Tax Benefits of Using an LLC Taxed as an S Corp

Tax Benefits of Using an LLC Taxed as an S Corp - Sherman the CPA

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Күн бұрын

Electing S-Corp status is one of the most popular tax strategies to help small businesses reduce the amount of taxes they owe.
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By the end of this episode, you will understand how LLCs are taxed, how an S-Corp can cut some of those taxes, how to elect S-Corp status, and creative ways you can use an S-Corp to get even more tax write-offs.
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Disclaimer: The information provided in this video is for informational purposes only and is not meant to take the place of professional legal, accounting, or financial advice. If you have any legal questions about this video or the subjects discussed, or any other legal matter, you should consult with an attorney or tax professional in your jurisdiction (i.e. where you live).

Пікірлер: 52

@user-sm3un2tb9d Жыл бұрын

your video is very comprehensible and very helpful! thank you so much!

@gabrielle5701 5 ай бұрын

This was very helpful! Thank you!

@briancarlisi2224 2 жыл бұрын

EXCELLENT explanation of LLC and the S-Corp designation! Also glad to see you have a good sense of humor! Thanks and keep up these great business vids. Brian

@LYFEAccounting 2 жыл бұрын

Thanks, Brian!

@susieblanco2722 2 жыл бұрын

Good info thank you

@FinancialFreedomMadeSimple 2 жыл бұрын

Great explanation!

@christinajones7319 Жыл бұрын

Ty!

@susieblanco2722 2 жыл бұрын

Thank you

@christianmedina1770 2 жыл бұрын

Hi! Thank you for all these awesome videos! Quick question… My wife and I have a CA LLC elected SCorp this year. Do we have to amend our LLC operating agreement to reflect the tax status change? Thank you so much!

@SouthernRedOnline 2 жыл бұрын

Great video! What if I’m not making much when my s Corp is first starting out? Can I pay myself like $20/month?

@Aboutoceanlda 3 ай бұрын

I’m a single member LLC and I don’t want my business income to be associated with me personally.

@jazbender8939 Жыл бұрын

Hi, thank you so much for the information. I have a question, how long after opening my LLC do I have to submit the document 2553?

@germanferreira1961 2 жыл бұрын

Well, I really enjoyed listening to your wisdom and expertise. I tried to model my non-profit concept by emulating the Mark and Chan Zuckerburger Initiative, in which the entity itself has several self funding mechanisms, sometimes called an L3C, or Low Profit Limited Liability Corporation. My simple question to you is ; Can an L3C be taxed as an S Corp? And if so, under what IRS status?

@melittlelad 5 ай бұрын

So is the 2553 necessary or can you just check a box electing to file as an S corp when you file? Your videos are some of the best thank you

@georgestudymire8795 Жыл бұрын

As an LLC filing as a S-corp can I claim my home space as office space & my vehicles and gas cards that advertise my business, my office supplies, office equipment etc, as write-offs?

@mrcadacio 3 күн бұрын

is reasonable compensation considered as a business expense?

@BLCKMarketing 2 жыл бұрын

Is it the same process if you have a 9-5 job and a business?

@deesbarbershop4500 Жыл бұрын

I have a start up company Llc taxes as acorp

@user-tk5fc5sz9f Жыл бұрын

Do any LLC taxed ad an S corp have to have shareholder meetings, and do you have to claim your shareholder interest if you are a single member LLC

@karyjimenez2472 10 ай бұрын

thank you so good explaining. please make a video how to manage and save money as a holding company

@TWayne720 Ай бұрын

When your an LLC can u file as Scorp and the end of the year and still continue to run as an LLC instead of Scorp with the fees etc

@JtotheRizzo 4 ай бұрын

Thank you for this video. Quick question - I have two LLCs. One is taxed as an S-corp and the other is taxed as a Partnership. I know an LLC can own other LLCs. I also know a "Partnership" cannot be a shareholder of a corporation. My question is, can my LLC taxed as a Partnership be a shareholder/owner of my LLC taxed as a S-corp since they are both LLCs?

@catothe3rdify Жыл бұрын

what do you do with the $70k profits?

@davidkuperschmid5274 2 жыл бұрын

Great video. Let’s say my two-person biz tales in a million dollars annually. If I elect S tax treatment and take “low reasonable salary” do I invite IRS attention and do I sacrifice my ability to maximize a 401k contribution compared to partnership tax stays?

@doreenstreeter5216 2 жыл бұрын

Will this work for multi members llc

@467inc 11 ай бұрын

Im a c corp. Im an owner operator , thinking about switching to LLC taxed as an s corp

@Ashley40214 6 ай бұрын

Hi, we currently own a s corporation (electrical company) and would like to start into the car detailing branch. I am in the dilema of taking about an LLC for that company or if i could us the same EIN that is used for the company we have and use run a detailing busy under that same business?

@samueljeanjacques6746 2 жыл бұрын

My s-corp is a year old ,is it worth it to do my taxes . I didn't make any profits except the money I spent on building up. Thank you.

@3LeagueSos 26 күн бұрын

Thought you were gonna tell us how.

@justanother7002 Ай бұрын

Good Man, are you saying I can create one S Corp and within it have my two LLC’s that are being taxed as S Corporations ??

@georgestudymire8795 Жыл бұрын

If I am 65yrs old & 4mos (legal retirement age) and have an LLC filing as an S-corp do I still have to file taxes?

@labellisima21 Жыл бұрын

I am an LLC there is a minimum dollar amount requirement to file as S corp? And if I do file as S corp do I need to submit form 2553 before file taxes or is don’t while I am filling electronically? Thank you I’m advance for you time!

@LaUltimaBodega 2 жыл бұрын

Made the mistake and set up a c corp any remedy for me on this?

@LYFEAccounting 2 жыл бұрын

You can choose to tax your c corp as an s corp, or look into dissolving it and creating an LLC taxed as an s corp

@hanginwithjosephine988 2 жыл бұрын

Can I fill out form 2553 and elect to file as S-corp this year or is it already too late and I have to wait until next year?

@bjmays1065 2 жыл бұрын

You have until March 15th to make the election

@sali6522 2 жыл бұрын

Very great video. 🆘Please help me🆘. I setup my LLC already and I am going to make it an SCorp. If I make it an SCorp and give myself a salary can I use this W2 to apply to get a car and qualify for a mortgage❓❓❓❓❓❓❓

@acranchvaquerohorsemanship2514 Жыл бұрын

Did it work

@marketbuy 2 жыл бұрын

As LLC SCorp, do we still have to pay the annual $800 LLC tax? Not, right?

@redbear380 Жыл бұрын

I agree with you basically we are being tax with out being Represented , A Similar event like Boston Tea Party need to occur To get them out our pocket

@dr.patriciashaw8784 2 жыл бұрын

My LLC is set up as an S Corp per my CPA's advice. As of now, I don't pay myself a salary I do owner withdrawals. What do you believe is the best option, owner withdrawals or a salary?

@LYFEAccounting 2 жыл бұрын

I'd be careful here - technically, you're required to pay yourself a salary, subject to payroll taxes, as a shareholder-employee of an S-Corporation.

@dr.patriciashaw8784 2 жыл бұрын

@@LYFEAccounting yes, that's what my CPA says and I'm going to do that this year. Thanks for the highly informative videos.

@susieblanco2722 2 жыл бұрын

S Corp is the new c Corp… people be stuck on the 21% corporate tax but s Corp gives you way more benefit including the 20% income deductible 😫 in the process of changing mine to s Corp

@ParkerEdwardsParties 2 жыл бұрын

Do they be doing that?

@doreenstreeter5216 2 жыл бұрын

Is this for single member llc?

@LYFEAccounting 2 жыл бұрын

Single or multi-member

@yucatica 2 жыл бұрын

Family been in business for 50 years. Parents transferred business to my brother about 15-20 years ago. Sole prop to sole prop. Accountant has been telling us to incorporate for obvious reasons. She is suggesting an S -Corp (50/50 between brother and I). But did I understand that we need to be an LLC first?? We are a small business.

@SouthernRedOnline 2 жыл бұрын

Per what he said at 5:21 yes