Paying Ourselves Before Year-end: S-Corps and LLCs
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- Опубліковано 29 гру 2021
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For a minute it looked like Mark was broadcasting from jail.
That's where he be probably in his retirement, he scumbags
Tax fraud😂
I thought the same thing..
😂😂yep
😂
Thank you both.
Excellent video!
Thank you very much for your hard work.
❤ this topic and super helpful. Thank you
Great year end tax reminders and friendly banter to keep entertained. I always enjoy listening as never know what I will learn or take away! Much appreciated guys. I have even referred folks to you who did end up as your paying customers!
S-Corp Draws.. that confuses the crap out of me. I need to go look for another video on it. Kohler... I'm a big fan. I've been watching you for a long time now. Great info and I appreciate your sharing of information.
Actual video starts at 3:57 minutes
Maybe they're trying to be cool, but... GET TO THE POINT GUYS!
Ir seems like the goal is to make a 30 minute video regardless of value.
Great year end tips. Easy to understand & execute. Have a prosperous New Year guys! Thank you
Got an analogy for the S Corp quarterly tax payments. It’s like child support one you start making payments u can’t stop until the business finish.
Great video and appreciate you both!
Mark, I love the story about the lemonade stand!
great video i will like this video many people will need it
I wish I learned from you earlier before 2016. Thank you for all free advice you and Matt giveaways every week. I appreciate very much.
thanks
When are y'all going to hire more accountants? Been on the waitlist for 6 months and I could really use someone to talk to during this time.
Can you guys start posting to rumble too?
Thank you for your time guys as always love the content. What about everyone being concerned about getting paid via zell Venmo Apple pay. Supposedly the government will be taxing it or tracking it? What are your thoughts on that?
Please make sure the LLC is attached to the Interdiction trust so it can be enforced by the Tahoe enforcers.
If you take a low salary and consequently lower FICA won't this lower future Social Security payments in retirement?
Hi thank you for your content. I'm a year late on this. Please can you educate those CPA's that profess that know how to do taxes with crypto involvement and really don't know their elbows from there... I have been burnt twice on this by CPAs and the IRS loving me for not knowing how to do my own taxes. 😢
"make your business easy to work with" best year end comment. If only businesses would apply this.
love the channel. more crypto tax content please.
Great video guys. Question: if 100% of your gross income is derived from personal service, billed at an hourly rate, can you make a rationale argument to allocate say 40% to w-2 and the balance to distribution? Couldn't the IRS assert that all your net income should be SE/w-2 income since it's generated from your personal service as opposed to selling widgets?
not them but the answer is no.
I don't see why not. Your expenses are coming out of your hourly rate why can't your profit? Just adjust the way you keep your books. Pay yourself a reasonable wage And use the left over for expenses and profit
Is there extra expenses to having and S-Corp over a LLC?
Having a dedicated Book Keeper or do S-Corps cost way more to open?
[Continued] ...For two years I have had two different CPAs do my taxes, and all they do is look at my crypto buys, & gains but don't look at my losses, which hurt me greatly in the end.
It would be great if you could talk about those of us who are US citizens living abroad that still have to file US taxes.
Can I take a distribution for the S-corp LLC for 2021 in January 2022? or is that not allowed??
We are looking for a tax service that can assist us currently in Texas and in the near future, moving to So Cal. Is this something your firm would be interested in?
I get too ahead of myself smh .. it's hard for me to focus and strategize properly .
But for the year it seems fair to maintain good standing with my LLC built the rapport and yeah let's make it happen people(:
Does income from child reinvested in another child by parent company considered expense or profits.
When paying ourselves, should we use a company like Gusto, should our payments be classified as "Owner Draw" or "Salaried Employee"?? I actively work at my company if that matters.
not them, but yes for the payroll part (salaried employee), and no for the draw part which you just do in QuickBooks.
@@radicalaccounting thanks
What should you do if you net 100K, but got approved for your scorp election in October? If you allocated 40% in salary for your W2, is that when you do the fat 941? How much should it be? 15K? What happens to the draws before you got approved for the scorp? How is it taxed?
I had the same question
Can i decide at tax time how to tax my LLC? I've been sole, forever, but starting a new business this year. Do you have to start out at the beginning of the year as a "s corp" or can i decide in December.
At 24:00 i think you answered this. The 1st year, i can, but the following year, i have to start the quarter payments?
To have a chance to get your question answered on a podcast, please submit it to podcast.mainstreetbusiness.com/ OR if you want to dive deeper into your question, please get connected with one of our Main Street Tax Pros at markjkohler.com/tax-advisor-network/ Thank you!
Hey Mark and Mat, I am a great fan of you both!
Can you please answer my below pasted question?
Does my 'Single Member LLC being treated as an S-Corp' need to pay me the following listed taxes everytime it runs my payroll?
Or is it exempted from paying those since it is running the payroll only for me ?
Employer Social Security Tax
Federal Unemployment Tax
Employer Medicare Tax
State Unemployment Tax
Note: There is no one else on this company. I am the only owner and I am the only employee.- I received the approval for my Form 2553 filed for this company recently.
Hey there, to get your question answered, please submit it to podcast.mainstreetbusiness.com/ OR if you want to get set up with one of our amazing Tax Advisors to dive further into your questions, please head to markjkohler.com/tax-advisor-network/ - thank you!
For a single owner S Corp, I don’t really understand the benefit, if you pay tax on FICA, on top of the flow through income on the K1
You pay fica on your "reasonable income" the rest, distribution, is not subject to fica. You pay less taxes
Is it safe to play off this year doing self employed gigs and have set my business account separate already from my personal.
But eventually I do want to go
Back full time job I believe I got the right process mindset with trying get my W2 separate from my business.?
So now I don't know what revenue I'm profiting in from self employment and I want to build a good rap sheet for my line of credit this year.
So I officially filled my statement of information yesterday thought I was gonna have a chance to start it December 31st ? But it didn't give me the option.
Supposedly the annual franchise fee won't be charged till 2024 I'm state of California.
Newbie here . What should be my next steps if I want to incorporate all that into my year.
I tried doing the business plan but I got so overwhelmed.
With the math and it just rung red flags of debt.
Yeah, no.
So ..
I'm not bringing in much revenue into my LLC because primarily it was so my assets can be protected and for tax purposes. Since Im doing third party platform deliveries for product consumers.
My main focus and vision was how can I get a damn car for myself because I was blowing my mom's and I'm not used to the help.
But I have my EIN NO MONEY IN.
S Corp sounds more tricky. But I'm used to wages and salary.
So now I'm thinking okay if my LLC isn't a product or service I'm providing personally.
What are my next steps I should do payroll into my LLC ?
Does that also mean basically I have to convert into payroll and it will separate what I'll get paid.
Do I have that right ?
Cause I'm already not only avoiding the $800 annually this year but I have to be ready for it 2024?
I'm so new such a baby I don't wanna get so confused .
Like writing a business plan lol .
It's a lot of footwork .
But i wanna see where the yellow brick road goes.
With that said I paid my statement ?
I didn't check fda off my list .
But I do need funding and proper advisors but I just barely finished other certain documents like agreement statement.
Trying to get to the funding and or how can I get an investment.
So I can try finishing the year off at a good standing point.
Meet this and that person.
Go to seminars. And before the end of the year in the process manage what the next 3-5 years should look like.
But the funding I need a car and a business phone.
I don't wanna be in debt . And I'm going in circles not trying to give up on where I'm going with the idea
I understand that the profit of s Corp, goes on a k1 form, now will that be in addition on all the officer draws? to be added on the same form? or should the draws go on another form?
To get your question answered, please submit it to podcast.mainstreetbusiness.com/ OR if you want to get set up with one of our amazing Tax Advisors to dive further into your questions, please head to markjkohler.com/tax-advisor-network/ - thank you!
need to know if the officer wants to get paid about 10,000 per month, at the end of the year how you will claim that amount on your 1040, will be on schedule c, or other income..?
Question myself and a buddy at work (factory) with medical ,ss, etc. Already being deducted from our checks. If we go into a partnership remodeling homes and various services, will we be subject to the self employment taxes your discussing? I know the video is a year old, and it may seem like a dumb question.... hopefully you'll see this
Hey Russell, to get your question answered, please submit it to podcast.mainstreetbusiness.com/ OR if you want to get set up with one of our amazing Tax Advisors to dive further into your questions, please head to markjkohler.com/tax-advisor-network/ - thank you!
Love it. Mark/Sam, can I do a llc with s corp election for a trader. My main source of income is trading options. Can I take salary, show an earned income or all of this is capital gain and I cannot do s corp? I am making close well into six figures trading options. Cheers.
To get your question answered, please submit it to podcast.mainstreetbusiness.com/ OR if you want to get set up with one of our amazing Tax Advisors to dive further into your questions, please head to markjkohler.com/tax-advisor-network/ - thank you!
I NEED HELP WITH MY TAXES!!!! 😢😭😭😭
Are crypto nodes a tax deduction?
not them but any expenses that are "necesary expenses" to help you make money are a write off. computers, software, electricity, etc.
With an s corp filing, can i pay myself as a 1099 contractor for my business?
To get your question answered, please submit it to podcast.mainstreetbusiness.com/ - thank you!
Should ROTH 401k contributions be reported on W2, even though there’s no tax benefit to it? If so, why? Thanks
The employee portion has to be reported on W-2. Theres a $19,500 or $25,500 (over 50) for employee contributions. Even though its a Roth.
@@specstreaming6127 Yes, understand that. But since Roth 401k contributions does not reduce the taxable W2 income, is it necessary to report it? If so, why?
@Whatsap±➊➏➏➒➋➎➒➎➍➏➌ since Roth 401k contributions does not reduce the taxable W2 income, is it necessary to report it? If so, why?
@@homevideos9297 Because of the elective contribution limitations that exist with Traditional is the same as Roth IRA.
Also so the IRS knows your after-tax basis. Keep in mind the employer matching contributions are pretax
@@homevideos9297 also the whatsapp comment is spam
Can burning crypto be considered for tax write-off for llc and S-corp?
Nope
Analogy: once you dye your hair…..
Why Mr Trump pay no tax
Because he's smarter than Hillary ;-)
@@tedd7028 Haha - burn! Trump knows the game even better than the politicians do.
A $12,000 profit sent to my portfolio each week, Mrs Angela Regina Mende is amazing.
@Amelia Mia What a coincidence, I have been hearing a lot about Investment with angela regina mende how good she is in making profits off investment. is her trading strategy that GREAT ??
@Calvin robert Trading bitcoin now would be a good idea, but trading with out a professional isn't advisible.
I've watched many UA-cam tutorial videos about trading and I still make losses untill Mrs Angela started managing my Investments now I make $ 32,480 weekly.
I have been able to arrange funds to invest. Do you know how much is ok for a start, let me know if I can do this.
Don’t fall for this scam
How abt if u guys get to the damn point. Not here to listen to your banter. Pretty lazy way to make youtube videos by not editing.
Its a free video, and the banter is part of their charm. If you don't like it, hit the close button and dont complain... "Not here to list to your banter". You get what you pay for, but I love their videos -- have learned a ton. Maybe shut your mouth and open your ears and you will learn too?
@@sethmiller5414 gotcha karen