✅ S Corporation Taxes Explained in 4 Minutes

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Опубликовано:

16 окт 2024

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Комментарии : 57

@lenapetrova Год назад

Other S-Corp related videos you may want to watch next: - How To Convert an LLC Into an S Corporation: ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-vwt5cK3lPb0.html - S Corporation: Save Money on Self Employment Taxes: ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-p_J7k17mh7M.html

@johngabriele6532 Год назад

My Best Friend and I want to start a business together… but I heard once from a Logger that him and his brother in-law started a joint business and had to pay double taxes … is there a way to get around that

@ajaykumsi 7 месяцев назад

Hi. The video really helps to understand the basics. Can u make a video with graphical representation about how the income from s corp flows to form 1040.

@Trump2024-b3r Месяц назад

MY husband had a W2 income ~91k till August. A on going 1099, close to 100k. New vendor (same 1099 assignment) he plans to work with starting in October has two options either C2C (no 1099) or W2. Should he create a LLC/Scorp this late in the year considering two form of insurance will cost approximately $1200 and other costs you have mentioned in this video? He plans to use the the S-Corp in 2025.

@mberrynunez Месяц назад

Great presentation, thanks for explaining everything so well.

@lunamorris2091 5 месяцев назад

It is a great video thanks for the great information and well delivered. This is exactly what I was looking for.

@Alois-4444 5 месяцев назад

Very good information. I would love to see more videos on this subject.

@manavhir9161 Год назад

What a great video 👌 again. You never fail to make things crystal clear. To the point as always. Can you please make a series on refundable and non refundable tax credits like child care etc.?

@lenapetrova Год назад

Thank you so much!! Great suggestion! Please stay tuned! 🙂

@tonymedrano40able 10 месяцев назад

It's amazing how even as a s corp you still have to pay taxes, which is in the share holders distribution that gets added to their personal taxes, so at the end it's no different from sole ownership then corps

@Nunyobidne55 9 месяцев назад

Except for SS and FICA taxes

@FlowBJJ88 4 месяца назад

It saves on social security and Medicare taxes, taxed as a sole proprietor I was paying around $40,000 a year in tax. After switching to s Corp I only paid $30,000. I would say that's a savings and not the same thing 😉

@pook7274 8 дней назад

@@FlowBJJ88how much was your take home pay, I have an s corp

@danielli9167 9 месяцев назад

You are really talented. Appreciate the information.

@ShahzainAli-tl8sk 10 месяцев назад

Thank you so much for this video. Super helpful and well-presented. Your time and effort is most appreciated!

@eataxpros-llc Год назад

Amazing breakdown. Thank you for sharing this information!

@HeavenlyRealmsPublishingInc Год назад

You made it easy to understand!

@hilarykey8189 Год назад

Thank you! Appreciate the clarity.

@AnonymousPerspective33 9 месяцев назад

Hi, I’m an S-Corp but this past year (2023) I worked as an individual for a client of on multiple projects. I also would occasionally hire workers for a short period of time and pay them from my pocket. Should I get my 1099 from my client using my EIN or SSN? And should I give out 1099s using my EIN or SSN to the workers i paid?

@AlphaWolfEconomics 8 месяцев назад

Always use your EIN

@AlphaWolfEconomics 8 месяцев назад

And 1099 for yourself and your contracted workers

@dross0123 9 месяцев назад

If i am a SMLLC w/ S-corp tax election, do I follow the requirements for an LLC or an S-corp (e.g meeting minutes, etc.)?

@dalegill3939 7 месяцев назад

Well done. I assume 1099-NECs are not individually recorded. That income appears to be included in Gross Sales. Your thoughts? Thank you in advance.

@margaretjudice8944 Год назад

Great information. Thank you for sharing.

@Everythingforthehome 8 месяцев назад

Thank you

@WWIIPacificHistory 7 месяцев назад

How are taxes paid on the premiums for business owned life insurance on a key employee within an S Corporation?

@intelimoteintelimote7448 Год назад

Can i elect to have Google issue a 1099 to my S corp as opposed to me as an individual creator for YT AdSense? I intend to form a single member S Corp.

@darnellallen3819 6 месяцев назад

I live in Arizona; however, my S corporation is based in Minnesota. Can I get a credit from the Minnesota state tax income from the S corporation towards my Arizona State Income tax?

@laura53ize 3 месяца назад

So what it’s better to do ? An LLC or S Corp?

@JC-slammedaf 7 месяцев назад

Hello, how does a non employee shareholder pay himself distributions? Can it be a simple bank transfer as a distribution? I heard it would be on the k1 as passive income? That means a non employee shareholder can just take out their distribution percentage without having to pay themselves a reasonable salary first? Thanks i cant find any info on non employee shareholder distributions

@reaganhernandez5861 Год назад

I'm a new bookkeeper, i have a client that is a s corp.. and I need to do his payroll so I set him up just like a normal employee??? it's just him and one real employee he will start having.. he is the only owner of the s corp

@Crittek Год назад

Didn’t this change in 2023? Isn’t there a minimum tax liability for all corporations now?

@jamalkojak5970 Год назад

I want to know how to open an S Corporate account because I work as a full-time limousine driver and the car is not mine.. What are the steps that must be taken after opening the company, and how do I do this work myself without going to an accountant?

@peterpeter8086 Год назад

Hello Lena, if you do not take a salary from your s Corp. How much do you have to claim on your 1040?

@lenapetrova Год назад

Hi Peter! If you don't take a salary then you'd have to report distributions/ dividends that are not subject to any self employment tax but you would pay income tax based on your tax bracket/ filing status. I hope this helps! :)

@peterpeter8086 Год назад

Thank you for your help.

@mberrynunez Месяц назад

@@lenapetrovaDoes the IRS require a comparable salary (with payroll tax withholding) for the type of work being performed before distributions can be taken?

@felixlatorre235 8 месяцев назад

Good stuff.

@denvercolorado811 9 месяцев назад

as a S corp owner and employee of my s corp do I give myself a W2 and withhold federal income tax social security and medicare?

@LawnMonkkey 6 месяцев назад

Imagine yourself working for a company where they have you on payroll, all the money they deduct from your for social security etc. It’s similar for your company, you have to put yourself on payroll. You can either hire an accountant to do it for you or you can try QuickBooks.

@FLORIDIANMILLIONAIRE 3 месяца назад

But a single member s corp gets double taxed right ?

@danielallmon2173 Год назад

If my new S Corp is just me, and all my income is coming from one 1099, does that 1099 go with the 1120S to the IRS? and will the K-1 replace a W-2 or 1099 to me as the employee when I file my personal taxes?

@headlibrarian1996 9 месяцев назад

Corporations do not receive 1099s, people do. If you operate as an S corporation and you are given a 1099 demand it be rescinded and they pay the corporation directly instead. You would receive both a W-2 and a K-1 from your corporation.

@jmartinez1918 Год назад

I want to create an S-Corp. I currently live in New York and my business will be in Georgia. Do I set the S-corp to where I live or where the business will be?

@joningrum7376 9 месяцев назад

Where the business will be

@sarahmk2966 Год назад

Thanks

@elenachiselita4099 Год назад

Hi Lena I do have more questions about Tax return and CPA in general. I have a company that supposed to help me but I feel like they make me to do all the work and I never can get to talk to them if I have any questions. do you think you can help me?

@bermetdjakubova7757 Год назад

What online software would you recommend to file Scorp+personal tax returns? Thanks

@someguytu 11 месяцев назад

Can I have a C Corp. own an S Corp. to prevent pass-through taxes?

@headlibrarian1996 9 месяцев назад

A C corporation is not an eligible shareholder. The S election would be instantly revoked the moment the C corporation owns any equity interest.