I've been surfing explanations for LLC's, S Corps, and Holding Companies, and your channel consistently gave the most clear and complete information for each of these topics. Your obvious knowledge coupled with your cadence made listening very easy. Thanks.
This is a very simplistic view of entity election, don't do this on your own invest a few bucks and consult with a tax professional, either a CPA, Attorney or Enrolled Agent. The IRS only recognizes those 3 as having 'unlimited representation rights'.
🙋🏽♀️ So, if you're a single biz owner taxed as an S-Corp & you take out dividends: 1) Are you taxed on the net profit or just the amount of the dividends? 2) You said a K-1 is given. Don't you also have to give yourself a 1099-DIV from the biz for the amount you took out (the dividends)?
Hello! Thank you for your videos! After watching them I realize I should send myself a w-2 and that I should have been witholding that 7.65%....how do I send it to the IRS? What's that process like? Thanks!
Hello, Miss Amanda. This is Rickey Hughes again. I have just watched your video about Forming an S-Corporation. I still have a business as a sole proprietorship business. I would like to know if this applies to me. As you know, I have a Bookkeeping and Accounting business at home, and if I were to have any clients, wherein I didn't have any clients at all in 2019, I would like to know if I would still be able to form an S-Corporation. Please let me know at the earliest convenience possible. I thank you for sharing this video, and do look forward to hearing from you again, and also look forward to seeing more of your upcoming videos if you will have any. Again, I thank you so very much, and until I hear from you again, take care.
Rickey, yes, you still can. I did this for 2 businesses. Note: 1 of them chose to use the current year and all was accepted simplistically. The other chose to back-date to the previous year and was charged a $200 late filing fee plus interest. If you choose to do it, do it for the current year only and don't back date it. Election must be made within the first 2 months & 15 days of the beginning of the corporate year. If not and you want to avoid late fees, request it to be effective the following tax year. #HopeThatHelps
I have been confused about starting my house flipping business as s-corp, c-corp, or LLC. I will be buying the properties cash and I will do all the work myself. I would like to buy 2 or 3 properties in a year and flip. I would like to save in taxes. I have been watching many videos to educate myself in this business. What would be your advice?
Personally, I would think investing in real estate may get very tricky going forward? However, If you are the owner and sole participant in your business then a 1031 Exchange might be the best tax engine for your business?
Hi. This video has been very helpful. My boyfriend is a dog breeder and his business is currently a corporation. He, himself has described his business as an s-Corp, so I’ve been learning more about an s-Corp to see if this would really benefit him. From what I’ve learned thus far, I don’t see a benefit of having a corporation, over an LLC but again, I’m still learning. The business is just him and one other member. Our end goal is to have a home based business under his business. What would you recommend? Thank you in advance for your time and response.
I'm looking into electing S-Corp Status this year, but would like to see how last years taxes would have faired as an S-Corp compared to no election. I don't see the link to the video about the Score spreadsheet or link for the spreadsheet. Can you post a link, please? Thanks and love your channel!
I am also not able to find the video on S corp compared to LLC. Could you please send me the link also. I really enjoy the information you are providing. Thank you
Hi, if you are currently an LLC taxed as a Sole Proprietorship and you want to convert tax status to S-Corp can you go straight to form 2553 or do you still have to first fill out the 8832 form?
Just applied and got approved to be an S Corp tax status with my single member LLC. How can I undo this? Just learned much more about this status and it doenst seem fit for my business. Thanks for your suggestion.
You are so detailed, I love it. I am currently running an animation company that is developing a movie and television series. Would it be better to become s-Corp, partnership with someone or stay single member. I would be donating to non-profits as well to help with ministry.
I have a rental business. It's all considered passive income. It makes about 8500/month. Is there any benefit of an S-corp since I don't pay self-employment taxes?
Hi, Thank you for a very informative video. One question. I have an s-corp. I am the sole owner of my s-corp. My s-corp has been paying unemployment insurance to both NYS and Federal. However, my business has no work for almost two months already. Therefore, I need to file for unemployment benefits as an employee. May I know what is the instruction for me to file for unemployment benefits? THANK YOU.
There are no self employment taxes with an S corp, owners need to pay themselves a 'reasonable' salary and make deposits and file information payroll tax returns.
I've been surfing explanations for LLC's, S Corps, and Holding Companies, and your channel consistently gave the most clear and complete information for each of these topics. Your obvious knowledge coupled with your cadence made listening very easy. Thanks.
This is a very simplistic view of entity election, don't do this on your own invest a few bucks and consult with a tax professional, either a CPA, Attorney or Enrolled Agent. The IRS only recognizes those 3 as having 'unlimited representation rights'.
Just started a corporation in MA-
You just made it a lot clearer to me- thank you and looking forward to watching all pf your other videos-
🙋🏽♀️ So, if you're a single biz owner taxed as an S-Corp & you take out dividends: 1) Are you taxed on the net profit or just the amount of the dividends? 2) You said a K-1 is given. Don't you also have to give yourself a 1099-DIV from the biz for the amount you took out (the dividends)?
This is an amazing video, nove breakdown...thanks.
Hello! Thank you for your videos! After watching them I realize I should send myself a w-2 and that I should have been witholding that 7.65%....how do I send it to the IRS? What's that process like? Thanks!
Pithy primer on differences between S-Corp vs standard LLC. Thank you!
Wow great vid, keep it up. Thanks a bunch
Hello, Miss Amanda. This is Rickey Hughes again. I have just watched your video about Forming an S-Corporation. I still have a business as a sole proprietorship business. I would like to know if this applies to me. As you know, I have a Bookkeeping and Accounting business at home, and if I were to have any clients, wherein I didn't have any clients at all in 2019, I would like to know if I would still be able to form an S-Corporation. Please let me know at the earliest convenience possible. I thank you for sharing this video, and do look forward to hearing from you again, and also look forward to seeing more of your upcoming videos if you will have any. Again, I thank you so very much, and until I hear from you again, take care.
Rickey, yes, you still can. I did this for 2 businesses. Note: 1 of them chose to use the current year and all was accepted simplistically. The other chose to back-date to the previous year and was charged a $200 late filing fee plus interest. If you choose to do it, do it for the current year only and don't back date it. Election must be made within the first 2 months & 15 days of the beginning of the corporate year. If not and you want to avoid late fees, request it to be effective the following tax year. #HopeThatHelps
I liked this video, but I am looking for one on the Cost Basis, but only saw the one about partners. Do you have one for a single member LLC?
Thank you, I'ts help a lot to understand S.corp.
I have been confused about starting my house flipping business as s-corp, c-corp, or LLC. I will be buying the properties cash and I will do all the work myself. I would like to buy 2 or 3 properties in a year and flip. I would like to save in taxes. I have been watching many videos to educate myself in this business. What would be your advice?
Personally, I would think investing in real estate may get very tricky going forward? However, If you are the owner and sole participant in your business then a 1031 Exchange might be the best tax engine for your business?
@@jerrysamuels8716 Ty! Never heard of it! I will look it up. Ty so much !
Hi. This video has been very helpful. My boyfriend is a dog breeder and his business is currently a corporation. He, himself has described his business as an s-Corp, so I’ve been learning more about an s-Corp to see if this would really benefit him. From what I’ve learned thus far, I don’t see a benefit of having a corporation, over an LLC but again, I’m still learning. The business is just him and one other member. Our end goal is to have a home based business under his business. What would you recommend? Thank you in advance for your time and response.
Appreciate the breakdown!
Great video
My family just formed an S Corp but I am unsure about how we could become employees.
I thought they just have to pay you a w2 salary?
I'm looking into electing S-Corp Status this year, but would like to see how last years taxes would have faired as an S-Corp compared to no election. I don't see the link to the video about the Score spreadsheet or link for the spreadsheet. Can you post a link, please? Thanks and love your channel!
I am also not able to find the video on S corp compared to LLC. Could you please send me the link also. I really enjoy the information you are providing. Thank you
Hi, if you are currently an LLC taxed as a Sole Proprietorship and you want to convert tax status to S-Corp can you go straight to form 2553 or do you still have to first fill out the 8832 form?
Just applied and got approved to be an S Corp tax status with my single member LLC. How can I undo this? Just learned much more about this status and it doenst seem fit for my business. Thanks for your suggestion.
U are great you just earned a sub 11 months smh u need more subs this is a quality channel
I'm working on it :)
You are so detailed, I love it. I am currently running an animation company that is developing a movie and television series. Would it be better to become s-Corp, partnership with someone or stay single member. I would be donating to non-profits as well to help with ministry.
Nice.
How do I get your spreadsheet?
I have a rental business. It's all considered passive income. It makes about 8500/month. Is there any benefit of an S-corp since I don't pay self-employment taxes?
Hi, Thank you for a very informative video. One question. I have an s-corp. I am the sole owner of my s-corp. My s-corp has been paying unemployment insurance to both NYS and Federal. However, my business has no work for almost two months already. Therefore, I need to file for unemployment benefits as an employee. May I know what is the instruction for me to file for unemployment benefits? THANK YOU.
Do I file forms 8832 and 2553 with the IRS before tax season or when I file my taxes?
Can I choose s Corp if I’m w2 or pay my own taxes with income through a salon I don’t own? You could say I’m a sub contractor as guest relations....
You didn’t talk about self employment taxes?
There are no self employment taxes with an S corp, owners need to pay themselves a 'reasonable' salary and make deposits and file information payroll tax returns.
Can I file for S-corp tax election through an LLC or would I have to begin a new S-corp all together??
You have to elect for s Corp status before March 15th
Is it possible to elect sole prop of im already an sCorp
The IRS approves S elections and has to approve the revocation of the S election, It can be done but it's not easy, you must adhere to specific steps.
Im from Canada, so can i make one in the US and then operate and earn the proits from Canada?
why would you want to pay US taxes AND Canada taxes?
@@businessfinancecoach good point.
superhead