EXCELLENT explanation of LLC and the S-Corp designation! Also glad to see you have a good sense of humor! Thanks and keep up these great business vids. Brian
Hi! Thank you for all these awesome videos! Quick question… My wife and I have a CA LLC elected SCorp this year. Do we have to amend our LLC operating agreement to reflect the tax status change? Thank you so much!
As an LLC filing as a S-corp can I claim my home space as office space & my vehicles and gas cards that advertise my business, my office supplies, office equipment etc, as write-offs?
Well, I really enjoyed listening to your wisdom and expertise. I tried to model my non-profit concept by emulating the Mark and Chan Zuckerburger Initiative, in which the entity itself has several self funding mechanisms, sometimes called an L3C, or Low Profit Limited Liability Corporation. My simple question to you is ; Can an L3C be taxed as an S Corp? And if so, under what IRS status?
Thank you for this video. Quick question - I have two LLCs. One is taxed as an S-corp and the other is taxed as a Partnership. I know an LLC can own other LLCs. I also know a "Partnership" cannot be a shareholder of a corporation. My question is, can my LLC taxed as a Partnership be a shareholder/owner of my LLC taxed as a S-corp since they are both LLCs?
Hi, we currently own a s corporation (electrical company) and would like to start into the car detailing branch. I am in the dilema of taking about an LLC for that company or if i could us the same EIN that is used for the company we have and use run a detailing busy under that same business?
Great video. Let’s say my two-person biz tales in a million dollars annually. If I elect S tax treatment and take “low reasonable salary” do I invite IRS attention and do I sacrifice my ability to maximize a 401k contribution compared to partnership tax stays?
S Corp is the new c Corp… people be stuck on the 21% corporate tax but s Corp gives you way more benefit including the 20% income deductible 😫 in the process of changing mine to s Corp
I am an LLC there is a minimum dollar amount requirement to file as S corp? And if I do file as S corp do I need to submit form 2553 before file taxes or is don’t while I am filling electronically? Thank you I’m advance for you time!
My LLC is set up as an S Corp per my CPA's advice. As of now, I don't pay myself a salary I do owner withdrawals. What do you believe is the best option, owner withdrawals or a salary?
I agree with you basically we are being tax with out being Represented , A Similar event like Boston Tea Party need to occur To get them out our pocket
Very great video. 🆘Please help me🆘. I setup my LLC already and I am going to make it an SCorp. If I make it an SCorp and give myself a salary can I use this W2 to apply to get a car and qualify for a mortgage❓❓❓❓❓❓❓
Family been in business for 50 years. Parents transferred business to my brother about 15-20 years ago. Sole prop to sole prop. Accountant has been telling us to incorporate for obvious reasons. She is suggesting an S -Corp (50/50 between brother and I). But did I understand that we need to be an LLC first?? We are a small business.
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Such a great video. Thank you for breaking it down piece by piece and making it understandable.
EXCELLENT explanation of LLC and the S-Corp designation! Also glad to see you have a good sense of humor! Thanks and keep up these great business vids.
Brian
Thanks, Brian!
This was very helpful! Thank you!
Great video! What if I’m not making much when my s Corp is first starting out? Can I pay myself like $20/month?
Great information! Thank you!
I’m a single member LLC and I don’t want my business income to be associated with me personally.
Is it the same process if you have a 9-5 job and a business?
My s-corp is a year old ,is it worth it to do my taxes . I didn't make any profits except the money I spent on building up.
Thank you.
Hi! Thank you for all these awesome videos! Quick question… My wife and I have a CA LLC elected SCorp this year. Do we have to amend our LLC operating agreement to reflect the tax status change? Thank you so much!
This was great
your video is very comprehensible and very helpful! thank you so much!
As an LLC filing as a S-corp can I claim my home space as office space & my vehicles and gas cards that advertise my business, my office supplies, office equipment etc, as write-offs?
Yes
Well, I really enjoyed listening to your wisdom and expertise. I tried to model my non-profit concept by emulating the Mark and Chan Zuckerburger Initiative, in which the entity itself has several self funding mechanisms, sometimes called an L3C, or Low Profit Limited Liability Corporation. My simple question to you is ; Can an L3C be taxed as an S Corp? And if so, under what IRS status?
Hi, thank you so much for the information. I have a question, how long after opening my LLC do I have to submit the document 2553?
I am currently and sole proprietor llc and I stress and worry about taxes I just finished my first year
So is the 2553 necessary or can you just check a box electing to file as an S corp when you file? Your videos are some of the best thank you
is reasonable compensation considered as a business expense?
Im a c corp. Im an owner operator , thinking about switching to LLC taxed as an s corp
Thank you for this video. Quick question - I have two LLCs. One is taxed as an S-corp and the other is taxed as a Partnership. I know an LLC can own other LLCs. I also know a "Partnership" cannot be a shareholder of a corporation. My question is, can my LLC taxed as a Partnership be a shareholder/owner of my LLC taxed as a S-corp since they are both LLCs?
Man you are good!
what do you do with the $70k profits?
When your an LLC can u file as Scorp and the end of the year and still continue to run as an LLC instead of Scorp with the fees etc
Good Man, are you saying I can create one S Corp and within it have my two LLC’s that are being taxed as S Corporations ??
Hi, we currently own a s corporation (electrical company) and would like to start into the car detailing branch. I am in the dilema of taking about an LLC for that company or if i could us the same EIN that is used for the company we have and use run a detailing busy under that same business?
Great explanation!
Good info thank you
Do any LLC taxed ad an S corp have to have shareholder meetings, and do you have to claim your shareholder interest if you are a single member LLC
Great video. Let’s say my two-person biz tales in a million dollars annually. If I elect S tax treatment and take “low reasonable salary” do I invite IRS attention and do I sacrifice my ability to maximize a 401k contribution compared to partnership tax stays?
S Corp is the new c Corp… people be stuck on the 21% corporate tax but s Corp gives you way more benefit including the 20% income deductible 😫 in the process of changing mine to s Corp
Do they be doing that?
thank you so good explaining. please make a video how to manage and save money as a holding company
If I am 65yrs old & 4mos (legal retirement age) and have an LLC filing as an S-corp do I still have to file taxes?
I am an LLC there is a minimum dollar amount requirement to file as S corp? And if I do file as S corp do I need to submit form 2553 before file taxes or is don’t while I am filling electronically?
Thank you I’m advance for you time!
Thought you were gonna tell us how.
I have a start up company Llc taxes as acorp
Ty!
My LLC is set up as an S Corp per my CPA's advice. As of now, I don't pay myself a salary I do owner withdrawals. What do you believe is the best option, owner withdrawals or a salary?
I'd be careful here - technically, you're required to pay yourself a salary, subject to payroll taxes, as a shareholder-employee of an S-Corporation.
@@LYFEAccounting yes, that's what my CPA says and I'm going to do that this year. Thanks for the highly informative videos.
Thank you
As LLC SCorp, do we still have to pay the annual $800 LLC tax? Not, right?
I agree with you basically we are being tax with out being Represented , A Similar event like Boston Tea Party need to occur To get them out our pocket
Very great video. 🆘Please help me🆘. I setup my LLC already and I am going to make it an SCorp. If I make it an SCorp and give myself a salary can I use this W2 to apply to get a car and qualify for a mortgage❓❓❓❓❓❓❓
Did it work
Will this work for multi members llc
Made the mistake and set up a c corp any remedy for me on this?
You can choose to tax your c corp as an s corp, or look into dissolving it and creating an LLC taxed as an s corp
Family been in business for 50 years. Parents transferred business to my brother about 15-20 years ago. Sole prop to sole prop. Accountant has been telling us to incorporate for obvious reasons. She is suggesting an S -Corp (50/50 between brother and I). But did I understand that we need to be an LLC first?? We are a small business.
Per what he said at 5:21 yes
Is this for single member llc?
Single or multi-member
Soo 100% of my income is taxed 😂😢😢😢😢😢😢