LLC vs S Corp: Tax Benefits, Differences, & Strategies 2024
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- Опубліковано 19 чер 2024
- LLC vs S-Corp, which one is best for your business? There are many small business owners who are seriously overpaying in taxes simply because they make the wrong entity selection to start off with or because they never try to optimize their entity for tax purposes.
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Timestamps
Intro (0:00)
Overview of LLCs and S-Corps (1:20)
Differences of LLC vs S Corp (3:30)
Self-Employment Taxes (6:25)
How to Avoid Taxes (8:30)
Deciding Between LLC or S Corp (12:15)
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Disclaimer: The information provided in this video is for informational purposes only and is not meant to take the place of professional legal, accounting, or financial advice. If you have any legal questions about this video or the subjects discussed, or any other legal matter, you should consult with an attorney or tax professional in your jurisdiction (i.e. where you live).
#llc #business
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Disclaimer: The information provided in this video is for entertainment purposes only and is not meant to take the place of professional legal, accounting, or financial advice. If you have any legal questions about this video or the subjects discussed, or any other legal matter, you should consult with an attorney or tax professional in your jurisdiction (i.e. where you live).
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This was the BEST video I saw about whether to file as an S Corp or LLC. Clear, succinct, and with practical examples. Excellent work! Thank you.
This used to be one of my most watched channels... sadly, it's been a while since i visited it has been a very rough year... i am experiencing one of the toughest phases of my life... Lost a fortune lnvesting in emerging companies. Hopeful, for a turnaround.
🙏🏾
You 100% can turn it around Bert.
Keep moving, motivating, and educating yourself.
Youll only get better, smarter and more resourceful.
Things WILL work out as long as you're giving your all.
Wish you the best, I lost my job, and ex-wife 7 years ago and still feeling it but look to a better future and starting my own business. Best of luck to you brother, never quit. Its only after weve lost everything that were free to do anything.
Nothing was early lost. You may have learned a pretty big lesson. But all the knowledge that you had to obtain the money is there. Now you have a knowledge needed for the next round. Life hit hard but you can hit back.
Hang in there Bert!!!! You’re stronger than you know!!!! Best of luck!!!
Excellent video! Thank you for breaking it down so clearly!
Thank you so much for all of this valuable info!
Wow this was so helpful! Thank you for making this its exactly what I was looking for! :)
VERY HELPFUL information thanks for this vid.
Awesome video on a subject I had no idea about - thanks!!!!!
This is a fantastic video! Thank you for sharing!
I liked the video with pleasure and gratitude after all that great info. Thanks a lot bud! 🙏
Super helpful! Great content 👏🏽
You're the best, thanks for this!
This information was amazing & helpful! Thank you!
Such a helpful video, thank you!
Best video on this topic. Many thanks!
This is clear and straight to the point.thank you.
My favorite topic good job with this!
Thanks for breaking down the consequences of becoming an s corp too early. Ive been searching for that info for weeks.
Outstanding content! Thank you so much for your very clear information.
Good explanation! Answered some questions I had, thank you for posting 👍🏻
Omg, where have you been all these years⁉️Thank you so much‼️
Thank you. This was extremely helpful
Very informative. Thank you!
excellent video! You answered all my questions. Thanks
So helpful, thank you so much for the clear explanation. Awesome video! 😊
You guys are always so clear in your explanations. Thank you
Excellent video! I loved the last part on considerations. Great job!
Thanks for the video!
I was having confusions whether to go LLC vs S Corp and this video made me decide to go for LLC. I asked a doctor friend of mine who already have an established practice, and she suggested to choose S Corp. But I am just starting out so an LLC makes more sense. This video is very informative
Thanks man great video! Lots of helpful information in there.
Excellent explanation!!!!
Thank you very much! This was much more helpful than other information I found.
My favorite business finance channel!
Very high quality explanation. Thank you.
Great video, thank you!!
Thank You, great info.
You’re amazing this was so perfect!!! You have a new subscriber!!
Thank you for breaking it down this way! I've flip-flopped on which structure to use to begin my business. Now I realize I've been wrong the whole time...I need to BEGIN as an LLC and hopefully grow to need/change to S-CORP.
What is your business model? You can start as a sole proprietorship.
@Jennine Morel sole proprietorship would not work for my business. That's why I had to figure out if I needed an LLC or an S-Corp.
@Nikolai Krow what is your business model?
I am an accountant and business consultant 20 years now...just curious.
I might have some suggestions
@@jenninemorel7693what would you recommend for starting a pressure washing business?
Great info! Thank you so much!
Very good video, thanks!
By Far, One of the best video that I ever seen ! .. helped me a lot ... Thanks ❤❤❤
So clear man. First time watcher. Looking forward to more. Thanks for the concise and clear information
Unbelievably prompt and informative. Thank you for this treasure trove of information!
Hi Sean, I have to say you are one of the best I have seen on thus far. Truly clear and concise
Thank you very much. Your video is very informative!😍
Omg! I can’t thank you enough for this video! I was conflicted on how to go about starting a new business and this video helped me tremendously. Thank You 🙏🏼 so much!
Amazing video !!
One of the best instructional videos I’ve seen. Very clear and concise. 👍🏼👍🏼👍🏼
AMAZING VIDEO!! THANK YOU SO MUCH FOR GVING EXAMPLES. WOW NEED TO SIGN UP FOR AN S CORP. GREAT VIDEO.
Thank you so much! I finally understand these topics!
Same boat
Super great video for the non-accountants out there, thank you for giving me direction!
I like your video presentation. It is informative too, at the same time. Thanks a lot for your guidance!
SO HELPFUL 🙏🙏🙏
Such great information! Easy to understand, infomative, and very well structured. I really appreciate the warning on starting an S-Corparation too early. Thanks!
Thanks for this brother!
Great video. Highly recommended 👌 👍 👏
Thank you! Thank You! This was a great video. I have been so confused and now I have a clear understanding. You explained everything very well.
Appreciate the information
Great video 🙏🏻
Very simply explained and helpful in choosing between the two. We were suggested to start with an S-Corp but in listen here, we are able to make a more informed decision on what to start with then move to later.
Thank you for providing this information.
Wow, very good video. I feel like I just took a 2 week crash course. Keep up the good work!
I appreciate this video
Excellent video ! Cleared my doubts and got clarity in deciding LLC vs S-Corp. Amazing work !
Wow, Bro! You are one of the elite and best instructors I have heard in while. Kudo to you!
Thank you very much. I definitely liked the video. It was very helpful. I’m going to start an my second LLC
Very helpful video.
I not only liked this video. I Loved it! This was the most simple and clear explanation I've heard thus far. I'm so sick of people over explaining this. You just kept me from making a HUGE mistake in starting an S Corp tooo soon. I will most defiantly be hiring you in the upcoming year.
Very good explanation
Perfect video
I appreciate your content. I would suggest people also consider the following. 1) the list of regulations, accounting costs huge difference, set up, servicing costs for the s-corp are substantial vs the LLC. 2) If an LLC is producing a K1 distribution into a SCH C the very same FICA tax benefit deduction is also available as employer/employee reducing the $15,300 tax to $7650. 3) depending on state income tax laws the tax on profits to an S corp far exceed the tax limits on revenues to an LLC $11,790 vs $15,000 on business revenues of $5mil with profits of $1mil in California. 4) once you start an S-corp you cant go back to an LLC but if you start as LLC you can always go to S corp status
btw LLC Ca state tax is maxed out in LLC $5 mil in revenues whereas S corp income tax @ 1.5% unlimited profits are taxed
Wait can you type your 2nd point, differently? It is because i'm not quite sure i know exactly what you mean.
@@badhairday86 The SCH C business gets all the same self employment tax deductions the S corp W2 gets
Great video.
AWSEOME VIDEO ! 🔥🔥🔥
New subscriber here, I thoroughly enjoyed your video, and the others that I’ve seen. Thank you for the information.
I like this video I sure learned a lot.👍
Outstanding presentation. Very clear and informative. Do you have a video comparing a Disregarded Entity and a Partnership LLC?
I got LLC sole member and plus I use trailor brand and they don't be taxing me that much this year in beginning this yr it was almost 300 hundred
Best video on UA-cam that sums it all up! I spent 3 hours watching videos until I came to this one. Knowledgeable company, worth using as a tax advisor.
thanks much !
Thank you, sir
This video was a comprehensive overview for some of the info I was looking for. It was a perfect outline of the general knowledge with some specifics. I've got some questions that pertain to my exact situation & future, but I'm going to peruse your other videos to see if I can find an answer. Nevertheless, I'm subbed.
Thank you
thank you god bless you !!!
Thanks
Good stuff
Very clear on which I should decide on! I’m so glad I came across this video! I was struggling for a few months on which to choose and I couldn’t decide but this really breaks it down for me to see clearly, which category I belong in! Thank you so much!
Perfect video! we watched tons of videos but they didn't touch on all of this
Thanks so much for this video, this one is just as helpful as all your others. One question...can you transfer your LLC to a revocable trust by way of an assignment?
Subscribed
THIS VIDEO REALLY HELPED ME DECIDING WHICH ENTITY TO GET. I WAS PLANNING TO FILE FOR S-CORP FOR MY PART TIME BUSINESS BEFORE WATCHING THIS VIDEO. DIDN'T KNOW THE TAX FILLING FEE WOULD BE SO HIGH (AND OTHER COSTS) FOR AN S-CORP. GLAD I FOUND THIS VIDEO!!! THANK YOU!!!
I’m glad you watched and enjoyed it. S corps are definitely not for everyone!!
Thank you for this information. I plan on opening my business soon. From this video alone it’s seems more reasonable to start off as an LLC then later level two s corp. my dream is to become level 3 (passive owner) within a two year span. With the area that I am in and the demand for what is being requested I feel 1000% positive on this idea. It’s just time to make this dream a reality one step at a time #BBO ❤
thanks ma dude good video i was trying to tell my girl but couldnt explain it,
Such an good video. I was leaning towards starting the LLC S-corp right away, but after your points at the end of the video, it totally makes more sense to wait till I reach higher profits to justify the additional cost and headaches from the requirements in the S-corp world. Thank you!
I appreciate this video !! You answered my question - I need to “lower” my SCorp to an LLC cause I DO NOT have the net income for an A Corp (at this time) lol.
Thank you! Please make several examples about scenario 3, looking for more information about that. For example about Real estate in scenario 3, about stocks, and about IT online business that make more than 1M in a year.
This was good
My guy Sean coming through
Everyone in a buisness needs to watch this video
Seriously, thankyou so much for that info! Unbelievably excellent and to the point explanation!
One thing im curious of, if a s corp does do a 50k salary and pays the 15.3% on that, then has a distribution of 50k with no 15.3 self employment tax does the distribution still pay out fed 15%+- and state 7%+- taxes?
COOL!
Peace brother I'm a new member, I really appreciate your information and how you lay it out.
I have opened a LLc in my name. Do u have any tips on how to capitalize off of this? I'm trying to build my business credit the best way. Thanks
Sent this to my sister.
You just saved me from jumping the gun and going to file as an S-Corporation. I'm gonna wait to acquire some more assets and increase my clientele before I give myself the headache and cost of S Corp. Very informative vid. Thank You!
Subscribed