How to Pay Yourself as an LLC in 2024

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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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Пікірлер: 49

@edwinhunnet2666 3 ай бұрын

Switch your LLC to be taxed as a s-corp benefits: deductions and lower self-employed tax. Using the 2553 form.

@amandan2607 4 ай бұрын

Hey Karlton! I just wanted to say that I really like the style of this particular video. It was a lot easier to follow than some of your other flashier videos. I'm brand new to learning tax saving strategies and this pace was really good for me. Thanks for your videos and great content!

@BHIAFT Ай бұрын

This was honestly one the most informative videos I've seen yet. You're the man!!!

@spookybooscarystorytime 4 ай бұрын

That's why I transfer a percentage off the top of every deposit into a high interest rate savings account for taxes later. And it hurts! Life is so expensive.

@acartman2 Ай бұрын

What bank do you use for this. What percentage is considered high

@spookybooscarystorytime Ай бұрын

@@acartman2 MVB and it's not that high but compared to Chase's 1%, 4 to 5% is much better.

@CarlosSLeon87 4 ай бұрын

Brooo. I was needing this information so bad . Thank you

@TheMalikByrd 4 ай бұрын

oh its wraps, preciate the sauce big dawg

@EpicSterlo 4 ай бұрын

Thank GOD for you and Mark !!!! I often watch yall dual lives together

@lolabrownphd 2 ай бұрын

Who is Mark?

@EpicSterlo 2 ай бұрын

@@lolabrownphd Mark Kohler

@EpicSterlo 4 ай бұрын

Most important part... thanks for this

@mrmedic2012 3 ай бұрын

Absolutely outstanding video I really appreciate the fact that you took your time to explain it so well. I am subscribed and I look forward to watching more videos and educating myself thank you

@johnpennington3601 Ай бұрын

Thank you sir!: That made sense! I appreciate it!

@LAUGH_LINE321 Ай бұрын

You hit the spot I want to know. Thank you.

@Marie-xx5oi Ай бұрын

Beautiful video!

@moisesromanrios1401 2 ай бұрын

You're awesome bro straight up😊

@jamesrozelle100 4 ай бұрын

Thinking about it.

@LuisSanchez-yp7wc 20 күн бұрын

Awesome recording.

@TravisBoardman 16 күн бұрын

Yes u can do both

@chaneilramsay8987 4 ай бұрын

Awesome

@miguelgumulak8084 Күн бұрын

What do you think of aged shelve LLCs and Corporations?

@yossirubashkin 4 ай бұрын

What's the advantage of going as an LLC, why not do the whole structure as an SCorp?

@mikemercado1957 Ай бұрын

Can you have two LLC under 1 S-Corp? Are filing Taxes separately better than joint?

@wa.k2852 4 ай бұрын

If i am getting paid by W2, then i have to pay fed and state tax too .

@edwinhunnet2666 3 ай бұрын

Yes, but the amount you have to pay is lower when you file as a s-corp.

@LeYang-gb3hk Ай бұрын

What about guaranteed payments paid to partners? How does that work

@AndyM2011 4 ай бұрын

Karlton, thinking about buying VIP. Question...I paid myself $60k via W2 in an Scorp LLC, and took a $15k distribution in Q4 (the business netted -$2000 in 2023 after ITDA). Should I have taken more or less as W2 or should I have made that Q4 distribution a W2 deductible event?

@user-pl7rw5fx6k 3 ай бұрын

Doesn’t the 15.3% self employment tax just become the employee and employer portion of payroll tax? Then the corp pays taxes at a higher rate? And I would pay both?

@LAUGH_LINE321 Ай бұрын

LLC, Scorp is safe when you will divorce? Or need to do something to protect it?

@cjvw24 3 ай бұрын

Just to clarify, as an LLC my company makes 100K and I take 40K in distribution, I will pay 15.3% SE tax on the 40K AND the 60K remaining that passes through to me. If I change my status to a S-corp and take that same 40K as a W2, I only pay the employee’s 1/2 of the 15.3% SE tax. Who pays the employers 1/2 and who pays the SE tax on the remaining 60K that passes through?

@dkame1851 Ай бұрын

I had this exact same question

@smallbizaccountant 14 күн бұрын

You pay the whole 15.3% on the $40k PLUS your regular income tax. The $60k passes through as a distribution from the company, so no SE tax.

@jearomanis 3 ай бұрын

💪🏾🙏🏾

@moisesromanrios1401 2 ай бұрын

I'm assuming so I think s

@aarronjones418 Ай бұрын

TD Ameritrade no longer exists it was bought out

@logankurtenbach1059 Ай бұрын

So what is the tax percentage on the remaining 60k as an S corporation? I get that the 40k being taken out as “payroll” is taxed at 15.3%, so what’s the remaining 60k tax rate?

@smallbizaccountant 14 күн бұрын

All of the profit ($100k) is subject to income tax. The advantage here is the $60k does NOT have to pay the self-employment tax (the 15.3%), so you save $60k * 15.3%, or $9,180!

@EpicSterlo 4 ай бұрын

You may get more views from video like this, Back to the Basics !!!

@amandan2607 4 ай бұрын

agreed!

@moisesromanrios1401 2 ай бұрын

I got it yes yes😂