Amazing content. Please keep this up. We need a full breakdown of LLC and C-corps. (Even though there are plenty of videos already but it's never enough)
Not sure if you already have a video on it but I plan on getting a llc and starting my own business very soon and was looking for a video that explains where I should start! I just like being prepared for every don’t want to get confused!! Thanks for all you do!!
Karlton, one point of clarification that I think should be made a little clearer about reconciliation. With reconciliation, you are insuring that two sets of accounting records match. In your example, you talked about the Income/Expense records/report generated by the bank from you swiping your card that would be used for your taxes at the end of the year. But one key point of reconciliation is that the financial institutions report should match, or be reconciled against, your own set of records that you were keeping all the while you were making these transaction. Once you've completed all your reconciliation between the two transaction reports (yours and the banks) and corrected for any discrepancies, then you can use the records for your taxes. This was a long way of me saying I think you forgot to emphasize comparing between your records and the banks. As always, excellent video and I"ve never bothered to become a Patreon for any channel, but you just may be my first. I'd love to support what you're doing.
Absolutely love this kind of video. In the next video can you go more into anonymity and corporations strategies and structures. I know the ideas but I'm still learning the vocabulary and I feel that your videos provide most organized and easy to follow structure. I would love to see this kind of video soon. Keep up the great work!
love these educational videos. Any chance you could lower the background music next time ? Its a tiny bit distracting. Other than that please keep posting ! hope to work with you in the near future !
Karlton - I always look forward to your videos. I am a struggling business owner. Things are slowly starting to turn around. Thanks to your videos I am starting to get a getting understanding of stuff. Keep up the good work. Max in Rockland County, NY.
@Burrell Roller I am subscribed to the channel. It's so helpful. Between this channel, one other, and my CPA, I feel very assured I'm on the right path. I also know, I have a lot to learn.
Hi Karlton. Great lesson today! I think I missed a point with the pass through entities, specifically the s-corp. You mentioned for an s-Corp that the income flows through to the individual’s tax returns. But I thought it was just the portion that is paid in wages/w-2 to a member/shareholder Could you clarify?
Hey PN, I'm not Karlton but what I undetrstood was that the S-corp & other pass-through entities file a K-1 form not a W-2, which comes under the individuals tax return. Whatever the business makes is considered the individuals personal income, therefore the money "passes through" directly to the owner. The W-2 is only for C-corps that pay their shareholders/members in wages/dividends at the end of the year, since it is a separate entity from the members/shareholders.
This video was so good. Also, it's Reconciliation. 😊 I'm a new sole proprietor. When joining your Patreon, can I upgrade my membership as my biz grows?
Please make your intro music shorter and background music off. I love your content but annoyed by the background music playing while you speak. It's distracting
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Amazing content. Please keep this up. We need a full breakdown of LLC and C-corps. (Even though there are plenty of videos already but it's never enough)
Not sure if you already have a video on it but I plan on getting a llc and starting my own business very soon and was looking for a video that explains where I should start! I just like being prepared for every don’t want to get confused!! Thanks for all you do!!
💯💪🏾 Tax Deductible = Percentage of Bottom Line Reduced
Tax Credit = Amount Directly Taken from Owed Taxes
Karlton, one point of clarification that I think should be made a little clearer about reconciliation. With reconciliation, you are insuring that two sets of accounting records match. In your example, you talked about the Income/Expense records/report generated by the bank from you swiping your card that would be used for your taxes at the end of the year. But one key point of reconciliation is that the financial institutions report should match, or be reconciled against, your own set of records that you were keeping all the while you were making these transaction. Once you've completed all your reconciliation between the two transaction reports (yours and the banks) and corrected for any discrepancies, then you can use the records for your taxes. This was a long way of me saying I think you forgot to emphasize comparing between your records and the banks.
As always, excellent video and I"ve never bothered to become a Patreon for any channel, but you just may be my first. I'd love to support what you're doing.
Absolutely love this kind of video. In the next video can you go more into anonymity and corporations strategies and structures. I know the ideas but I'm still learning the vocabulary and I feel that your videos provide most organized and easy to follow structure. I would love to see this kind of video soon.
Keep up the great work!
love these educational videos. Any chance you could lower the background music next time ? Its a tiny bit distracting. Other than that please keep posting ! hope to work with you in the near future !
Karlton - I always look forward to your videos. I am a struggling business owner. Things are slowly starting to turn around. Thanks to your videos I am starting to get a getting understanding of stuff. Keep up the good work. Max in Rockland County, NY.
I just created an S-Corp yesterday. This information is very helpful. Thank you.
@Burrell Roller I am subscribed to the channel. It's so helpful. Between this channel, one other, and my CPA, I feel very assured I'm on the right path. I also know, I have a lot to learn.
LOVE THIS!! Waiting for your masterclass course !
Impressive information! It makes me want to learn more. Thank you for your information.
Thank you for the knowledge man bless up 🙏
I love learning like this.
Learned a lot. Thanks
I love you! I have learned so much from your videos! Thank you
Hey Karlton great videos as always. if I charge membership on my service through Patreon, do i still need to file for an LLC? Thanks
I came upon you video and I am so happy I did. Just started a side hustle and was wondering if I should get an LLC as a delivery driver?
@James Last Thank you so much
He Peeping Crazy Game, Keep It Up. Love The Value of The Content
this is golden. thank you!!
Great video. You do a great job explaining the subject matter. Please keep up the excellent work. 💯
You save people a lot of time and money
Goodstuff bruh!
Looking forward to the series.
Hey karlton, do you do consultation for people in Canada?
you are amazing keep them coming
hey karlton, I'm a client now. You guys did my taxes for me last year. Do you guys go over the basics of bookkeeping & accounting?
Let's go KD loving the education!!
Love your content, learning so much. Do you deal with US company with UK based owners?
Hi Karlton. Great lesson today! I think I missed a point with the pass through entities, specifically the s-corp. You mentioned for an s-Corp that the income flows through to the individual’s tax returns. But I thought it was just the portion that is paid in wages/w-2 to a member/shareholder Could you clarify?
Hey PN, I'm not Karlton but what I undetrstood was that the S-corp & other pass-through entities file a K-1 form not a W-2, which comes under the individuals tax return. Whatever the business makes is considered the individuals personal income, therefore the money "passes through" directly to the owner. The W-2 is only for C-corps that pay their shareholders/members in wages/dividends at the end of the year, since it is a separate entity from the members/shareholders.
@@jezdelion7729 Aah. Ok. Thank you!
thank you because whose gonna tell us
I wish everyone one UA-cam would model your communication ablity and detail recognition. Stay in this for the long haul pleaase
This video was so good. Also, it's Reconciliation. 😊 I'm a new sole proprietor. When joining your Patreon, can I upgrade my membership as my biz grows?
I love your channel 👏🙌👑
Protect this man. Subscribe to him for the greater good
Bro need help studying for EA exams. What do you recommend in terms of classes.
For the record I'm Canadian, so I don't get to practice.
Thank you. I have a 501(c)(3)Nonprofit Corp. how can I improve tax filing. Any tips.
Great video
Can I start to run payroll while I am waiting for the IRS to get back to me after I sent the S Corp form? Or do I need to wait until then?
How do I find your Patreon Karlton?
Cool
you spelled vehicle wrong too... bruh WTF? 2:26
Please make your intro music shorter and background music off. I love your content but annoyed by the background music playing while you speak. It's distracting
you spelled business wrong...
2:15
🌍 #Ci9E 🌍
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