How To Setup a Management Company | Karlton Dennis
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- Опубліковано 15 жов 2024
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*Disclaimer: I am not a financial advisor nor am I an attorney. This information is for entertainment purposes only. It is highly recommended that you speak with a tax professional or tax attorney before performing any of the strategies mentioned in this video. Thank you.
#taxes #taxfreeliving #taxexpert #taxreduction #llc
Karlton, I own an estate planning company that specializes in living trusts. We are about to launch into S-CORP status. Your videos have been instrumental in helping us develop an effective and efficient infrastructure. Thank you!
Question: I have a business( s-Corp) and I have a management company (LLC). My management company handles hiring, submitting payroll etc.
Payroll: should it be paid out through my management company business checking account?
I’m asking because per your diagram, you have children, spouse, vehicle being paid out under the management company payroll.
If you don't mind heres how I do it and understand the process. Your s-corp should have 2 expense accounts, 1 for payroll/tax expenses and 1 for all other expenses(standard OP acct). Since the MGMT company handles HR functions including payroll grant access to MGMT company to OP company payroll acct to process payroll. Say if you use a Payroll provider you would need to have that seperate account to make it easier on you and the mgmt company in payroll and tax records compliance.
I just got my PM license friday. Im trying to take it to the next level. I already have LLC and Biz Account.
30:25 I think I get the advantages of forming a rental management LLC. However, I wonder how a "rental management" will differ from a "property management" LLC from the licensing perspective. I believe every state requires a license to manage 3rd party's real estate (which it would be the case if two different LLCs are involved).
Would the management company work in a situation where the C-Corp is the operational company and the management company is the LLC?
Also, when you said a C-Corp is a non flow through entity, is that referring just to a C-Corp as a Subsidiary or as a parent company to?
If my C-Corp were to be owned by my trust, do all my subsidiaries's money flow up to the C-Corp parent company?
Love the gold rhino in the background!! Studying all of your tax strategies for our business
If I have an S Corp Private Practice Counseling business and a 2 member LLC partner ship with my husband for our two rental properties… can my rental property business manage my S Corp counseling practice?
Always handing out nuggets. Great video
Hi Karlton, what are your thoughts putting all of what you're talking about into a trust?
When you say Management Company, are you referring to a holding company?
💯 Great Live with Good Info @Karlton Dennis 👍🏽
Very Nice Intro...I like the way you did that ...and especially for such a valued #Blessed
After that last 20 min video where you touched on this lightly. I was hoping to see you make a video like this. Great content brutha
please never stop doing this lives!
I'm studying everything to become a tax prepare, I'm 26 years old and I worked for 1.5 years in a tax preparation office, Helping people is my goal and you inspire me!!!
Ever hear of Section 482 Carlton? You probably need to also become familiar with Circular 230
What if your rental homes are out of the country? Can you still write off payments to preparing and renting that home?
Can you open a Family Management Company in December and pay your kids (2 in my case) full yearly salary of 12k to save in tax on your s-corp? All done within 2-3 weeks?
You really are a Tax Alchemist! Excellent info Karlton, thank you sir 🙏
If my wife is a W2 employee, elsewhere, would it be smart to make her Owner/partial Owner of the FMC, to take advantage of tax savings against her W2?
Is she a High W-2 wage earner? That’s the real question!!!
"To obtain financial freedom, one must be either a business owner, an investor, or both, generating passive income, particularly on a monthly basis." - Robert Kiyosaki. I wasnt financial free until my 40’s and I’m still in my 40’s, bought my second house already,got a new business my wife is managing, earn on a monthly through passive income and got 4 out of 5 goals, just hope it encourages someone that it doesn’t matter if you don’t have any of them right now, you can start TODAY regardless your age INVEST and change your future! Investing is a grand choice I made..
Hey Lawrence,I will be happy if you could advise me, as I am ready to go the passive income path.
uunderstanding the intricacies of investing is crucial. That's why it's important to have a reliable support system, such as a financial consultant, who can guide you, especially when it comes to selecting assets. Personally, I work with Regina Louise Collaro, an investment advisor who collaborates with a licensed wealth management firm. I must say that my financial journey has been exceptional under her guidance. Regina is widely recognized for her excellent services, so you may already be familiar with her. Thanks to her expertise, I have achieved financial stability and now earn a consistent monthly income through her passive income strategy.
That’s great lawrence , your investment advisor must be really good,I have seen testimonies of people using the help of investment advisors in making them more financial stable. Do you mind sharing more info on this person?
She is easy to find , make a quick research of her on the internet with her name Regina Louise Collaro and leave her a message. I believe sh works with anyone independent of their location.😊
I'm a friend of Regina Louise Collaro. I Know she possesses a deep understanding of the investment strategy and has consistently provided me with invaluable insights and guidance. Her ability to analyze market trends and identify promising investment opportunities has yielded impressive results for my portfolio. I have experienced steady growth and excellent returns on my investments under her guidance.
if you give a 1099 to your child that is 18 years old does he need to pay employment taxes? and does he need to file taxes if it's under the standard deduction?
What if spouse already makes good income and has their own business too if you hire them part time in management company would it not work? And no kinds either . I think we ate screwed to lay a lot of taxes
Good stuff Karlton, straight FIRE!
Quick question, 🙋🏾♂️! Should I put home employees outside of family under the management company? Like personal assistants, maids, etc.
Someone asked a question that was also thinking what's the difference between holdings and management can someone kindly clarify please
Can you please elaborate when you say management company llc or sole prop does not pay payroll taxes even though you are paying 12k some to your kids as payroll.
Hi Carlton,
Can you go over a strategy for W2 income employees with over 300k + in income? What would be a strategy to write off some of that money.
Awesome video Karlton!! I have not gotten that part of moving $250K from the S-Corp to the C-Corp, How could move this money $250K on what ground? Owner investment to the C-Corp and taking draw for the S-Corp? That way the S-Corp still pays the same tax as the S-Corp income. Another consumption if I understand correctly is Management fees of $250K invoice from the C-Corp to S-Crop, S-Corp takes this fee as an expense on the book?
Thank you, Karlton, keep up with all the great content!
I guess $250 from C Corp to S Corp is a loan. As a loan for S-corp - that's a cost to deduct next year 2024, not income tax.
need that management company Karlton!!
Nice! I will be covering additional Entity Layering Strategies during the Tax Free Wealth Challenge! www.thetaxfreewealthchallenge.com
Now if I use this company to manage other companies for compensation does it become an operational. I mean companies owned by other people or entities.
It is blowing my mind,thank you brotha. Just earned a sub.
Thanks for the help Dennis
In your management company, can it just be an employee instead of a family member, to receive the deduction.
Thanks!
How do you move money from your a Corp to the management llc? Invoices?
🚨New Subscriber Alert! Great video, Amazing information, Gratitude much!!
Amazing live!
Hey Karlton , my investment properties are all in a trust. Can I still creat a management company and do the same strategy as you are doing with LLCs for each property and the management company to avoid taxes?
Karlton, I found your channel as I researched starting my own business and subscribed as I find what you discuss exactly the kinds of things I am looking for and you are very succinct yet thorough. I am now looking to start a holding (management company) as I expand into other areas. The one question I can not find anywhere online (including IRS publications) is whether I can build (on my home property) a detached garage and then rent that space out to my company to use strictly as part of the business. Looking forward to this live stream in 5 minutes and hope you may be able help me answer this.
Love that question, Bc that was something I was thinking of as well but I was told by my city construction department with my city.
Do i have to pay taxes in two states for the operational company?
Can a management company fall under a holding company?
Isn't the money you moved over to the Management Co a loan?
THank you Karlton you are doing what you are called for. LETS GO!!!! Thank you for doing this
31:03 How does the FMC report the payment to the kids? W2 or 1099?
Why the delayed Start of Video?
I love listening. Dr April Gant
Oh my thank you CARLTON! You’re a blessing.
Cooking and listening at the same time
To create the FMC as a sole prop can we use our SSN OR do we need a TAX ID?
when we pay them from our FMC do we need to set up payroll OR set up EDD, etc?
Omg why are you so damn smart and handsome. I really enjoyed learning new info that will help me build my business. I also loved watching you. You've made a new subscriber in me. 😊😀😁
17:55 he said if you’re filing your own taxes why the fuck are you watching me lol
Let me know when he starts please.
Why I’m 300k should I switch
Also, when you explain the three different types of management companies, is it necessary to have all three examples throughout your business structure?
Can I have a management company for my parent C-Corp, and my subsidiaries?
appreciate your content, and ability to articulate so well. easily understood keep up the great work
1,2,3 happy and joyous
Good morning 🙏
16:30 start, good stuff is much later.
It’s crazy I watched the pay your children video and thought about this concept and now I see this
Karlton, there are some very good questions in the comments. It’s surprising to see you are not responding to these inquiries. Why is that?
Oct for me. Sometimes
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Fire bro where u get these suits from?
Thank you for this information 👍
a seller wants to sell me properties in a C corp with seller financing, any advise?
I do t want to pay tax and this is great
What if you buy a vehicle under 6,000?
Gotta be a little careful with the home office deduction conversation at 20:00. IRC §280A allows home office expenses where the home is used exclusively on a regular basis as the "principal place of business". In Commissioner v. Soliman, 71 AFTR 2d 93-463 (506 US 168) the IRS challenged the taxpayer on whether the home was their "principal place of business". The Supreme Court stepped in and said home office expenses are subject to a facts and circumstances test. One factor that weighed heavily in taxpayers favor was the fact that the TP had no other office space available. Therefore, if you are running a MCDonalds (as in the video example) if there is ample place to conduct those managerial activities, the IRS may challenge the home office deductions because the home is not your "principal place of business". That is not the ONLY factor in the equation, but it is one they will look at.
Perhaps you are saying since you are seperating those duties into a completely different entity that the home office will qualify as the principal place of business for that entity? I guess that would make sense, but seems odd to create an entity strictly for the purposes of shifting tax liabilites..may be challenged
@@wavynomad That's what he was saying. I do feel a lot of his suggestions might be borderline/gray area
Exactly!!
GREAT VIDEO!!!!!
18 months is to young for labor laws in most states.
This was 🔥🔥
Wow. Great vid👍🏽
how old does the kids have to be
So I can pay my 11 yo daughter who helps in the office after school 12k?
Great and ready for info
Hi Karlton, thanks for the great video. I have a question regarding the children under 18 that are working for the management company. a. Do I have to setup an actual payroll service in order to pay them or do I just give them a regular check? I have two children does that mean I can the write off of 12,950 is per child that works for me?
Keep in mind you are paying 15.3% payroll taxes
Thanks!
Question: What if the kids are my step-kids? Does it matter? Does it matter if the kids are blood related or not?
It does not matter. As long as you have ssn you can use the step-child.
thanks
You are amazing. I just emailed you
Yeah managing everything and it’s supposed to be like that just managing it. I should get paid for it haha
Great information.
Thanks
1 yes!
18 month old on payroll? What could that be? Pictures used in advertising?
Would you recommend Sic# 8741 for your S-corp, or 8742?
But they get audited I thought
I want this
AMAZING!!!!!
brilliant!
Not at all with the tax dollars/government question
🔥🔥🔥🔥🔥 Another one
Reduce taxes on final retirement check
How to pay my insurance through my own company
My own insurance company
VIP Access
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I would like to teach my 18 year old son how to pay for a new car that he will use for UBER or LYFT sole proprietor business while he goes to college. I am watching your old videos and hope I’ll find a gem or two! Thanks bro. Blessings to you for your continued support to the community.
His channel is a gem!!!!
Listen to Tom Wheelwright Cpa who represents rich dad, poor dad, and let me know that he is not giving text strategy to only enrolled agents can do it, and look at the qualifications for enrolled agent versus a CPA, so you the public make a decision
HEY THERE
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I wonder if Duke Dennis, Desmond Dennis, Gabrielle Dennis and Karlton Dennis are all related? If they all have Jamaican roots that would make sense.
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