Had the chance to speak with Joseph. Sounded like a really nice guy and very informative. I would definitely recommend Joseph to get your services done.
Thank you so much for this video. I just discovered your video, then suddenly spent 3 hours watching a lot of them, ha ha. I was looking for answer about home expenses for LLC, so they are just reimbursed. Thank you for all the wisdom shared. I will definitely refer to your videos for reference. Thank you again. You are awesome.
This has been something I've gone back and forth on for a while. I think it's important to note that the accounting expenses with an s corp are considerably more. So, in some cases, depending on how much the businesses nets above a reasonable salary, the tax saving my be moot. Right?
Aiden thanks for making these great videos. Can you explain how an LLC classified as an S-corp can pay income taxes through the salary - to avoid making quarterly tax payments? I'd like to set that up for myself as the sole shareholder/owner. I'm referring to what Natalie says at about 2:40 Thanks! Liked and subscribed!
question: how would i use real estates for LLC business/es tax break/s (Im a serial entrepreneur from NZ and your channel brings great clarity in LLC info, the US interpretations a little different but basically the same similarities. taxes significantly lower here as well lolz )
Another wonderful informational video from Aiden & friends. Thank you! I will be reaching out to Lutz CPAs as I am definitely interested in launching an S-Corp. Does a "reasonable salary" need to be market rate, comparable to previous salaries, or can it be as low as 1/3 of the previous employees salary to reduce taxes to reduce payroll taxes?
Health ins under an LLC, it would just be a personal health insurance plan. It wouldn't be a business write off, but you would be able to fully deduct it as an adjustment to income. So you'll write it off, if you start a corp with only 1 owner no employees, excluding yourself. You'll lose the ability to write off health ins as an adjustment, and you'll have to deduct premiums as medical expenses in the sch A.
Im a small business owner and I need answers on what to pay sales tax on and what not to pay sales tax on. My business is a bit complicated and this is why I am so confused. Please help!
I have very little business knowledge I work as a bread vendor and just recently the company I distribute bread for required us to become Incorporated how can I find out if I am an S corp a C Corp LLC and so on they just told me I am Incorporated
How does someone go about using person funds to fund a startup llc vs llc election S? Does a llc have to take the funds in the form of a loan or is there other options and a llc election S have to issue stock or take the payments as loan? Are there other ways to self fund the company and how do you go about repayment?
Great discussion. I am having trouble reaching the website; it seems to be a GoDaddy landing page right now. I might be able to help if they are having problems.
Do they service clients in Nevada? I am a sole proprietor but have pretty much decided to setup an S Corp. Will be visiting the website soon. Thank you for the information in this video!
I have a question and would appreciate any feed back. I want to start a cleaning business in FL. I will be the only person/ employee in the company working from home. Should I go with an LLC or S corp. I don't mind doing the extra tax paper work and paying my self (Payroll) etc. I also wont be making no more than maybe 9k a year. My concern, since I'm working from home, is the whole "depreciating your residence and when you sell the residence you have to recapture the depreciation". Not sure if this is good or bad or worth going with an LLC or go with the S Corp. Please help!! Thank you in advance, Jay.
This information is definitely old or the tax law has changed or the other videos on youtube are wrong in regards to deductions for SEP IRA's and HSA's.
File Form 8832 with the IRS to be taxed as a Corp, then file Form 2553 to be taxed as an S-Corp. Obtain a new EIN from the IRS and State tax ID from your state. If you have employees, file a final 941 return to close out the old EIN, and do the same thing with state withholding and sales tax to close out your old State ID, if applicable. Also get a new bank account for the S-Corp. Then put yourself on the payroll and pay yourself reasonable salary. Ask your accountant more about it.
Did you become an s-corp because it's no longer just you, or for tax purposes? Sorry, if this question is too overbaring. I'm just trying to learn as much as I can from ppl who are actually doing it
It’s pretty sad when our Tax Code is so large and confusing that you have to obtain a collage degree to understand it .
The college degree doesnt even help. smh
Thanks Aiden so much 💰 👍 💪 🙏 💕
Had the chance to speak with Joseph. Sounded like a really nice guy and very informative. I would definitely recommend Joseph to get your services done.
Thank you so much for this video. I just discovered your video, then suddenly spent 3 hours watching a lot of them, ha ha. I was looking for answer about home expenses for LLC, so they are just reimbursed. Thank you for all the wisdom shared. I will definitely refer to your videos for reference. Thank you again. You are awesome.
Regarding the video title, an LLC can also be an S-Corp. Video fails to mention this. S-Corp is mainly just for IRS, for tax status.
Thanks again, for such a helpful vid for the legal layperson. You're always great to watch.
This has been something I've gone back and forth on for a while. I think it's important to note that the accounting expenses with an s corp are considerably more. So, in some cases, depending on how much the businesses nets above a reasonable salary, the tax saving my be moot. Right?
S-Corp all the way!
Awesome! Thanks for the great info. I like the length too - quick and to the point - no mess'n around. Cheers!
love your videos. thanks so much for taking the time. website link to CPA Lutz is broken, it appears...fyi. Have a great rest of the week!
Aiden thanks for making these great videos. Can you explain how an LLC classified as an S-corp can pay income taxes through the salary - to avoid making quarterly tax payments? I'd like to set that up for myself as the sole shareholder/owner. I'm referring to what Natalie says at about 2:40 Thanks! Liked and subscribed!
question: how would i use real estates for LLC business/es tax break/s (Im a serial entrepreneur from NZ and your channel brings great clarity in LLC info, the US interpretations a little different but basically the same similarities. taxes significantly lower here as well lolz )
Another wonderful informational video from Aiden & friends. Thank you!
I will be reaching out to Lutz CPAs as I am definitely interested in launching an S-Corp. Does a "reasonable salary" need to be market rate, comparable to previous salaries, or can it be as low as 1/3 of the previous employees salary to reduce taxes to reduce payroll taxes?
beauty and brains nice work
Thanks for the great video and for the detailed script!
Health ins under an LLC, it would just be a personal health insurance plan. It wouldn't be a business write off, but you would be able to fully deduct it as an adjustment to income. So you'll write it off, if you start a corp with only 1 owner no employees, excluding yourself. You'll lose the ability to write off health ins as an adjustment, and you'll have to deduct premiums as medical expenses in the sch A.
Very Nice and clear video explaining both entity .
Im a small business owner and I need answers on what to pay sales tax on and what not to pay sales tax on. My business is a bit complicated and this is why I am so confused. Please help!
The accounts website doesn't work. I found by Googling but thought would let you know. Best!
I have very little business knowledge I work as a bread vendor and just recently the company I distribute bread for required us to become Incorporated how can I find out if I am an S corp a C Corp LLC and so on they just told me I am Incorporated
How does someone go about using person funds to fund a startup llc vs llc election S? Does a llc have to take the funds in the form of a loan or is there other options and a llc election S have to issue stock or take the payments as loan? Are there other ways to self fund the company and how do you go about repayment?
is it possible to change or transfer from an llc to s-corp?
Great discussion. I am having trouble reaching the website; it seems to be a GoDaddy landing page right now. I might be able to help if they are having problems.
That link does not work. Took me to a site with a virus!!
Do they service clients in Nevada? I am a sole proprietor but have pretty much decided to setup an S Corp. Will be visiting the website soon. Thank you for the information in this video!
Totally confusing
Watch it 10x. Take notes. Don't quit.
Omg thanks so much for this video
Great video thanks
I have a question and would appreciate any feed back. I want to start a cleaning business in FL. I will be the only person/ employee in the company working from home. Should I go with an LLC or S corp. I don't mind doing the extra tax paper work and paying my self (Payroll) etc. I also wont be making no more than maybe 9k a year. My concern, since I'm working from home, is the whole "depreciating your residence and when you sell the residence you have to recapture the depreciation". Not sure if this is good or bad or worth going with an LLC or go with the S Corp. Please help!! Thank you in advance, Jay.
Sounds like you would be better off as a sol proprietor
Llc than elect s corp?
This information is definitely old or the tax law has changed or the other videos on youtube are wrong in regards to deductions for SEP IRA's and HSA's.
If I already have an LLC can I still file as S-corp?? Or is there something else i must do?
File Form 8832 with the IRS to be taxed as a Corp, then file Form 2553 to be taxed as an S-Corp. Obtain a new EIN from the IRS and State tax ID from your state. If you have employees, file a final 941 return to close out the old EIN, and do the same thing with state withholding and sales tax to close out your old State ID, if applicable. Also get a new bank account for the S-Corp. Then put yourself on the payroll and pay yourself reasonable salary. Ask your accountant more about it.
all up in yo lips! anyways good information
*accountants (lol)
What if i am the only person, how can I file s-corp
Yaras Jenny u need to file form 2553 to elect to change to a s- corporation. I was a single member LLC too as well until I file that form
Did you become an s-corp because it's no longer just you, or for tax purposes? Sorry, if this question is too overbaring. I'm just trying to learn as much as I can from ppl who are actually doing it
Yaras Jenny its only me in the business and its for tax purposes. she has another video about it as well.