Other S-Corp related videos you may want to watch next: - How To Convert an LLC Into an S Corporation: ua-cam.com/video/vwt5cK3lPb0/v-deo.html - S Corporation: Save Money on Self Employment Taxes: ua-cam.com/video/p_J7k17mh7M/v-deo.html
My Best Friend and I want to start a business together… but I heard once from a Logger that him and his brother in-law started a joint business and had to pay double taxes … is there a way to get around that
Hi. The video really helps to understand the basics. Can u make a video with graphical representation about how the income from s corp flows to form 1040.
MY husband had a W2 income ~91k till August. A on going 1099, close to 100k. New vendor (same 1099 assignment) he plans to work with starting in October has two options either C2C (no 1099) or W2. Should he create a LLC/Scorp this late in the year considering two form of insurance will cost approximately $1200 and other costs you have mentioned in this video? He plans to use the the S-Corp in 2025.
What a great video 👌 again. You never fail to make things crystal clear. To the point as always. Can you please make a series on refundable and non refundable tax credits like child care etc.?
It's amazing how even as a s corp you still have to pay taxes, which is in the share holders distribution that gets added to their personal taxes, so at the end it's no different from sole ownership then corps
It saves on social security and Medicare taxes, taxed as a sole proprietor I was paying around $40,000 a year in tax. After switching to s Corp I only paid $30,000. I would say that's a savings and not the same thing 😉
Hi, I’m an S-Corp but this past year (2023) I worked as an individual for a client of on multiple projects. I also would occasionally hire workers for a short period of time and pay them from my pocket. Should I get my 1099 from my client using my EIN or SSN? And should I give out 1099s using my EIN or SSN to the workers i paid?
I'm a new bookkeeper, i have a client that is a s corp.. and I need to do his payroll so I set him up just like a normal employee??? it's just him and one real employee he will start having.. he is the only owner of the s corp
Can i elect to have Google issue a 1099 to my S corp as opposed to me as an individual creator for YT AdSense? I intend to form a single member S Corp.
I want to know how to open an S Corporate account because I work as a full-time limousine driver and the car is not mine.. What are the steps that must be taken after opening the company, and how do I do this work myself without going to an accountant?
I live in Arizona; however, my S corporation is based in Minnesota. Can I get a credit from the Minnesota state tax income from the S corporation towards my Arizona State Income tax?
Hello, how does a non employee shareholder pay himself distributions? Can it be a simple bank transfer as a distribution? I heard it would be on the k1 as passive income? That means a non employee shareholder can just take out their distribution percentage without having to pay themselves a reasonable salary first? Thanks i cant find any info on non employee shareholder distributions
Hi Peter! If you don't take a salary then you'd have to report distributions/ dividends that are not subject to any self employment tax but you would pay income tax based on your tax bracket/ filing status. I hope this helps! :)
@@lenapetrovaDoes the IRS require a comparable salary (with payroll tax withholding) for the type of work being performed before distributions can be taken?
Imagine yourself working for a company where they have you on payroll, all the money they deduct from your for social security etc. It’s similar for your company, you have to put yourself on payroll. You can either hire an accountant to do it for you or you can try QuickBooks.
Hi Lena I do have more questions about Tax return and CPA in general. I have a company that supposed to help me but I feel like they make me to do all the work and I never can get to talk to them if I have any questions. do you think you can help me?
I want to create an S-Corp. I currently live in New York and my business will be in Georgia. Do I set the S-corp to where I live or where the business will be?
If my new S Corp is just me, and all my income is coming from one 1099, does that 1099 go with the 1120S to the IRS? and will the K-1 replace a W-2 or 1099 to me as the employee when I file my personal taxes?
Corporations do not receive 1099s, people do. If you operate as an S corporation and you are given a 1099 demand it be rescinded and they pay the corporation directly instead. You would receive both a W-2 and a K-1 from your corporation.
![How to File Taxes as an S-Corp Owner [Step-by-Step] | S-Corp Tax Benefits](/img/n.gif)
Other S-Corp related videos you may want to watch next:
- How To Convert an LLC Into an S Corporation: ua-cam.com/video/vwt5cK3lPb0/v-deo.html
- S Corporation: Save Money on Self Employment Taxes: ua-cam.com/video/p_J7k17mh7M/v-deo.html
My Best Friend and I want to start a business together… but I heard once from a Logger that him and his brother in-law started a joint business and had to pay double taxes … is there a way to get around that
Hi. The video really helps to understand the basics. Can u make a video with graphical representation about how the income from s corp flows to form 1040.
MY husband had a W2 income ~91k till August. A on going 1099, close to 100k. New vendor (same 1099 assignment) he plans to work with starting in October has two options either C2C (no 1099) or W2. Should he create a LLC/Scorp this late in the year considering two form of insurance will cost approximately $1200 and other costs you have mentioned in this video? He plans to use the the S-Corp in 2025.
Great presentation, thanks for explaining everything so well.
It is a great video thanks for the great information and well delivered. This is exactly what I was looking for.
Very good information. I would love to see more videos on this subject.
What a great video 👌 again.
You never fail to make things crystal clear. To the point as always.
Can you please make a series on refundable and non refundable tax credits like child care etc.?
Thank you so much!! Great suggestion! Please stay tuned! 🙂
It's amazing how even as a s corp you still have to pay taxes, which is in the share holders distribution that gets added to their personal taxes, so at the end it's no different from sole ownership then corps
Except for SS and FICA taxes
It saves on social security and Medicare taxes, taxed as a sole proprietor I was paying around $40,000 a year in tax. After switching to s Corp I only paid $30,000. I would say that's a savings and not the same thing 😉
You made it easy to understand!
Amazing breakdown. Thank you for sharing this information!
You are really talented. Appreciate the information.
Thank you! Appreciate the clarity.
Thank you so much for this video. Super helpful and well-presented. Your time and effort is most appreciated!
Great information. Thank you for sharing.
Thank you
Hi, I’m an S-Corp but this past year (2023) I worked as an individual for a client of on multiple projects. I also would occasionally hire workers for a short period of time and pay them from my pocket. Should I get my 1099 from my client using my EIN or SSN? And should I give out 1099s using my EIN or SSN to the workers i paid?
Always use your EIN
And 1099 for yourself and your contracted workers
If i am a SMLLC w/ S-corp tax election, do I follow the requirements for an LLC or an S-corp (e.g meeting minutes, etc.)?
Good stuff.
I'm a new bookkeeper, i have a client that is a s corp.. and I need to do his payroll so I set him up just like a normal employee??? it's just him and one real employee he will start having.. he is the only owner of the s corp
So what it’s better to do ? An LLC or S Corp?
Didn’t this change in 2023? Isn’t there a minimum tax liability for all corporations now?
Thanks
Always wanted to know how these worked
So glad I could help! Thanks for watching!
Can i elect to have Google issue a 1099 to my S corp as opposed to me as an individual creator for YT AdSense? I intend to form a single member S Corp.
Well done. I assume 1099-NECs are not individually recorded. That income appears to be included in Gross Sales. Your thoughts? Thank you in advance.
How are taxes paid on the premiums for business owned life insurance on a key employee within an S Corporation?
I want to know how to open an S Corporate account because I work as a full-time limousine driver and the car is not mine.. What are the steps that must be taken after opening the company, and how do I do this work myself without going to an accountant?
But a single member s corp gets double taxed right ?
I live in Arizona; however, my S corporation is based in Minnesota. Can I get a credit from the Minnesota state tax income from the S corporation towards my Arizona State Income tax?
Can I have a C Corp. own an S Corp. to prevent pass-through taxes?
A C corporation is not an eligible shareholder. The S election would be instantly revoked the moment the C corporation owns any equity interest.
Hello, how does a non employee shareholder pay himself distributions? Can it be a simple bank transfer as a distribution? I heard it would be on the k1 as passive income? That means a non employee shareholder can just take out their distribution percentage without having to pay themselves a reasonable salary first? Thanks i cant find any info on non employee shareholder distributions
Hello Lena, if you do not take a salary from your s Corp. How much do you have to claim on your 1040?
Hi Peter! If you don't take a salary then you'd have to report distributions/ dividends that are not subject to any self employment tax but you would pay income tax based on your tax bracket/ filing status. I hope this helps! :)
Thank you for your help.
@@lenapetrovaDoes the IRS require a comparable salary (with payroll tax withholding) for the type of work being performed before distributions can be taken?
as a S corp owner and employee of my s corp do I give myself a W2 and withhold federal income tax social security and medicare?
Imagine yourself working for a company where they have you on payroll, all the money they deduct from your for social security etc. It’s similar for your company, you have to put yourself on payroll. You can either hire an accountant to do it for you or you can try QuickBooks.
Hi Lena I do have more questions about Tax return and CPA in general. I have a company that supposed to help me but I feel like they make me to do all the work and I never can get to talk to them if I have any questions. do you think you can help me?
What online software would you recommend to file Scorp+personal tax returns? Thanks
I want to create an S-Corp. I currently live in New York and my business will be in Georgia. Do I set the S-corp to where I live or where the business will be?
Where the business will be
If my new S Corp is just me, and all my income is coming from one 1099, does that 1099 go with the 1120S to the IRS? and will the K-1 replace a W-2 or 1099 to me as the employee when I file my personal taxes?
Corporations do not receive 1099s, people do. If you operate as an S corporation and you are given a 1099 demand it be rescinded and they pay the corporation directly instead. You would receive both a W-2 and a K-1 from your corporation.
Great hair
You are NOT a victim.
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Wtf?
SUCCESS.princcess.teamo.