What Is The Difference Between An LLC And An S-Corporation?
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- Опубліковано 12 чер 2024
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Are you confused about the difference between an S corporation and an LLC? You're not alone! In this video, I'm diving straight into the nitty-gritty details to clarify this common question once and for all.
When it comes to the state, you're essentially paying for protections by establishing an entity like an LLC. This shields your personal assets from business liabilities, providing invaluable peace of mind for entrepreneurs like you.
💰 But what about taxes? Here's where things get interesting. Despite popular misconception, an LLC doesn't have a designated tax form. Instead, you get to decide how you want it to be taxed, whether as an individual, partnership, or even an S corporation.
📝 From individuals to partnerships and C corporations, each entity has its own tax form and filing requirements.
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Show Notes:
0:00 Intro
3:36 IRS Standpoint
6:43 Third Parties Standpoint
10:39 Tax Perspective
14:51 S-Corp Wages
16:20 Sole Proprietor Example
20:27 Final Notes
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Toby Mathis, Esq. is the best-selling author of Infinity Investing: How the Rich Get Richer And How You Can Do The Same. Toby is a tax attorney and founded Anderson Business Advisors, one of the most successful law, tax, and estate planning companies in the United States. Learn more at aba.link/tobyaba
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The information provided in this video should not be construed or relied on as legal advice for any specific fact or circumstance. Its content was prepared by Anderson Business Advisors with its main office at 3225 McLeod Drive Suite 100 Las Vegas, Nevada 89121. This video is designed for entertainment and information purposes only. Viewing this video does not create an attorney-client relationship with Anderson Business Advisors or any of its lawyers. You should not act or rely on any of the information contained herein without seeking professional legal advice.
#llc #scorporation #corporation #LLCvsSCorp #TaxPlanning #FinancialEducation
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After so much struggles I now own a new house and my family is happy once again everything is finally falling into place!!
Thanks for your service, I am learning so much watching your videos! 😁
Thanks the great video. Very informative.
Glad you enjoyed it!
Helpful info, thanks
thank you for watching!
Great to hear your voice. You remind me of Russel Crowe!
Thanks a lot!
Thank you. It drives me nuts when people compare LLCs to SCorps, CCorps, etc. Most people don't know half of what they think they know, yet they speak with authority.
I appreciate your support
Let's go coach Toby
With the Corp structure, either C or S, the shareholder/ employee can also set up a 401(k) plan and shelter salary up to the maximum employee deferral correct? Add to that an employer matching contribution, a large amount of both the corporate income and the shareholder/employee gross income can be sheltered.
Obviously, there needs to be employment agreements in place between the S Corp or C-Corp and shareholder/employee, soelling out the compensation and expense reimbursement structure.
If the S-Corp has investment income in the form of qualified dividends and long-term capital gains, the charachter of that income flows through the K-1 to the shareholders' personal returns and retain their tax-perferred charachter.
Great info, thx. My wife and I have an LLC performing services and the yearly income varies significantly. It would be nice to draw a lower “living wage” and lower our personal tax and even out year to year fluctuations. If the llc/s-corp is paying 21% and you add the personal tax rate do you end up saving money?
It's wonderful to hear that the information provided was useful to you. Managing tax implications can be complex, so I recommend setting up a consultation with my team so we can provide you with the best answer. aba.link/fg0
Strategy
Hi Toby I know this question has nothing to do with this video, but I watch one of your videos on wash sale rule. I hope you can answer this. If I buy a stock ABC for $50 and sell it for $55 and make a profit, Then I buy it back again within 30 days for $45 or $60, then I sell it for $40 with a for a loss is that subject to the wash sale rule. Thanks great videos.
I appreciate you watching my videos and the support! That is a great question. Have you ever registered for a consultation with my team? I would recommend signing up for a consultation so we can provide the best answer for your unique situation. Visit: aba.link/fg0
Hi Toby, this may be unrelated to the main topic, but would it be worth creating an LLC just to put your own personal Roth IRA into?
Great question, I recommend registering for a complimentary consultation with my team. We'll tailor our advice to your specific needs. Sign up here: aba.link/fg0
Hi thank you for your videos…if I open a wy scorp for day trading can I also open Florida llc to buy real state and put under wy scorp to be anonymous Florida llc will be managing by wy scorp and I will be manager to sign deeds or any documents…would I still by anonymous.. thank you in advance
Hello! While this may provide some anonymity, it would not be advantageous from a tax perspective. We do not generally recommend holding real estate in an S corp. Here, if you open a FL LLC (disregarded), which is owned by the S corp, this would be disadvantageous. Rather, we typically recommend separating your active structure from your passive structure, as they both have different general privacy implications, as well as different tax treatment.
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Great video!!I wish all the mothers worldwide a lovely and peaceful Mothering Sunday but God has been faithful so far ❤️, My family are happy once again and I can now afford anything for my family even with my Retirement. $57k weekly returns has been life changing, after so much struggles.
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