Tax Benefits of LLC vs. Sole Proprietor vs. S-corp - How does the LLC save taxes?
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- Опубліковано 7 вер 2024
- In this video, I'm covering 3 tax benefits of LLC and explaining how the LLC "saves taxes." In the process, we'll also be explaining tax benefits of LLC vs Sole Proprietorship and the tax benefits of LLC vs S-corp; because the truth is the LLC is a disregarded entity and can only be taxed as a Sole proprietor OR s-corp.
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To really understand how the LLC works, check out some of the other videos I recommend:
1) How Businesses Are Taxed: Legal business types & Tax business types • How To Choose Your Bus...
2) Sole Proprietor vs. LLC vs. S-corp: • Sole Proprietor vs. LL...
3) How am I paid in a multi-owner LLC? • How to Pay Yourself in...
Actually you can save income tax by forming an S Corp. After paying yourself a "reasonable salary", you can take cash distributions that are NOT subject to payroll tax FYI, I'm almost a 40 year CPA.
I didn't say you CAN'T save taxes with an s-corp but you would be 1000% incorrect to put most small businesses in the S-corp - since you are a CPA I will NOT educate you on the matter as you ought to be educated on it yourself!
I'd like to clarify that there are some businesses that do substantially better being an S-Corp. Example: Profit of 100K, in Sole Prop you would pay 15% SE taxes on 100k but in S-Corp only 15% on 50k (with reasonable salary of 50k), saving about $7000 year. Do you agree?
First off, you're so clear and easy to understand. Thanks, girl!
Finally, a video that gives a simple layout that can easily be answered by someone who knows. Your explanation and display of graphics (cheat sheets) are an incredible help. I’m subscribed!
Same!!!
I thought this was going to be one of those videos that misconstrue what LLCs and S Corps can do for you. But NO! You are spot on about all the ‘myths’. Very well done.
THANKS John!!!! great comment :)
She helped me cross my T and dot my I's.
2 months in, doing well in business repairing golf carts.
Started as sole proprietor and made a really good release of liability until I get to the llc stage in a few months.
This the second video I watched on LLCs and taxes. The last one was a lawyer who encouraged his viewers to file taxes as an S Corp claiming that it will saved you an additional 15k out of 100k on average. Even though I'm confused now 😂, I am really glad you explained it the way you did. I'm definitely a new sub and the other guy just lost one 😂
People don't know what they are talking about (especially lawyers since this is a tax things - but they cause so many people problems by telling them to form this)... it's a LOAD of bull crap all over the internet BECAUSE they know people want to know what to do "to save taxes," and they want to think they found a true and simple solution. Taxes are not simple. That doesn't mean the s-corp CAN'T save you money, but it's not something to worry about when getting started and it costs many people MORE money... check out my other videos on this where I go into detail.
..Social Security tax ends at 117,000 and then there's only medicare to save -- so "saving 15k out of every 100k" shows a minor level of understanding our complex system.... check out my other videos!! Save yourself time, headache and money! :)
Hey this was very helpful and valuable! Your attitude and voice makes this an easy watch also. Thank you for all the value!
There is so much misinformation out there about LLCs and taxation, but this is correct. LLCs give you no tax benefits at all, the only thing that would give you tax benefits is electing to be taxed as an S Corp and paying yourself a W-2.
Very informative, short video. It helped me decide about LLC vs. S Corp
I’m a tax attorney and a financial advisor. Thank you so much for making this video.
I dont subscribe to alot of UA-cam channels but yours is a must. You told it like it should be heard. Thank you I needed the truth
This information helped me to understand LLC and how to approach business/personnel tax return.
Thanks for posting this video, it’s really up to the business owner to educate themselves. As a Commercial Fisherman, I’ve had to inform more than one tax preparer on some of our nuances of our industry.
This information I definitely needed to understand. You explained it so clearly that I know I need to start an LLC as soon as possible.
Awesome video, very informative. I will be in the near future starting a single LLC business. So thank you for the information.
Very helpful, but I believe I've already jumped down the rabbit hole with issuing myself a W2.
Oh wow I was about to break the law...thanks !
Great video, answered all my quiestions, thank you!
Hello, Miss Amanda. My name is Rickey Hughes. I have just watched your most recent video. It was encouraging. I do have a small business in Bookkeeping and Accounting. It is also a home based business. I hope you do have more videos coming up. So far, my business has not been too successful. However, I am doing business as a sole proprietor. I would like to learn more about the self-employment tax, and how to get more clients and grow my business. I would like to hear from you if possible. I would like to do my business in the right way. In the meantime, I think you are doing well as a business coach. Keep up the good work. Please let me hear from you at the earliest convenience possible. Thank you so much. I do have a desire to do well with my business. I thank you again, and look forward to seeing more of your upcoming videos if possible, and I also look forward to your response. Thank you again.
I highly suggest you get on UA-cam and do the same thing. This will create subscribers. Some not all but some subscribers may turn into clients. You can also over free tips and paid online classes for your knowledge. In addition, you can offer cheap downloadable forms, cheat sheets etc. Hire me, and I can help or learn on your own by watching videos, books etc on branding, marketing, etc. Last thing about scorp, I am not an expert so please seem legal advice but based on this video it sound like an old (single member) maybe best that way you can file self employment taxes weave a few dollars. Blessings to you. He sure to subscribe.
Hello: I have a related question.
Does LLC pay taxes on the goods it buys as a retailer. I'm not talking about office supplies but more about the items that it purchases to manufacture things and resell the product later? IF so how it works?
A good example is restaurants. They do not pay tax for the groceries they purchase to prepare meals.
FYI. In FL single member LLC does not protect the purchased assest
Thank you for the great get to the point video!!
Thank you! Now, I understand the LLC application too.
I think I understand she said there are no tax breaks with an LLC ?
1) If trading as a business, which is better, LLC or S-corp? 2) does it matter if trading Stocks v trading Forex?
Thank you! Addressed my exact questions and concerns. Good info.
his website has not been reachable due to the pandemic Covid -19 but You can reach out to this dude on instagram he helped me with mine I got like 5 soft pulls out from Him and some inquiries removed got his referral from a friend and he did a good job i must say ,he also deals with sale of authorized trade lines his handle on Instagram is andrewhacks247 my 1st car I bought was with his CPN and he did for 2 others
I must recommend this Dude I met on Instagram is so professional and legit.reach out at +1(281)783-4167
What you said about the distribution or dividend being illegal... Why would an attorney advise me to do something illegal??? If the business paid taxes on its profits the year before, then the distribution is not considered to be a taxable income and therefore is not illegal.
Funny huh!? Why are lawyers filing a tax election anyway?? Checkout my next videos - they go over my spreadsheet template from my CHOOSING THE BEST TYPE OF BUSINESS TO FORM course that details comparing the taxes, in each type of business.
Yah. I wouldn’t say illegal. Maybe not the right word. Your attorney knows more about your situation than we do in UA-cam land. Dividends are issued from C. Corps. It’s a process. Distribution are from S corps. They flow to you from a k-1. If you have these types of companies you might want to consult a CPA or at least an enrolled agent, or a law firm that practices tax law as well as businesses law. Some lawyers are CPA’s as well as JD’s.
Go straight to the point
When Is It Time to make a business or just make sales? I have never made a sale online but i want to generate income to provide for myself outside my job. Yet I have several potential avenues to generate extra income and in order to generate that income do i just start selling and make a business l8r or do i need to in the work up from to protect my cheeks from potential bs down the road.
Thank you!! This really cleared it up for me!
Pure gold. Thank you for sharing this!
hello! I find your videos so helpful and easy to understand! I recently started my business as a sole proprietorship ( 2 weeks ago). Now i want to switch to an LLC. Do i need to file the quarterly tax for that 2 weeks? Any additional information would be greatly appreciated! Thank you so much in advance!
I work as a self-employed person and I'm moving to Portugal. I'm getting a lot of mixed messages about the best way to go to avoid the very high Portuguese taxes. A Portuguese tax person said form an LLC and just pay yourself in dividends because Portugal doesn't tax dividends, but first of all, LLC's don't pay dividends (maybe he's thinking tax it as an S Corp?) and second, you can't just pay yourself in dividends. It's so hard to get good tax advice, especially when you're working with people in two countries to try and find the best solution!
you usually can't avoid tax, legally, when you live and work somewhere. Look into understanding their rules more - don't try to decipher someone who didn't make sense. Go straight to their government websites - get clear on their rules first. Take it one piece at a time.
My tax preparer explained that as an S corp, if I pay myself say 30,000 as an employee, then the remainder of the taxable income is say 150,000 that the 30,000 will be taxed at the appropriate earned income bracket, VS 180,000 at the higher bracket. I'd like to hear your position on that?
30k is what you would pay someone to do your job? It's highly doubtful that the owner of a business profiting 150k would be paid 30k (there are other reasons as well). Therefore, if you do an actual reasonable wage, like 50-100k... Plus you loose out on the 20% deduction for those wages - it's more like a solid 200k + that it becomes beneficial.
The tax bracket is irrelevant because both your W-2 wages and the net income of the business (under either structure) is totaled for income tax. The s-corp is beneficial when you are ready to pay all of the fees associated with a W-2, setup an accountable reimbursement plan so that you can still take a home office or vehicle write off (which you would loose as a W-2 employee) and track basis.
My next few videos will be about using a spreadsheet comparison template. Do subscribe and hit the bell if you want to be notified when more videos on this are posted.
A tax pro told you that? Really!?! No wonder so many people come to me in an s-corp and confused...
Great content thank you for making this video. I am confused about one thing though. When you say it is illegal to collect dividends or a distribution from your S-election, do you mean that in the context of the wage you are paying yourself, or did you mean that in general? I’m other words, if I am paying myself a “reasonable income” according to the IRS and paying all associates taxes (FICA etc.), can I then collect dividends from my business? Just asking for more clarity, not quite sure what you meant
You'll be looking at more of a distribution (depending on your basis). In most cases you can take a distribution as an S corporation but you do need to pay yourself a reasonable compensation
You say the IRS doesn't acknowledge the LLC, but don't you have to register for an EIN with the IRS once you have formed your LLC? I guess I'm asking what's the difference between having an EIN, and being a separately taxable entity altogether, and what purpose does the EIN serve if not to establish a new taxable entity?
ah, no. LLC is a legal entity. The IRS classifies it as "Disregarded entity". Every business has two types - legal and then tax. Tax type is based on the legal type. .... Employer Identification Number (EIN) -- so you only need it if it is your tax type doesn't use a SS (mmllc, p-ship, etc.) or if you hire employees. Otherwise, a SMLLC does not need an EIN. Check out the videos links in the description below the video for this explained in far more detail!
Thanks for sharing your knowledge
Great info, however, incorrect about "reasonable salary" being "illegal". Its built into the IRS tax code, being used extensively to save on SE tax.
Super informative thanks 😊
Absolutely remarkable!
What about workers comp. Because when you are self employed. Insurance companies wont insurance you. So if you add S corp. Then are you able to get workers compensation for yourself
You are so smart. Thank you for a such thorough breakdown. I will definitely be hiring you whenever I need help. 🙌🙌
I would highly recommend giving her or a tax professional a call sooner than later. Usually the sooner you can the more time there is to plan and make changes before its too late!
I’m a Truck Driver, and a lot of companies are offering to pay me as a 1099 Contractor. However, I have an LLC (single member LLC), and I wasn’t sure if I should get paid through my LLC or as a 1099 Contractor (which would be through my social security number)? The reason why it’s confusing me so much is because as a 1099 Contractor I will only make $70k-$80k a year and I wasn’t sure if it would make sense for me to be paid through my LLC (oh and I’m married too by the way). Any advice is greatly appreciated.
Great presentation, thank you so much!
his website has not been reachable due to the pandemic Covid -19 but You can reach out to this dude on instagram he helped me with mine I got like 5 soft pulls out from Him and some inquiries removed got his referral from a friend and he did a good job i must say ,he also deals with sale of authorized trade lines his handle on Instagram is andrewhacks247 my 1st car I bought was with his CPN and he did for 2 others
I must recommend this Dude I met on Instagram is so professional and legit.reach out at +1(281)783-4167
Can you start off as an LLC then convert to an S-Corp.? How long and the best to convert over?
These videos answer your questions:
1) How Businesses Are Taxed: Legal business types & Tax business types ua-cam.com/video/8qzQop2xPZY/v-deo.html
2) Sole Proprietor vs. LLC vs. S-corp: ua-cam.com/video/tCiv1p0__JI/v-deo.html
LifeAsTierra yes
Very helpful video. But did I miss what Benefit #3 was?
Thank you for your time. Your video was great. My question to you is as a single member llc, do I pay taxes quarterly or annually/ the same time as regular taxes? Thanks for sharing. I just subscribed.
Your tax forms are due annually, but if you expect to have a tax liability in general you must make quarterly estimated tax payments starting Jan 15 and continuing through the full year.
ReelVanLife Living You should make estimated payments every quarter, otherwise you will be assessed penalty and interest. (Both Fed and State). When you file a tax returns, most programs will calculate this and generate vouchers for you. Follow the instructions on the vouchers.
Great content!! Do you offer your services professionally? I have an LLC and some specific questions that need to be answered. Thanks!
Finally!! Well put
THANK YOU SO MUCH! YOU HAVE A NEW FAN!
uc youtube
Thanks for this video!
Very helpful thanks
Is it right that you don't get no tax breaks with an LLC
Good Info. Thanks.
Informative video!
Hi Amanda,
Enjoyed watching your videos. I started out as a sole proprietor and was talked into forming an s-corp to save on taxes (ie: SE taxes). It's been a rough 1.5 yrs trying to learn all the procedures, accounting, etc. Can't say how much I'm saving really or if it's worth the hassle. You make it seem like I should reconsider. I would love to have a consultation. I believe you offer a virtual consultation?
Hi James! I do offer meetings from within have a spreadsheet & training that walks you though using a spreadsheet to calculate the tax situation under each business scenario.
It's part of 5-course program/training that will be available next week. Let me know if your interested!
You can learn more here: www.amandarussell.mba/30dayaccounting
Business Finance Coach this is just wrong...
Hello,
First of all, thank you for the great videos filled with information. I have some doubts about my situation and hopefully you can help me.
I am a day trader living in Spain and I am considering opening an LLC in the U.S.A. I would eventually be opening an account as an LLC with a us based broker that is located in New York City (lime brokerage). If I opened my LLC in the state of Delaware for example and traded using the services of the broker located in New York state,would I have to register as foreign LLC in the state of New York and eventually pay taxes in the U.S. or is that not necessary and I must only pay Delaware's annual tax fee plus spanish income tax on whatever salary I received from the LLC as a Spanish resident?
Thank you for your time and attention to this matter.
Thank you i greatly appreciate it.
Good video!!
Great Content and easy to follow. Be the R3BEL 😎
I will be self employed for 2021, what about the child tax credit or owning a home or any donations i make during the year, will I be able to add all of those items to my self employed tax return for 2021?
Thanks for having your channel. I like learning from a bunny 🐰
Thank you so much. So can I have a payroll to my daughter for our LLC? An will this benefit us?
Thank you !
Great vlog 👍🏼☑️👏🙌🏼Thank you
Thx. Really helpful. Question, if you run multiple businesses even as an individual. Let’s say you own Airbnb and a Sw business and invest in other ventures. Would then an s Corp make sense ?
You should be talking to a CPA or a good enrolled agent with experience in your situation, especially if your businesses span different states.
I'm an enrolled agent and it depends on your situation. One entity doesn't fit a specific business model. It all depends on your goals for the business and what you're trying to achieve
E Randco his website has not been reachable due to the pandemic Covid -19 but You can reach out to this dude on instagram he helped me with mine I got like 5 soft pulls out from Him and some inquiries removed got his referral from a friend and he did a good job i must say ,he also deals with sale of authorized trade lines his handle on Instagram is andrewhacks247 my 1st car I bought was with his CPN and he did for 2 others
I must recommend this Dude I met on Instagram is so professional and legit.reach out at +1(281)783-4167
What would be the best place to go to file your taxes for your llc
Love your channel. Thank you.
This website has not been reachable due to the pandemic Covid -19 but You can reach out to this dude on instagram he helped me with mine I got like 5 soft pulls out from Him and some inquiries removed got his referral from a friend and he did a good job i must say ,he also deals with sale of authorized trade lines his handle on Instagram is andrewhacks247 my 1st car I bought was with his CPN and he did for 2 others
I must recommend this Dude I met on Instagram is so professional and legit.reach out at +1(281)783-4167
I have a question, I am asking to many people who have the videos on youtube. I created a single member llc and got the ein and business account. Am I allowed to hire the people as a contractor? And what will be the process? Please let me know if any specific video you have about it.
good info. thanks
hi how i can pay tax every month for my LLC
I’ve heard a benefit of LLC or scorp is that if someone sues you, they can’t go after your home. Is that true?
Yes from what I understand
@@marshellepayne4020 Unless you pierced the corporate veil
That only works if your LLC has a separate bank account(legally it should, it the whole point).
AND , it actually has enough in the bank to cover the lawsuit.
So either way tip toe with customers, try your very best not to be sued in the beginning.
Then hopefully that method lasts for life.
Are you taking new clients i have been going to a cpa for the past five years and have had a home business for longer he has never filed my deductions correctly. I am a self employed sole proprietor m.
I live in texas and want to ho back five years currently he has me owing 23,000 from 2019 taxes. Please help me go back and look
CPA, you can hire me
@@imageimagination6195 will you please send me your prices.
I need taxes review five years
PPP assistance
EIDL second round assistance.
Year round support and
@@peggya7164 noted you can take it the email out now please
You are incredible.
I'm Lloyd Stovall from media library we have a question, if you are on welfare or food assistance and you have a Nonprofit self employed LL see what are the benefits
I'm thinking about opening up a photography LLC in Texas which will give me in-state residency for tuition purposes. I need to get it done before 1 Oct. '21. After graduating undergrad in Texas (as well as high school), I moved to New York for work. Now, my parents still live in Texas... How should I approach this?
Should I be making a certain amount of earnings to form llc,as in dont unless I make 50,000 a year?
Can i file a 1099 independent contractor under LLC business EIN?
Yes.
Great Video!
OMG, Thanks for making it plain!
So many Tax Professionals & Strategists gives these "Gray" answers....I'm a Fan : - )
his website has not been reachable due to the pandemic Covid -19 but You can reach out to this dude on instagram he helped me with mine I got like 5 soft pulls out from Him and some inquiries removed got his referral from a friend and he did a good job i must say ,he also deals with sale of authorized trade lines his handle on Instagram is andrewhacks247 my 1st car I bought was with his CPN and he did for 2 others
I must recommend this Dude I met on Instagram is so professional and legit.reach out at +1(281)783-4167
Very helpful .. love your nails ... I’m still confused as a multi member LLC can I pay myself 1099 income which would be separate from the 1K net income distribution?
Great question! No 1099 needed (or allowed)! Check out this video: ua-cam.com/video/DZ6KKdtdfAo/v-deo.html
Yes, the money you take out (draws/distributions) and the money you put in (contributions) are tracked in accounts in effect your BASIS. Generally, they aren't taxed, unless you withdraw more than your basis (which only happens if you have a bunch of members and money is being moved around).
Separately, is the net income from the business. You are always taxed on your share of this income!
What if you have a job separate from your LLC? When filing taxes which is the best route to take?
that's the benefit- you don't have to file a business return, you will just report your SMLLC income and expenses, with your personal return (form 1040) which is where you report your W-2
check out the description videos for how to file your taxes for free - they walk you step by step through doing it all online, for free
Do you have a list of things to deduct as an location owner? Or like receipts to keep and how to organize these?
Me too!!
If you are the only member of an LLC do you need an EIN # or with your SSN # it’s totally fine?
Hi! I am opening my own business doing lash extensions and microblading. But I was debating on doing a soul proprietor or LLC. I was wondering if you could give me some further information to help me make my decision. I understand this is what your video was about, but some of it is just foreign language to me. Sorry if this is a dumb question, but I hope you can help! Thank you
Great question.
If you are a single member LLC you are considered a disregarded entity(another words you are treated as a sole proprietor for tax purposes). You also have the option to be treated as corporation or partnership should you elect to do so. This would mean in addition to your individual return you would need another separate and costly return. It might be worth it but not usually when you’re just starting out. The reason people select an LLC status is to protect their personal assets. There’s usually an annual fee to be an LLC. It’s pretty easy to set up. Since you work with the public the first thing you want to do is get adequate and proper business insurance. Get quotes and talk to a couple of agents then decide.
Im living in California USA, But not US citizens, im on Vist Visa, but legal, how can i register my LLC
Curious if I can set up my one man business as both an LLC and For Profit Ministry? Pay myself decently and with the goal of profits so I can gift other worthwhile ministries with funds they need for whatever??
I'm physically disabled, pretty much live in a recliner (that's Not mine, nor is the house I live in. Also, I don't have a vehicle, as I have no sense of direction from one of my car accidents that caused me a Traumatic Brain Injury & concussion for which Nothing can be done in America unfortunately.
How do you write off boat trips and dinner with clients?
Thank you
2:03... you missed your counting finger and it made you feel uncomfortable. Other than that, thank you for this great helpful video. :)
Thank you so much for the information. I thought I was right about LLC and it being better for my Small business then a corporation. One question if I was sued can they take my Home?
You have to properly set up documents with the LLC and stuff to make it difficult for others to take your home.
(I personally am a little confused as well, but there was good video somewhere explaining all the 'musts' for your LLC to keep it running properly and safely protecting you)
@@DanielDTUBWeinberger it doesn’t offer full protection, once LLC is bankrupted they can come after you. It’s called, “Tort” is the Norman word for “wrong.” There are three main types of legal wrongs: criminal wrongs, contractual wrongs, and tort wrongs. Usually get sued for tort or negligence. LLC won’t protect you from these, so it can be a false sense of protection. You’re not totally protected. I would get at least a million dollar GL policy and umbrella policy to protect you just in case of a lawsuit. Just my thought.
Are you coming to Orlando any time soon
Great video! I am creating a business as a freelance writer. Would a sole proprietorship or llc be more beneficial seeing as I don’t have much overhead or employees?
everything in this video applies - maybe re-watch it and check out other videos in the description
I'm having this dilemma too, for the same niche. lol. Did you decide yet? The video actually confused me more. :/
Depending on your goals and location it may not be necessary for you to incorporate. If I was you I would think about continuing as an sole proprietor to keep cost down
@@dezziefbby I meant to at hou, but I answer a similar questions in the comments
Joshua Thompson thank you! I ended up going the dba/sole proprietor route for now. 😊
This helps so much
What if my initial investment is from my paycheck and I don’t make profit i want to invest in supplies to start but getting my name is going to cost money is it okay to deduct that or write it off. Because then it’s worth the risk.
If so everyone should try to be there own boss. Can’t be that easy 🤔
Your initial investment from your paycheck, is how majority of people start.
Can't make money, without spending money.
Anything you start off with, even from your personal paycheck into the the business bank account would be Starting Capitol.
Supplies and all.
@@YaManA51
Everyone could be their own boss, but trying to get that initial investment cash, and actually have a viable product(physical or service) is a whole nother story.
In my S-Corp I pay myself a yearly salary of $5.00. Therefore I don't have to pay as much into social security and medicare. Which are most likely not going to exist when I retire. Are you telling me that is illegal? I believe it is moral to NOT pay into those ponzi schemes.
Great video! Question: My business is in my name. My wife and I file jointly. If I form an LLC, will my wife have to single file even though she works at my business and we share profits?
Hi Jack Kerouac!!!!!!!! A married spouse can NEVER file as single, ever.
Jack Kerouac
Jack- you can file as a married file separate.. in some cases, even though rare, it makes better sense to file separately. I recommend talking to your local CPA.
Thank you for being awesome with your clear explanation and of course your very pretty face :) Thanks again I know which way to go now!
Amanda, this was amazing. Thank you. What if you are married and file jointly? For instance, I am married and I will run the LLC, but my wife won't. Am I automatically in a partnership?
Check out this video - How to best structure your husband & wife business! ua-cam.com/video/JxEnRXlssqY/v-deo.html
I think the only thing I forgot to say is-- IF you are in a community property state _ (google it if you aren't sure, there's only a few)_ you can still use the QJV option as a spouse LLC _(will make sense after you watch the video!)_
@@businessfinancecoach Fantastic! Thank you so much. I just googled the QJV option. I will watch the video to learn more.
I’m considering starting a tax preparation side business. I’m wondering if I want to simplify my taxes and protect my assets would a sole proprietor or LLC structure be more beneficial?
Martin Navarro LLC