alright so if i bought solana at 150$ and swap it for btc when solana went down to 100 , i can fill a loss taxable event ?
@TheK9ShepherdКүн бұрын
I know your video is about self employment or being an entrepreneur. I am neither but wondering if you can still answer this question. I will probably stop working when I am 60. I will not be self employed and I will no longer be receiving health insurance through my employer. I have a daughter and wife who will also need to be covered. I know I will have to purchase health insurance on the open market for all 3 of us (could be $20k-$25k per year, depending on the plan). Then when I am on Medicare, I'll still have to purchase health insurance for my wife and daughter. So, are those premiums going to be tax deductible outside of the standard deductions? Thanks !
@alexandrabellorinni6711Күн бұрын
Someone paid me personally & used my social instead of my business & EIN. They refuse to change it. What can I do?
@Phree_MuzikКүн бұрын
So are you saying if we didnt pay the owner or the employees or everyone
@ll-qq9qr2 күн бұрын
What if you become disabled and yiu have to srll your house?
@BuildWealthwithAraceli2 күн бұрын
great explanation, I have a question, I am Canadian and I own a C-corp as I have a business in the USA, what happens to social security and Medicaid as I don't have status in the US
@IrinaAnthony4 күн бұрын
If you start mid year, can you do both, 1099NEC first half of the year and W-2 for the other half?
@Txsoundman5 күн бұрын
My entity was created in Texas on 8/13/2013. Is it too late to file form 2553 late as of June 2024?
@bessiestella6 күн бұрын
Do you work with clients in NY?
@BackwoodsCatfishing6 күн бұрын
Hopefully you can help here, I'm an LLC my vehicle is used 80% of the time. Could I wrap my vehicle and the remaining 20% of personal miles be converted to business miles since I am advertising and working now?
@brianp72687 күн бұрын
You are assuming a very low tax bracket. My wife and I have W2 jobs, I also own a very profitable sole member LLC, we are unavoidably in the federal 22% tax bracket, 6% for state, and then 15% for self employment tax. Thats 43% in owed taxes. If i buy a $70k truck under 179, that saves me $30,100 in taxes. To me; i jusy bought a $70k truck for $39,900. Im happy about that.
@takeshi12427 күн бұрын
Excellent thank you!
@ronaldoquiroz10237 күн бұрын
This was so helpful. Its my first video from you and i'm definitely gonna try to binge watch the rest of your videos. good job brother!
@JuanitoJrMonteroOrdanza7777 күн бұрын
Thank you so much.. I have KZfaq channel with ads...
@drmandadi8 күн бұрын
Great video, thanks for your insights
@takeshi12428 күн бұрын
I think if you're dead set on buying a luxury large heavy vehicle anyways, or if your business needs a truck to do the job and you need to buy one anyways, then it's an expense and you should take the necessary steps to save taxes as appropriate. Buying a car as an "investment" never makes sense really you'll lose money on it long term. If you're assuming you'll get a "free G-wagon" by saving tax this way it's just hype. But if you need a truck or car for business to make money as a tool, by all means, this is great.
@reneeholzbach72698 күн бұрын
You did great 👍🏾
@reneeholzbach72698 күн бұрын
Lots of great information 👍🏾
@johngreg89109 күн бұрын
If we have elected to have our LLC taxed as a C-Corp or S -Corp, and want to restore it to the default (sole prop.) tax status, which form should we use?
@briemalagarie2239 күн бұрын
Great job explaining this! I have used this video to help so many people understand these differences!
@blew37499 күн бұрын
Can you please explain in simple terms. This is very confusing. Thank you. Maybe show the breakdown.
@lenardob.youmans894911 күн бұрын
Would it make sense for a single member holding company LLC that holds rental real estate to elect for S Corp or C Corp taxation?
@elegancebydestiny11 күн бұрын
This so very helpful. I am glad that I found your video. 😊
@salpremiers12 күн бұрын
You nailed it!! I loved this comparison it’s very easy to understand. What happens to owners draws how are they reported? are they counted in the K1? Thank you Navi for the answer.
@NaviMarajCPA12 күн бұрын
Thank you. S Corporation shareholder distributions are reported in a few different places on Form 1120S, one of which is the K-1. They are taxed at ordinary income tax rates and are not subject to social security and Medicare taxes.
@Hassanff365112 күн бұрын
Thanks brother for making this valuable content. More power to you.
@NaviMarajCPA12 күн бұрын
You’re welcome!
@toriparis337013 күн бұрын
Thank you so much for this. Extremely helpful video that is clear and easy to understand!!! You have saved me hours of scouring the internet reading useless articles.
@SkS1300313 күн бұрын
Briefly got the gist of it but for me specifically, if my W2 is about 110k and starting a new business, no revenue yet no knowing how much it’ll profit.. would you say to stay sole prop and write off losses for startup? Or can I switch to scorp once I pass the 40k profit?
@RachaelBarlevav14 күн бұрын
Hey there! Can I use my Registered Agent address when filing for an S-Corp Election?
@VideoKike14 күн бұрын
Navy, thanks for another great video. I recently got interested on becoming a SB Owner, and looking for info on this matter I came across some of your videos. They had been a great source of information. So thanks for the incredible help you have become to me. I was wondering where could I get acces to the spreadsheet where you compare the taxes due between the diferent tax clasification you could set for your entity. In advance thank you for the help again and for you great work
@NaviMarajCPA13 күн бұрын
Thank you for the feedback. The spreadsheet is not available because it’s not 100% formula based and there are some hard keyed numbers.
@svrdlinj473014 күн бұрын
Is payroll only if I have employees?
@NaviMarajCPA13 күн бұрын
When you’re a sole proprietorship or partner in a partnership, payroll is for W-2 employees (not the sole proprietor or partner). When you’re taxed as an S Corp or C Corp, the owners themselves are typically on payroll (in addition to non-owner employees who are on payroll).
@mohinder4chd14 күн бұрын
Great presentation with simplicity
@NaviMarajCPA14 күн бұрын
Thank you. 👍🏼
@anthonyvazquez874214 күн бұрын
I love how you use actual scenarios with real numbers and walk the viewer through the calculations. Your explanation and emphasis on the key drivers are great. Thank you!
@NaviMarajCPA14 күн бұрын
You’re welcome and thank you for the feedback!
@enamoradoyessenia15 күн бұрын
How about the distribution from the s corp. how is that taxed on the personal taxes? At what tax rate?
@NaviMarajCPA14 күн бұрын
The distribution is accounted for in my examples. To answer your question more specifically though, distributions from an S Corp are taxed at ordinary income tax rates.
@enamoradoyessenia14 күн бұрын
@@NaviMarajCPA thank you. I love your videos
@NaviMarajCPA15 күн бұрын
💰 Ready to save THOUSANDS in taxes? Enroll in my course here 👉 navimarajcpa.teachable.com/p/smallbusinesstaxessale
@JazzSa15 күн бұрын
Thank you for the video, it clarified a lot for me. I was never advised by my accountant about payroll. Now I have another question regarding the Solo 401k. Since I did not do W2 for 2023 how can I claim the employer portion that I already paid into Fidelity for 2023 at the end of the year. If I cannot claim what are the consequences for overpaying? Thank you so much.
@user-ze5ke9dp5v16 күн бұрын
Do you know of anyone or way I can expedite processing? This is holding me up in escrow. Willing to pay out of pocket too for assistance.
@JuanLuna-kc6fc16 күн бұрын
Great explanation in mi opinion! I have a question I lived in my primary residence for 14 years. I bought 2nd house and I’m been living in it for 10 months now. I’m planning on selling my first home so I still qualify for the tax exclusion?
@yanamiakshyla849816 күн бұрын
Thank you so much, Navi! This video is GOLDEN!!!
@yanamiakshyla849816 күн бұрын
Thank you for this clear explanation! Finally!!
@MarPF17 күн бұрын
Thanks for the video. I don't see how a loan would help resolve the issue as it will be recorded as a liability and not increase basis.
@lihebi19 күн бұрын
Thanks for the video! In the purchase scenario, if you do NOT sell the vehicle after 3 years (say you keep it for another 2 years for personal use only and then sell it in year 5), will there be "depreciation recapture" on year 5?
@lihebi19 күн бұрын
Thanks for the video!
@marinascott-mw9ut20 күн бұрын
I just sold land I inherited for 170k. I am not working and single. I have no income so does that I do not have to pay capital gains?
@andylee997321 күн бұрын
Hi, Can I deduct my health insurance premiums with Cover California from my S Corporation payroll taxes?
@durrellharley249721 күн бұрын
Is there a way to obtain a copy of your excel template?
@joshua319621 күн бұрын
Do you have a video for persons with high W2 income and small business with >$300k profit? I'm curious about when s-corp makes sense for them.
@pkd636922 күн бұрын
if you own commercial property and used personally and approaching retirement googgle 'A.T.O 15year exemption, advisers wont always be aware of this and the A.T.Ois clear and simple ,i have used it and then you can transfere the sale monies anywhere you wish. please check its easy as .
@Terra_Cognita22 күн бұрын
Do you offer the spreadsheet so I can calculate with my lease terms and mileage drive and tax bracket what would be best for me?