Thank you so much for talking about partnership conversion concerns! I am in an LLC 90/10 partnership split with a friend and have been wondering about how to go about it. Actually, just got off the phone with Jaselinee Rangel, and will hopefully be talking to somebody with your group next week. So thankful, I found you guys! I’ve had the worst luck with accountants and CPAs for the last several years, and never any true tax advice or strategic planning.
I tried calling your office and can't even get questions answered. So much for a second opinion when I can't get a consult unless I'm on a waiting list to become a client.
I agree about getting a 2nd opinioin. I'm usually the 1st opinion and am totally open to getting a 2nd opinion. First this shoule be a conversation, not an ego trip. Second, I might learn something, not technical (because I think I'm right there) but about the client's business situatoin that they hadn't told me but comes out in conversation #2.
Half of the self-employed tax is deductible and there is also QBIdeduction, still s corp is beneficial? Please explain in detail, I am kind of confused. Thanks
I still have to pay $12K tax after S corp for 2022 making $263k. When people say they pay $0 in taxes, are they over exaggerating, how are they doing it?
I run a real estate company and run my business as an S-corp. NC has high self employment tax. I use a payroll company. My 10-99 is filed to my ein number and I take a salary. I like to pay my taxes upfront. At least a large percentage. How can i put my scorp in a trust.
Ok so if my Corp starts an LLC today which the intention to purchase property does the LLC need to wait two years to have credit or does the Corp own the property until the LLC can have the property? I guess this scenario with be property bought under credit. And all things credit really. Cash can probably buy a property in an LLC right away
Are there any differences between an actual C corporation (created as a corporation entity with the state and taxed as such), versus an LLC taxed as a C corporation? I understand federal taxes are the same, but do I get the added flexibility in how I manage the business that comes with an LLC?
Hey Andy, you can connect with one of our tax advisors from our new Tax Advisor program at markjkohler.com/tax-advisor-network/ OR please email my assistant Kirbi at kirbi@markjkohler.com with your contact information and what you are looking for and she can get you set up with the correct direction. Thank you!
Are S Corp dividends linearly distributed over the calendar year? Example: employee retires July 01, but company dividends are typically distributed in Sept and Dec. Will the retiree collect 50% of those dividends since he worked 1/2 year?
I have an s-election LLC and I take a salary. I am using a full business truck that is deducted based on mileage. How do I enter fuel and maintenance purchases into quick books? My tax advisor said I enter it under “Owners Draw” like a dividend and she will make the truck deduction from there at the end of the year. This okay? I only pay myself about $30k but my mileage deduction is over $20k
Deborah really seems to know her stuff. I found her website after looking her up and reading through her resume, educational background, and qualifications and it was really impressive. She is a fiduciary who will act in my best interest. So, I booked a session with her
I have an LLC setup in Wisconsin now but I moved to Illinois and want to convert to a S Corp do I still need to stay setup in Wisconsin or do I use Illinois
Hey Byron! We most definitely can help you, I am currently not accepting any more new clients at the moment, but I have attorneys at my office that I personally train that are awesome! Reach out to our new client specialist Shelby at 888-801-0010 ext. 2043 or email her at shelby@kkoslawyers.com and she can help you get setup with a consultation. Thanks!
The misinformation is disheartening . Makes zero sense to do an s corp under 100k net. Your tax return alone is $1500. And 9/10 of these you can't set a salary under 35k. Just crunch the #s!! Under 100k doesn't work!
Thank you so much for talking about partnership conversion concerns! I am in an LLC 90/10 partnership split with a friend and have been wondering about how to go about it. Actually, just got off the phone with Jaselinee Rangel, and will hopefully be talking to somebody with your group next week. So thankful, I found you guys! I’ve had the worst luck with accountants and CPAs for the last several years, and never any true tax advice or strategic planning.
I tried calling your office and can't even get questions answered. So much for a second opinion when I can't get a consult unless I'm on a waiting list to become a client.
I agree about getting a 2nd opinioin. I'm usually the 1st opinion and am totally open to getting a 2nd opinion. First this shoule be a conversation, not an ego trip. Second, I might learn something, not technical (because I think I'm right there) but about the client's business situatoin that they hadn't told me but comes out in conversation #2.
Half of the self-employed tax is deductible and there is also QBIdeduction, still s corp is beneficial? Please explain in detail, I am kind of confused. Thanks
s corp also gets QBI and get even more deductions than regular sole proprietor, that's how
I still have to pay $12K tax after S corp for 2022 making $263k. When people say they pay $0 in taxes, are they over exaggerating, how are they doing it?
Doesn’t the QBI change the calculation on this? The most pass through income the more QBI deduction?
I run a real estate company and run my business as an S-corp. NC has high self employment tax. I use a payroll company. My 10-99 is filed to my ein number and I take a salary. I like to pay my taxes upfront. At least a large percentage. How can i put my scorp in a trust.
Ok so if my Corp starts an LLC today which the intention to purchase property does the LLC need to wait two years to have credit or does the Corp own the property until the LLC can have the property?
I guess this scenario with be property bought under credit. And all things credit really. Cash can probably buy a property in an LLC right away
Are there any differences between an actual C corporation (created as a corporation entity with the state and taxed as such), versus an LLC taxed as a C corporation? I understand federal taxes are the same, but do I get the added flexibility in how I manage the business that comes with an LLC?
Is an scorp a form of corporation and not a form of LLC?
What about people who have a c corp rental management as a side hustle? Is it better to convert to s corp?
What if an SCorp pays a shareholder a lower salary then the previous year. Is that a red flag to the irs
Good staff guys! What is the best way to book strategy consultation asap?
Hey Andy, you can connect with one of our tax advisors from our new Tax Advisor program at markjkohler.com/tax-advisor-network/ OR please email my assistant Kirbi at kirbi@markjkohler.com with your contact information and what you are looking for and she can get you set up with the correct direction. Thank you!
Mark and Matt what is the name of the book that talks about the salary matrix? Appreciate you guys.
Does a second scorp conversion make sense if I already max out SS tax in my first S-corp?
Would this work for a holding comp that holds 2 hard money LLCs?
Are S Corp dividends linearly distributed over the calendar year? Example: employee retires July 01, but company dividends are typically distributed in Sept and Dec. Will the retiree collect 50% of those dividends since he worked 1/2 year?
This is a great question! To get your question answered, please submit it to podcast.mainstreetbusiness.com/ Thanks!
I have an s-election LLC and I take a salary. I am using a full business truck that is deducted based on mileage. How do I enter fuel and maintenance purchases into quick books? My tax advisor said I enter it under “Owners Draw” like a dividend and she will make the truck deduction from there at the end of the year. This okay? I only pay myself about $30k but my mileage deduction is over $20k
Deborah really seems to know her stuff. I found her website after looking her up and reading through her resume, educational background, and qualifications and it was really impressive. She is a fiduciary who will act in my best interest. So, I booked a session with her
I have an LLC setup in Wisconsin now but I moved to Illinois and want to convert to a S Corp do I still need to stay setup in Wisconsin or do I use Illinois
Mark Please train your employees!!
How can I get in touch with one of the lawyers?
Hey there, you can schedule a new appointment and get in touch with one of our lawyers here: kkoslawyers.com/contact-us/
Can I invest using an scorp corporate brokerage account?
how do i get it if i want you to do my taxes ,,set up a S corp
Hey Byron! We most definitely can help you, I am currently not accepting any more new clients at the moment, but I have attorneys at my office that I personally train that are awesome! Reach out to our new client specialist Shelby at 888-801-0010 ext. 2043 or email her at shelby@kkoslawyers.com and she can help you get setup with a consultation. Thanks!
The misinformation is disheartening . Makes zero sense to do an s corp under 100k net. Your tax return alone is $1500. And 9/10 of these you can't set a salary under 35k. Just crunch the #s!! Under 100k doesn't work!
Useless info