How to Reduce Audit Risk with an S-Corporation

Рет қаралды 5,129

9 ай бұрын

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Today on Taxes Made Simple, tax expert Karlton Dennis goes over 5 key indicators that will tell you if your shiny new s-corp is a red flag for the IRS! You might be surprised at how easy it is to end up in this situation, even if you think you've done everything correct up to this point!
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Пікірлер: 28

@CryptoQueen8888 4 ай бұрын

When I was an LLC, I was audited by the IRS. All they asked for was documentation of payroll. They did not ask for receipts for expenses or deductions. I passed with ease!. Now i am an S Corp and i have not filed taxes yet. I think i will be ok.

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@ChellecyWilson 7 ай бұрын

Do you take ppl from another state , I’m just now trying to start my business and it’s overwhelming but you are the only one that makes sense

@spookybooscarystorytime 9 ай бұрын

All I want to do is make enough to have someone do this for me. I have certain anxieties with numbers and all of this makes me want to scream.

@terenceeans1577 8 ай бұрын

As usual, Karlton, you nailed it!!! Thank you so much for your knowledge on these matters. You are a very amazing example to anyone who is attempting to better their life and I'm sharing your content like a madman to my entire circle of influence, pretty much every single of your videos. It's not only assisting my family to come up but others as well. You rock!!!!

@kentsmith2773 9 ай бұрын

Do you have a video on the S-Corp and the Management Company LLC for the benefit of having children on payroll? Is there a video on putting my children on payroll in general?

@yerandysilva4815 9 ай бұрын

Great Video. My wife and I are nurses. We work as self employed 1099. I could open a single member LLC and do S election. And they both work in the same LLC as an S corp. And that the 1099s are reported from both of them through the S Corp. Then the S corp generates w2 for each one and the dividends pass through K1 to the owner. Or each would have to open their own LLC and make S election. thanks

@make725daily1 9 ай бұрын

Your influence resonates globally! 🌏 -- "Progress arises from the unwavering pursuit of improvement.."

@diane8784 9 ай бұрын

Mann nnn! This is good to know!🥺

@anthonyflores9336 9 ай бұрын

Does an S-Corp still have to distribute a W-2 when there is expected to be a loss for the year?

@jippylip1309 9 ай бұрын

I own a specialty retail store. Our accountant advised us to switch from an LLC to an S-Corp, which we did. The store is breaking even without me taking a salary. I take owner distributions to pay any personal bills that my partners outside income doesn't cover. How can I pay myself a salary if overhead and COGS eat up all our sales? And does that put us at risk?

@tishabobbitt2624 7 ай бұрын

I think LLc is better to much with s-corp

@spookybooscarystorytime 9 ай бұрын

We should never have to fear making money in the USA. Good grief.

@lukastemberger 7 ай бұрын

I know, I'm European and now live in the US for the fourth year... The narrative was always that there's less taxes in the US. It's not, there's more taxes, prices are not transparent and company management and the banking system are a huge mess.

@spookybooscarystorytime 7 ай бұрын

@@lukastemberger right? We were supposed to be different.