This man is a one of the people who will give you call when you want to ask a question about this business
@defaultname539910 ай бұрын
This was EXCELLENT. Thank you so much for this information! You helped to bring immense clarity to the confusion I was having about this💯 New Subscriber 😊
@mycpacoach10 ай бұрын
Thank you! I am glad you found it helpful and appreciate your feedback. Welcome aboard!
@greyson73796 ай бұрын
First off, I’d like to say FUCK THE IRS AND THE GOVERNMENT. Secondly, thank you for this video.
@ChoiceDesignsPro6 ай бұрын
what a moron
@jetransport4 ай бұрын
Did you know that in the IRS regulations, any money stolen or made through illegal means still has to be taxed. They dont care if it’s blood or drug money just as long as you pay them.
@bloodmooncomix45728 күн бұрын
CALIFORNIA: We like you! 👊😄😚😎💞🇺🇸
@ogfresh2def566Ай бұрын
Wow! You help me out a lot
@sureshbapana5 күн бұрын
Thanks for the video..
@anthonys5153Ай бұрын
Great video! Subscribed!
@queleene84 Жыл бұрын
Can you do a video about non-profits and paying yourself from a non-profit and how that works at tax time?
@mycpacoach Жыл бұрын
Most of our experience is in for-profit businesses, so its unlikely we'll be able to create one for that.
@queleene84 Жыл бұрын
@@mycpacoach Okay. Thanks anyway. Enjoying the channel
@cocoandsoy4 ай бұрын
Hello! Thank you for this information. As an S corp can you please explain the benefit of an owner’s distribution if I’m paying myself as a W2 employee?
@mycpacoach4 ай бұрын
You're welcome. Sure, it is very simple. Your S-Corp distributions are not subject to payroll taxes like your W-2 salary is. Those payroll taxes can amount to 15.3% or more of your paychecks.
@danb39807 ай бұрын
Nice video but i am confused. You said S corps don't pay the 15.3% self-employment taxes. I thought the 15.3% SE tax would still be applicable but only on the W2 wages? i.e. business makes 100k...i pay myself W2 wages of 40k...60k is distribution. 40k is subject to 15.3% SE tax correct?
@mycpacoach7 ай бұрын
You are essentially correct. The tax on wages is technically “employment tax”. When the tax is assessed on business income it is considered “self employment” tax. S corps do not pay self employment tax, but shareholder-employees do pay payroll tax.
@MikeTXBerry3 ай бұрын
Yo what is going on with the camera shake? Was someone jackhammering while you were filming? lol
@mycpacoach3 ай бұрын
Apparently I had the wrong setting enabled on my camera at the time I shot this. I never realized it at the time 🫣but our newer uploads are much better now.
@manuelperez76017 ай бұрын
So I am an LLC and I just withdraw money from my business account into my personal account. However when I pay on my taxes, do I file quarterly or yearly and do I file with my business EIN number or with my social security number?
@keyneslonely10786 ай бұрын
Most of llc file tax returns yearly. Sometime you have to file another tax quarterly or monthly, such as payroll tax withholding, sale tax, etc. EIN or SSN? Depend on what to file.
@user-wh3qp5fh4c10 ай бұрын
Me and a friend started a business, 50/50. How should we pay ourselves draw or salary? I just purchased Intuit as well. Can you help please.
@mycpacoach10 ай бұрын
Are you an S-Corp or a General Partnership?
@eightymphmom589 ай бұрын
Just tell them both so we can all know. @@mycpacoach
@ethanpease17744 ай бұрын
@@mycpacoachI am in the same boat , we are a general partnership. Currently we have been withdrawing money and depositing into our accounts ( the exact same amount to keep it all fair and 50/50)
@Thesimplebodyshop3 ай бұрын
As an S Corp. how do I know or determine what my basis is so that I do not go over and pay capital gains taxes
@mycpacoach3 ай бұрын
In general, you only run into a basis issue when your distributions exceed net income earned by the business. I've only seen people run into basis issues when they withdraw loans / assets in excess of profits. For ex: if the business received a loan, and the owner withdrew the loan (and all profits) for personal purposes, then you'd have a basis problem. Here is a more complicated answer from the IRS: www.irs.gov/businesses/small-businesses-self-employed/s-corporation-stock-and-debt-basis
@patriciatejeda9573 ай бұрын
If I’m an s-corp in Nevada, can I pay myself with a 1099 instead of putting myself in payroll?
@mycpacoach3 ай бұрын
Unfortunately not. Here’s a good guide on this: kzfaq.info/get/bejne/h9t_etZe2L3JnWw.htmlsi=mYBmcpBp5P9KIPCS