what pulled her back to skincareSetting up an LLC, choosing Image Skincare, and building Serenity Skin Studio from scratchWhy dermaplaning is oddly satisfying (and her favorite service to perform)The difference between clients seeking results vs. relaxation—and why reading those cues mattersHer advice for anyone stuck in a corporate job while dreaming of a passion careerChapters0:00 Meet Savannah Tasset1:11 Early Aesthetics Journey2:57 Finance Path and Koch5:47 Called Back to Skin7:50 Starting From Scratch8:33 Client Experience Philosophy10:48 Building the Studio14:24 LLC and Systems Setup16:31 Why Dermaplaning Works17:48 Ideal Client Results20:06 Services Menu Breakdown23:40 Consultations and Trust27:28 Advice and Wrap UpResources MentionedImage SkincareThe professional skincare product line Savannah uses in her studioGloss GeniusThe booking and credit card processing system for her businessSerenity Skin Studio on InstagramSavannah's business InstagramSerenity Skin Studio on FacebookSavannah's business Facebook pageTo learn more about Utopia Modern Salon Suites, visit our website at https://utopiamodernsalon.com/ or follow us on Instagram, Facebook and LinkedIn!If you enjoyed this conversation, don’t forget to subscribe and share with a friend!