Watch This BEFORE Forming An S-Corp!
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- Опубліковано 20 лип 2024
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Watch This BEFORE Forming An S-Corp!
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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.
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Are you a business owner that wants to pay less taxes? Maybe you have an LLC and is thinking about switching to an S-Corporation. Here's some S-Corp information that you need to know before forming, let's discuss...
Here are some tax deduction tips that can help you save you massive amounts of money on your taxes and stay on top of your business finances.
In this video we discuss: Watch This BEFORE Forming An S-Corp!
Watch this video until the end to avoid overpaying Uncle Sam and to start making the most out of your real estate business!
*Disclaimer: I am not a financial advisor nor am I an attorney. I am a licensed Enrolled Agent. 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.
*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.
You’re awesome Karlton! Thanks for educating us. Cheers!
Bro, ive been negligent on all things related to all your helpful videos my whole life and you're saving my life right now. Just had to tell you! Bless
You are amazing brother.
Great info! 👍 Keep up the great job that you do!
you are incredible!!! opened an llc recently and could not refinance my home and you are the first person and resource to offer education and solution! I am switching to scorp asap!! thanks sooo much... will like to build a relationship with your office if possible!
Just found you today! SUCCCHHHH an AMAZING TEACHER! THANK YOU!
Thank you for this info
Just recently came across your channel and have to say thank you for the information it is such amazing help to learn and understand as I am a new business owner looking to understand the business side. Was wondering how would I be able to know when to transition from LLC to S Corp. Hope you won't mind possibly having a video for service providing business such as auto repair businesses that are starting up would be amazing help.
Thanks 🙏🏿
About 50% of truck driver are owner operators, we primarily have an LLC. It seems like it will be better to switch to a S-corp. would love to see a video on that.
He made a older vid on it
@@LocationLiberation
Thanks, I'll have to look for it.
Couldn’t find the video for Trucking
@@itsadunndeal33 it's not for trucking it's a recent video of when to switch to S corp
@@itsadunndeal33
I was going to say the same thing.
I am committed to self-development & thriving.
Thank you
Hi Karlton , so for a day trader you just transfer money form a business bank account to your personal? Thank you!! for the amazing content.
Thank you for the video !! I love is lots of help what is a. Registered agent?
Omg God bless this dude.
Thanks again Karlton, if I’m operating as a public speaker, should I for form an LLC, or S-Corp?
I just love your videos, thank you so much.
One thing that I'm still confused about - this 50k profit benchmark - does that still apply for multimember LLCs? Or should that be 50k profit PER MEMBER ?
Hay just a question 🙋♂️ its end of the year do you think I should get in at this time? I do have the threshold as u mentioned.
Karlton can you explain how we would do taxes for defi crypto as passive income. Would we have to have a C-Corp instead of an LLC then?
Is it better to day trade in a C-Corp since the taxes on C-Corp are lower than if you have a lot of short term capital trading gains during the year? I said that because I thought that if one trades through an LLC then one would be subject to short term capital tax rates because of the LLC's pass through status.
I think minimum 100k makes sense. At 90k with extra tax return less profit share contributions on the salary and payroll fees doesn't really make sense.
Hey bro. Thank you for this video. I’m stuck in a pickle because Incfile won’t help me with making a statement of conversion. Damn you Incfile.
What if you're just running side hustles (Lyft, Uber, Taskrabbit, Instacart, etc.) and want to run that income through an entity? In Tennessee, an LLC is $300 a year to create and maintain, and requires just as much paperwork with the state. A corporation is $300 to form and $20 to maintain annually.
All comes down to Net Income.
Can you make a more in-depth video for day traders?
Question starting a Notary business should it be a LLC or S corporation
Would a trucking company be a llc taxed as a s-corp.?
Hey, do you do private calls? I need help in a big way and your channel and last 2 videos ive seen show me that you know your sheet bro.
if switching from LLC to s corp will the EIN number change and do you have to file entirely new forms of incorporation or can you simply use LLC forms but drop the LLC from the company name and add Inc
how did not a single person mention the trap instrumental background music lol
I have a LLC that i file taxes as a s corp, owned solely by me, if I wanted to pay my child, due to it being a s corp he would still have tax withholding correct?
How does this apply to having a Record Label S-Corp or LLC?With the LLC don't you have to be mindful of making more money than paying more in expense,to avoid losing the LLC?In other words to stay out of the expensive hobby category.Thank you
am starting an amazon business not sure I'll hit the 45k threshold before years end, at 16:50 you say something about this, should I not do the S corp till the following year? and run it as a sole proprietary business till then ?
****Screams**** SO 👏🏽HAPPY👏🏽 I 👏🏽 FOUND 👏🏽 THIS👏🏽 CHANNEL!!!!
Thank toy
Can I schedule a conference call. I would like to make this move for Jan 1, 2022
What if I show a loss every year with expenses, do you think switching to a s corp is still beneficial?
This is a great question. I would like to know the answer to this too!?
is that $45k/year or per month?
Why buy a house in your name? Couldn’t you buy it under an LLC and “rent” it from the LLC or have your residence be a perk based on your position at your S-Corp? 🤔
I feel bad for the people that became day traders during the pandemic. Great content by the way. My accountant was a novice and put me down for a C corporation when I started my business. Literally had bust my bal*** just to survive because of all the tax and requirements. Im glad I found your channel decided to terminate my C corp and now a happy S corp.
I cleared 45k 2020 and 2021
But had loss 2022 as an investor and trader. Would you recommend an llc or an s-corp and why?
In order to be able to borrow
I love youi
How can an LLC get taxed as an S corp?
This is literally in the video
@@jeremyphat sorry, but it is not. Karlton does not say HOW an LLC can be taxed as an S corp...literally!!
@@jonathanrice8799 18:30
@@jeremyphat Not converting, remaiming an LLC, taxed as an Scorp..Ill find it.
It is possible, just havent seen an explanation in all the videos I have watched.
The following is a great complement. You are the first black person I have heard who knows what they are speaking about with accounting and finance. I truly hope to see more people like you . And I hope commenters cease the Bro stuff.
This was so helpful than you
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