My business is incorporated in Wyoming with its virtual office in Wyoming while I reside in Hawaii as 100% SCORP owner. Should I file with the department of revenue in Wyoming or in Hawaii?
@@timberlaketri111ionaire are you using the registration in Wyoming to shelter a 2nd corporation that allows your name to be anonymous while running a business?
@@rksnote9635 No. And it doesn’t surprise me he didn’t answer my question. I unfollowed this channel because I don’t feel like it’s meant to serve it’s viewers. I already figured out my issue. Most business problems can be solved with more research and makes gurus and influencers irrelevant.
I watched a lot of videos researching this and you my friend by far did the best job of breaking this down and explaining it in laymens terms. Thank you!
Thank you for the info. Would love to see a video on how exactly to distribute profit. It is very difficult to understand how to account for income tax on distributions, whether to mail in state/fed income tax payments at time of distribution, or earmark it, etc. Also, the recommended frequency of distributions (for me, it would be best to distribute about what my S-Corp earns above expenses and payroll every month around the same time I run payroll). Just a friendly suggestion on a topic I think lots of business owners struggle with. Thanks again for sharing your insights here.
So this is a topic, I've literally only found one video so far and very rarely anyone talks about it. So its a great question. If distributions are not withheld, it will lead to fines as it is like an interest free loan. You owe the government that money and you should be sending it every quarter at least, but if you chose not to send it until the end of the year the IRS will penalize you. Im new to this and i want to understand how exactly this can be done based on gross profit you earned during a quarter. Do you just multiply the first quarter by 4 and assume that to be the annual profit on which you should pay Fed/State taxes? How do you handle something like this? Also, how do we know exactly how to calculate taxes and if it includes, SUTA, FUTA UI, etc. It offcourse should not include FICA for S corp
This is exactly the information I was looking for. I am going to try Gusto. Since you have so many costumers use that software, it must be well trusted.
@@SpudRud yes, pretty much. If you set up the business account (as an employer) and your personal bank account (as the employee), when you run the payroll, it will automatically debit the business account, pay the appropriate federal and state taxes you set up, and send the remainder (your net salary) to your personal account. The funds usually take 2-4 business days for it to transfer to your personal account.
Loving your channel and so appreciative of your advice. I have watched about 40 of your videos this week and would like to make one wish list request. From a viewer perspective, It would be great if you listed the other videos you mention with links in the description section. From a marketing perspective for you as a business owner, the same action would increase your SEO algorithm. Win Win. - Bobbie
Heyyy Brian. I love all your videos!! This one was super helpful. I'm trying to finally set up my business payroll and this video cleared alot up for me. Thanks friend 😊
Like always is such a pleasure to listen to you. would this software Gusto tell me how much tax to withheld as an employee? I need to set up an LLC being a sole proprietorship. Excellent point: I live in the State of Texas where we have no State taxes. I got to tell you: you are a blessing in this world of confusion. I have learned so much from you. I thank you. I know there are so many great people out-here providing great information/education but I think you are the BEST!!!!! Stay safe and healthy. We need you for a long time
Great info as usual🙌🏽 do you have a video explaining if and how i should convert my single member LLC to an S corp...i like the way you simplify things 👑
Thank you for all the great content that you are putting out. Is there any way that you can provide a link regarding how to determinate your salary for a S Corp. Thank you !
Dear Brian, thanks for such a great video! I found it so helpful and I recommended it to several of my friends! One quick questions tho, I was looking everywhere on your channel but couldn't locate the video of "how to set up reasonable salary" that you mentioned in this video. Would you please share a link to that video? Thanks a bunch🙂
Your videos during the Coronovirus are so much more fun to watch then the older stuff. Lol! The Covid-19 did some good for ya! I love watching you now!
Patrick Obviously he does more than that and I’m sorry for whatever reason you feel you need to send a cruel reply that is completely unnecessary. I hope your day gets better.
Patrick where do you think he gets the paper he’s reading from? Research which requires work and investigation. Hardly just a paper he’s reading off of. Lol
Hello Brian, great information. For an S corp who started conducting business in Sep. 2019, can i still run payroll on myself or should I just start now? Thank you
These are such helpful videos - thank you! I'm a SMLLC with S corp election, wondering about the required payroll taxes - when setting up, do I need to apply the standard UI, ETT and SDI rates, or can I select that they don't apply?
I started working in the name of my LLC from March 1 and haven't run any payroll yet. The payments received are in my business account. I've got scorp approval in July for year starting Jan 1 2022. Do I need to run payroll for work performed since March 1? How can I run payroll for past months?
When trying to setup my account, Gusto requires you to register with your state and provide your account number (I’m in TX). But the Texas Workforce Commission won’t allow you to setup an account until AFTER you’ve paid an employee. So there’s a catch-22. Have you ever heard of this? Is there a work around so gusto can be used?
I have my LLC and business bank account set up but haven't done the tax filing and all that stuff yet and it's already May... Can I go back and file everything retroactively to get caught up?
Thank you for this! Other than payroll, I know there are other filings and reports that need to be done? Do you have more info on what those would be? Annual minutes, quarterly reports, reports to SOS? Or is this something a CPA should do if I have one?
I've got a new business that I just started. It will be taxed as an S Corp, but is a Benefit Corp. Before we are profitable, my accountant is telling me to pay myself an owner distribution "dividend" which is not subject to payroll taxes, rather than taking a salary. Have you ever done anything like that? I've never even heard of this method. Thanks!
Can quarterly taxes be paid automatically in a sole proprietorship? I've considered an S corp for the sole reason to eliminate the hassle of paying quarterlies.
thanks for the video! does an s-corp owner have to run payroll monthly or can it just do one large payroll for the reasonable salary once a year and then file zero balance payroll tax returns for the other 3 quarters? Thanks!
Hi Brian, thanks for all amazing videos, i have a quick question, I have an S-corp single member based in LA California I’m going to run a payroll with gusto, you said we have to register with state, where should I register in my situation? Please let me know that would be appreciated. Thanks again.
Love your video. I am an agent and receiving a Form 1099-NEC under my SSN. Can I issue another Form 1099 to my LLC which selected as a s corp to transfer all of the income from schedule C to s corp? If I can't do this, how can I report the income in the S corp? Thanks.
Hi Brian, i gotta say that you have the most informative tax videos out there. QQ; can I report my schedule K earnings from an S corp as earned income, if I didnt set up a payroll or paid quarterly taxes? If so, how?
I'd like to ask a community question please. I'm starting a pressure washing business. I've seen videos on starting an LLC and an S-corp and I'm a bit unsure as to how to proceed. I need to get an EIN number but the site asks if I want an LLC or an S-corp amongst other entities. Can you suggest one or the other or both. Thank you
brian if you are filing form 2553 for the late s election to file 2022 , when you submit form 2553 do you have to submit form 1120S, or first do you wait to get approved by the IRS before implementing payroll?
I was told it was best to form a S Corp, I’m a real estate agent, didn’t know any of this. I’m gonna go with Gusto, did research and you confirmed it for me. Do you or someone have a referral link for gusto?
Great info, thanks. How much do accountants typically charge to set up an s-corp in California? What kind of fees do I have to pay to CA to form my s-corp? Thank you!
hello and thank you for your help, I want to know if you have a video on how to setup payroll, I have been operating s corporation for over 15 years and want to setup payroll now, do I just register with my state, in this case florida, get the software and simply start, any other advise? thank you
Hi everybody I have an S corp. Filed as one for the first time last year. I am the only member. This year however I did not do any payroll stuff the entire year. Now what should I do? I did send in one estimated tax payment. Am I screwed?
Hey if I'm incorporating delaware (am a us citizen) but living in Canada, I'm trying to figure out how to register with delaware division of revenue. I'm going to choose incfile to incorporate as they cover almost everything. But how much would a consultant call cost me? I'm a bit broke lol.
Is it okay to not see that shift in funds from your business to personal account when you pay yourself? For example...pay your taxes to the appropriate agencies and file appropriate docs but not actually see the funds move to pay yourself monthly?
Hi! Thanks! This may sound like a stupid question, I don't know, but if I hire an accountant before I start my business will they help me setup Quickbooks and show me how to use it? Or will they expect me to have it already?
my accountant did not complete my payroll for the third quarter of 2108 due to a health problem. he gave me a check for my salary but did not do the fica taxes for california. i hired adp for 2019 but they would not go back to the 2018 payroll that was incomplete. how can i get 2018 finished?
Hi Brian.. I appreciate all your great content. I recently started following your videos.. Your dropping knowledge. I have a question. I run a small business by myself. regarding my S corp . Do I qualify for the emergency economic injury grant of 10k ? If so what documents would I have to provide Thank you in advance Eric
Question: 1) Im a 1-person s-corp. What is my title? I refer to myself as "managing member". Is this incorrect? 2) For my S-corp Form 2553 I put "100%" for "number of shares or percentage of ownership". The IRS accepted it. Some say my S-Corp is defective as I am required to issue stock. Is this true? How do I remedy this?
If my s corp made a gross profit but took schedule 179 deductions and/or bonus depreciation deductions ultimately lowering the total profit to a measely $15k. Could I take that as a distribution or do I still have to pay myself a salary?
For more information, check out our helpful website: clearvaluefinance.com/
My business is incorporated in Wyoming with its virtual office in Wyoming while I reside in Hawaii as 100% SCORP owner. Should I file with the department of revenue in Wyoming or in Hawaii?
@@timberlaketri111ionaire are you using the registration in Wyoming to shelter a 2nd corporation that allows your name to be anonymous while running a business?
@@rksnote9635 No. And it doesn’t surprise me he didn’t answer my question. I unfollowed this channel because I don’t feel like it’s meant to serve it’s viewers.
I already figured out my issue. Most business problems can be solved with more research and makes gurus and influencers irrelevant.
Thank you🤗🥳😍🥰
your website is down
I've been searching the internet for 3 hours trying to find this info. Thank you!
I watched a lot of videos researching this and you my friend by far did the best job of breaking this down and explaining it in laymens terms. Thank you!
I love this Man, Cut and dry & to the point...
Thank you for the info. Would love to see a video on how exactly to distribute profit. It is very difficult to understand how to account for income tax on distributions, whether to mail in state/fed income tax payments at time of distribution, or earmark it, etc. Also, the recommended frequency of distributions (for me, it would be best to distribute about what my S-Corp earns above expenses and payroll every month around the same time I run payroll). Just a friendly suggestion on a topic I think lots of business owners struggle with. Thanks again for sharing your insights here.
So this is a topic, I've literally only found one video so far and very rarely anyone talks about it. So its a great question. If distributions are not withheld, it will lead to fines as it is like an interest free loan. You owe the government that money and you should be sending it every quarter at least, but if you chose not to send it until the end of the year the IRS will penalize you. Im new to this and i want to understand how exactly this can be done based on gross profit you earned during a quarter. Do you just multiply the first quarter by 4 and assume that to be the annual profit on which you should pay Fed/State taxes? How do you handle something like this? Also, how do we know exactly how to calculate taxes and if it includes, SUTA, FUTA UI, etc. It offcourse should not include FICA for S corp
This is exactly the information I was looking for. I am going to try Gusto. Since you have so many costumers use that software, it must be well trusted.
Been watching you for years love your stuff thanks Brian!
Thank you so much for this video. Needed someone to break it down to the very basics for a beginner and you did just that. Super grateful
Thanks!
Thank you Lily for that super thanks! That is so kind of you!
Great info! Just set up gusto as an S-corp as per my CPA's recommendation and it was so easy.
I’m doing the exact same right now. I’m just confused, do you transfer money from your business bank account to your personal bank account?
@@SpudRud yes, pretty much. If you set up the business account (as an employer) and your personal bank account (as the employee), when you run the payroll, it will automatically debit the business account, pay the appropriate federal and state taxes you set up, and send the remainder (your net salary) to your personal account. The funds usually take 2-4 business days for it to transfer to your personal account.
First time coming across your channel, and thank god! Ill be binge watching all your videos now
Your videos are awesome. Thank you sir! One request can you make detailed videos on tax deductions.
Proudly sponsored by: any payroll provider :)
You are hero, sir.
Loving your channel and so appreciative of your advice. I have watched about 40 of your videos this week and would like to make one wish list request. From a viewer perspective, It would be great if you listed the other videos you mention with links in the description section. From a marketing perspective for you as a business owner, the same action would increase your SEO algorithm. Win Win. - Bobbie
Thanks Brian! Always helpful and right to the point in your vids! 😊
Killer series my friend! Appreciate the clear and in depth explanations.
Thank you for your videos.
Good job explaining this so good
Valuable information.
Great video! Thanks for making this!
Heyyy Brian. I love all your videos!! This one was super helpful. I'm trying to finally set up my business payroll and this video cleared alot up for me. Thanks friend 😊
This was published on my birthdate 🎊🎉🎈🎂! Thanks for this info.
I hope you had a nice birthday willmann30!
Like always is such a pleasure to listen to you. would this software Gusto tell me how much tax to withheld as an employee? I need to set up an LLC being a sole proprietorship. Excellent point: I live in the State of Texas where we have no State taxes. I got to tell you: you are a blessing in this world of confusion. I have learned so much from you. I thank you. I know there are so many great people out-here providing great information/education but I think you are the BEST!!!!! Stay safe and healthy. We need you for a long time
Great info as usual🙌🏽 do you have a video explaining if and how i should convert my single member LLC to an S corp...i like the way you simplify things 👑
Thank you for this very helpful well done! 😃
Very informative 👊
Wow Brian is cool and he looks different in this video
Thank you for all the great content that you are putting out.
Is there any way that you can provide a link regarding how to determinate your salary for a S Corp.
Thank you !
Thanks for this video, Brian. I searched your channel but could not locate the one about S-Corp salary recommendations. Could you help me out?
Dear Brian, thanks for such a great video! I found it so helpful and I recommended it to several of my friends! One quick questions tho, I was looking everywhere on your channel but couldn't locate the video of "how to set up reasonable salary" that you mentioned in this video. Would you please share a link to that video? Thanks a bunch🙂
Do you have videos on how to register with unemployment and sept of revenue?
Thank you
Great info, thank you!
Your videos during the Coronovirus are so much more fun to watch then the older stuff. Lol! The Covid-19 did some good for ya! I love watching you now!
Reading off a piece of paper is interesting for you???
Patrick Obviously he does more than that and I’m sorry for whatever reason you feel you need to send a cruel reply that is completely unnecessary. I hope your day gets better.
@@rebeccamorris2682
That was hardly cruel lmao.
And his stimulus videos are literally just reading off a paper. I'm surprised so many people watch it
Patrick where do you think he gets the paper he’s reading from? Research which requires work and investigation. Hardly just a paper he’s reading off of. Lol
Thank you for the info
Hello Brian, great information. For an S corp who started conducting business in Sep. 2019, can i still run payroll on myself or should I just start now? Thank you
Great question. I am curious to read the answer.
These are such helpful videos - thank you! I'm a SMLLC with S corp election, wondering about the required payroll taxes - when setting up, do I need to apply the standard UI, ETT and SDI rates, or can I select that they don't apply?
Hi Angelique, Ink, unfortunately, those employer taxes and state taxes will apply.
Thank you very helpful
I started working in the name of my LLC from March 1 and haven't run any payroll yet. The payments received are in my business account. I've got scorp approval in July for year starting Jan 1 2022. Do I need to run payroll for work performed since March 1? How can I run payroll for past months?
When trying to setup my account, Gusto requires you to register with your state and provide your account number (I’m in TX). But the Texas Workforce Commission won’t allow you to setup an account until AFTER you’ve paid an employee. So there’s a catch-22. Have you ever heard of this? Is there a work around so gusto can be used?
I have this same problem.
Try ADP
I have my LLC and business bank account set up but haven't done the tax filing and all that stuff yet and it's already May... Can I go back and file everything retroactively to get caught up?
Thank you sir!
Thank you for this! Other than payroll, I know there are other filings and reports that need to be done? Do you have more info on what those would be? Annual minutes, quarterly reports, reports to SOS? Or is this something a CPA should do if I have one?
I've got a new business that I just started. It will be taxed as an S Corp, but is a Benefit Corp. Before we are profitable, my accountant is telling me to pay myself an owner distribution "dividend" which is not subject to payroll taxes, rather than taking a salary. Have you ever done anything like that? I've never even heard of this method. Thanks!
You have to do both, you can’t just do owner distribution
How often would you take a distribution?
Thanks for this video! Now I'm looking for the one you mentioned about setting a salary -- can't find it on your channel...?
Me too! Can’t find it!
Thank you! How to do payroll for S Corp with two Dbas in separate business checking accounts?
Can quarterly taxes be paid automatically in a sole proprietorship? I've considered an S corp for the sole reason to eliminate the hassle of paying quarterlies.
Hello! I am soo confused! Go to the State BEFORE I set up payroll. Ok...tell them what exactly? I have no idea what to say. Please Help Clarify!
can you explain how you do the distributions in a s corp?
Valuable infomration, thank for sharing. I would like to ask you what payroll software do you recommend for professionals offering payroll services?
I use QuickBooks and I really like it
Do you offer consultations. Your website is mostly with good information. Thanks
Thank you so much 😊
thanks for the video! does an s-corp owner have to run payroll monthly or can it just do one large payroll for the reasonable salary once a year and then file zero balance payroll tax returns for the other 3 quarters? Thanks!
Andrew D same question!! Would love to know the answer. Especially since my revenue isn't consistent, and more in large chunks 2-3x a year.
That’s what I’m doing
Can you run your health care premiums through payroll and 401k contributions?
Can you pay for your own lunch since you are an employee and your also the boss
Good question
Hi Brian, thanks for all amazing videos, i have a quick question, I have an S-corp single member based in LA California I’m going to run a payroll with gusto, you said we have to register with state, where should I register in my situation? Please let me know that would be appreciated.
Thanks again.
In Texas you have to run payroll before you can register.
As a W-2 earner or 1099 independent agent. How or would it be worth setting yourself up
as an S-Corp for taxes advantages?
I'd say over $40,000 as a yearly salary in your position it would be worth the effort, under that, there would be no benefits.
Love your video. I am an agent and receiving a Form 1099-NEC under my SSN. Can I issue another Form 1099 to my LLC which selected as a s corp to transfer all of the income from schedule C to s corp? If I can't do this, how can I report the income in the S corp? Thanks.
Thanks helpful
Thank you for watching and for your support laferj317!
Do you do one on one calls?
Do i have to pay myself monthly or is it possible to take an annual salary? Thus avoiding the need to pay for a payroll service?
Thank you
so are employer's taxes also taken out of the same paycheck if the employee and employer are the same person?
GUSTO!
Hi Brian, i gotta say that you have the most informative tax videos out there. QQ; can I report my schedule K earnings from an S corp as earned income, if I didnt set up a payroll or paid quarterly taxes? If so, how?
I'd like to ask a community question please. I'm starting a pressure washing business. I've seen videos on starting an LLC and an S-corp and I'm a bit unsure as to how to proceed. I need to get an EIN number but the site asks if I want an LLC or an S-corp amongst other entities. Can you suggest one or the other or both. Thank you
So if i take a salary. And when i decide to get or do a distribution. That doesn't get taxed ?
brian if you are filing form 2553 for the late s election to file 2022 , when you submit form 2553 do you have to submit form 1120S, or first do you wait to get approved by the IRS before implementing payroll?
You don’t have to submit the late 2553 with it but you can. And yes, you should wait for S corp approval before running payroll.
Do you have info on LLC?
I was told it was best to form a S Corp, I’m a real estate agent, didn’t know any of this. I’m gonna go with Gusto, did research and you confirmed it for me. Do you or someone have a referral link for gusto?
I have several S Cop that handle rental properties and personal properties , one payroll for all of them . Please advise
Great info, thanks. How much do accountants typically charge to set up an s-corp in California? What kind of fees do I have to pay to CA to form my s-corp? Thank you!
Pro-tip: don’t do business in California
@@nate4545 cant avoid it
Hi, I couldn't find the video talking about the S Corp salary. Please help.
Great 👍
Thank you Makenzi!
🎨🎀🥇🏆 *Nice title* 🎨🎀🥇🏆
Can I pay myself every 3 months? To simplify the payroll process...
The way you laughed at manual pdf entry for employee withholdings was enough to sell me on the software based payroll provider
Any suggestions for a single employee (filmmaker) wanted to get into an s-corp from an LLC?
hello and thank you for your help, I want to know if you have a video on how to setup payroll, I have been operating s corporation for over 15 years and want to setup payroll now, do I just register with my state, in this case florida, get the software and simply start, any other advise? thank you
Hi everybody I have an S corp. Filed as one for the first time last year. I am the only member. This year however I did not do any payroll stuff the entire year. Now what should I do? I did send in one estimated tax payment. Am I screwed?
Hey if I'm incorporating delaware (am a us citizen) but living in Canada, I'm trying to figure out how to register with delaware division of revenue. I'm going to choose incfile to incorporate as they cover almost everything. But how much would a consultant call cost me? I'm a bit broke lol.
Is it okay to not see that shift in funds from your business to personal account when you pay yourself? For example...pay your taxes to the appropriate agencies and file appropriate docs but not actually see the funds move to pay yourself monthly?
Do you set up contributions for IRA and SEP directly from company or from your salary? Should it be set up as an auto-pay system?
Hello, can an INC be treated as an S-Corp? This is a one member INC. thanks
Hi! Thanks! This may sound like a stupid question, I don't know, but if I hire an accountant before I start my business will they help me setup Quickbooks and show me how to use it?
Or will they expect me to have it already?
If the accountant is proficient in QB he or she should be able to assist you. I suggest you pay an accountant or bookkeeper to assist with your book.
my accountant did not complete my payroll for the third quarter of 2108 due to a health problem. he gave me a check for my salary but did not do the fica taxes for california. i hired adp for 2019 but they would not go back to the 2018 payroll that was incomplete. how can i get 2018 finished?
Hi Brian.. I appreciate all your great content. I recently started following your videos.. Your dropping knowledge.
I have a question. I run a small business by myself. regarding my S corp . Do I qualify for the emergency economic injury grant of 10k ? If so what documents would I have to provide
Thank you in advance Eric
Ok what software are you recomandet me ?thank you GR
Do I need a s corp or LLC to be self employed
Question:
1) Im a 1-person s-corp. What is my title? I refer to myself as "managing member". Is this incorrect?
2) For my S-corp Form 2553 I put "100%" for "number of shares or percentage of ownership". The IRS accepted it. Some say my S-Corp is defective as I am required to issue stock. Is this true? How do I remedy this?
谢谢🙏🏻！
If my s corp made a gross profit but took schedule 179 deductions and/or bonus depreciation deductions ultimately lowering the total profit to a measely $15k. Could I take that as a distribution or do I still have to pay myself a salary?
I was told that the IRS needs to understand WHY you incorporated and why the distributions aren't regular income.
So the tax deposits don’t come out of you business checking account?
Hello I have a question on Distributions - how do i do this? How do i get money out of my business?
Do you need a DBA for a restaurant business???
DBA stands for Doing business as. It has nothing to do with business formation.
if I am pending social security, but want to own a business with services . with s corp .. will that effect my social security?
Can you pay yourself 0.00 just so you can be on payroll? I want to try applying for PPP and EIDL this year and see if I can qualify it.