LLC vs S Corp: Tax Benefits, Differences, & Strategies 2024

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LLC vs S-Corp, which one is best for your business? There are many small business owners who are seriously overpaying in taxes simply because they make the wrong entity selection to start off with or because they never try to optimize their entity for tax purposes.
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Timestamps
Intro (0:00)
Overview of LLCs and S-Corps (1:20)
Differences of LLC vs S Corp (3:30)
Self-Employment Taxes (6:25)
How to Avoid Taxes (8:30)
Deciding Between LLC or S Corp (12:15)
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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).
#llc #business
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Disclaimer: The information provided in this video is for entertainment 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).

Опубликовано:

6 июл 2024

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Комментарии : 205

@raphaelsanchez4797 8 месяцев назад

This was the BEST video I saw about whether to file as an S Corp or LLC. Clear, succinct, and with practical examples. Excellent work! Thank you.

@TheWalkOnCoach Год назад

Thanks for breaking down the consequences of becoming an s corp too early. Ive been searching for that info for weeks.

@hrstories2 Год назад

This is clear and straight to the point.thank you.

@ThisWayfaringLife Год назад

Excellent video! Thank you for breaking it down so clearly!

@Kistalradio 4 месяца назад

Hi Sean, I have to say you are one of the best I have seen on thus far. Truly clear and concise

@adventuresofandy2095 5 месяцев назад

I was having confusions whether to go LLC vs S Corp and this video made me decide to go for LLC. I asked a doctor friend of mine who already have an established practice, and she suggested to choose S Corp. But I am just starting out so an LLC makes more sense. This video is very informative

@YTDataAnalyst 9 месяцев назад

This used to be one of my most watched channels... sadly, it's been a while since i visited it has been a very rough year... i am experiencing one of the toughest phases of my life... Lost a fortune lnvesting in emerging companies. Hopeful, for a turnaround.

@beliveable8539 7 месяцев назад

🙏🏾

@VicSmith 6 месяцев назад

You 100% can turn it around Bert. Keep moving, motivating, and educating yourself. Youll only get better, smarter and more resourceful. Things WILL work out as long as you're giving your all.

@newportninja245 5 месяцев назад

Wish you the best, I lost my job, and ex-wife 7 years ago and still feeling it but look to a better future and starting my own business. Best of luck to you brother, never quit. Its only after weve lost everything that were free to do anything.

@youcanescapethebox 5 месяцев назад

Nothing was early lost. You may have learned a pretty big lesson. But all the knowledge that you had to obtain the money is there. Now you have a knowledge needed for the next round. Life hit hard but you can hit back.

@SingleMomStruggles 4 месяца назад

Hang in there Bert!!!! You’re stronger than you know!!!! Best of luck!!!

@Justicex Год назад

My favorite topic good job with this!

@Zen_Nurse 9 месяцев назад

Omg, where have you been all these years⁉️Thank you so much‼️

@duncanleonard6266 7 месяцев назад

Unbelievably prompt and informative. Thank you for this treasure trove of information!

@kayen8459 2 месяца назад

One of the best instructional videos I’ve seen. Very clear and concise. 👍🏼👍🏼👍🏼

@life_lived_well_8 Год назад

This is a fantastic video! Thank you for sharing!

@williamlyons3947 Год назад

My favorite business finance channel!

@bobdude816 4 месяца назад

So clear man. First time watcher. Looking forward to more. Thanks for the concise and clear information

@kristinaramirez1181 Год назад

Thank you so much for all of this valuable info!

@kbenefits 5 дней назад

super informative, very easy to understand. Great info. Thank you.

@m.77her5 8 месяцев назад

Omg! I can’t thank you enough for this video! I was conflicted on how to go about starting a new business and this video helped me tremendously. Thank You 🙏🏼 so much!

@DiegoVerde00 3 месяца назад

Thank you very much! This was much more helpful than other information I found.

@Knowledgeispower2000 4 месяца назад

You guys are always so clear in your explanations. Thank you

@matthewsankey817 11 месяцев назад

Wow this was so helpful! Thank you for making this its exactly what I was looking for! :)

@pedramnz8057 7 месяцев назад

By Far, One of the best video that I ever seen ! .. helped me a lot ... Thanks ❤❤❤

@sumanpaladugu4914 3 месяца назад

Excellent video ! Cleared my doubts and got clarity in deciding LLC vs S-Corp. Amazing work !

@nikolaikrow238 Год назад

Thank you for breaking it down this way! I've flip-flopped on which structure to use to begin my business. Now I realize I've been wrong the whole time...I need to BEGIN as an LLC and hopefully grow to need/change to S-CORP.

@jenninemorel7693 Год назад

What is your business model? You can start as a sole proprietorship.

@nikolaikrow238 Год назад

@Jennine Morel sole proprietorship would not work for my business. That's why I had to figure out if I needed an LLC or an S-Corp.

@jenninemorel7693 Год назад

@Nikolai Krow what is your business model? I am an accountant and business consultant 20 years now...just curious. I might have some suggestions

@michaelcarrillo6790 11 месяцев назад

@@jenninemorel7693what would you recommend for starting a pressure washing business?

@nmarinake 15 дней назад

Great video - thank you!

@mauriceingram Год назад

VERY HELPFUL information thanks for this vid.

@CrisYouth Год назад

I liked the video with pleasure and gratitude after all that great info. Thanks a lot bud! 🙏

@Bossesonly12 6 месяцев назад

This information was amazing & helpful! Thank you!

@thegenevasays 13 дней назад

So so helpful thank you for this

@davidnovohradsky8871 6 месяцев назад

Such great information! Easy to understand, infomative, and very well structured. I really appreciate the warning on starting an S-Corparation too early. Thanks!

@CzarSmitty1963 9 месяцев назад

Awesome video on a subject I had no idea about - thanks!!!!!

@sayitloudtheultimatetrivia5656 Год назад

Thank you so much! I finally understand these topics!

@joelhernandez5941 Год назад

Same boat

@susanclark8762 9 месяцев назад

Outstanding content! Thank you so much for your very clear information.

@lawbellevie 6 месяцев назад

Excellent video! I loved the last part on considerations. Great job!

@mayanksuneja1479 4 месяца назад

Super helpful! Great content 👏🏽

@aknanci54 9 месяцев назад

So helpful, thank you so much for the clear explanation. Awesome video! 😊

@seancotter6805 28 дней назад

Thanks man great video! Lots of helpful information in there.

@sugarsugar475 8 месяцев назад

Best video on this topic. Many thanks!

@Butterflies4Release 2 месяца назад

excellent video! You answered all my questions. Thanks

@blaikewellington1816 2 месяца назад

Thank you! Thank You! This was a great video. I have been so confused and now I have a clear understanding. You explained everything very well.

@nickwerber 4 месяца назад

Very high quality explanation. Thank you.

@Panicmicelf Год назад

Good explanation! Answered some questions I had, thank you for posting 👍🏻

@ibrahimacoulibaly5199 2 месяца назад

Wow, Bro! You are one of the elite and best instructors I have heard in while. Kudo to you!

@TheDivinegoddess639 2 месяца назад

Best video on RU-vid that sums it all up! I spent 3 hours watching videos until I came to this one. Knowledgeable company, worth using as a tax advisor.

@mytymyke 2 месяца назад

Very informative. Thank you!

@gabriellabejarano7758 6 месяцев назад

Such a helpful video, thank you!

@sheilamoreland574 Год назад

I not only liked this video. I Loved it! This was the most simple and clear explanation I've heard thus far. I'm so sick of people over explaining this. You just kept me from making a HUGE mistake in starting an S Corp tooo soon. I will most defiantly be hiring you in the upcoming year.

@babduda 10 месяцев назад

Wow, very good video. I feel like I just took a 2 week crash course. Keep up the good work!

@lindsaym4859 4 месяца назад

You're the best, thanks for this!

@darkstarknightfall 7 месяцев назад

Super great video for the non-accountants out there, thank you for giving me direction!

@khecidsdragons7777 8 месяцев назад

Thank you. This was extremely helpful

@gregorydavis2554 5 месяцев назад

Very simply explained and helpful in choosing between the two. We were suggested to start with an S-Corp but in listen here, we are able to make a more informed decision on what to start with then move to later. Thank you for providing this information.

@kelseecanturealtor7707 7 месяцев назад

AMAZING VIDEO!! THANK YOU SO MUCH FOR GVING EXAMPLES. WOW NEED TO SIGN UP FOR AN S CORP. GREAT VIDEO.

@josephinebardot8403 5 месяцев назад

I like your video presentation. It is informative too, at the same time. Thanks a lot for your guidance!

@rickyshinobi2303 Год назад

Excellent explanation!!!!

@SyedVkax 2 месяца назад

Great video. Highly recommended 👌 👍 👏

@user-qb3ov7fl4n 5 месяцев назад

Great info! Thank you so much!

@DetailDavis 5 месяцев назад

You’re amazing this was so perfect!!! You have a new subscriber!!

@ngkevin999 3 месяца назад

Thank you very much. Your video is very informative!😍

@sss-sp8ox 9 месяцев назад

Thanks for the video!

@SublimePath 10 дней назад

Nice content!

@skbillionman 26 дней назад

I appreciate this video

@petertwiss356 Год назад

Very good video, thanks!

@adolfoartigas3249 Год назад

Thank You, great info.

@virginiacreager4331 5 месяцев назад

SO HELPFUL 🙏🙏🙏

@rodneybocook9883 Месяц назад

Very good explanation

@bobsouth5875 3 месяца назад

New subscriber here, I thoroughly enjoyed your video, and the others that I’ve seen. Thank you for the information.

@sebastianherrera3383 4 месяца назад

Amazing video !!

@williambreeze2659 5 месяцев назад

Thanks for this brother!

@user-sf1gi4qm6b 9 месяцев назад

Outstanding presentation. Very clear and informative. Do you have a video comparing a Disregarded Entity and a Partnership LLC?

@megmiguelmegmiguel8532 2 месяца назад

Great video 🙏🏻

@doublet147 4 месяца назад

This video was a comprehensive overview for some of the info I was looking for. It was a perfect outline of the general knowledge with some specifics. I've got some questions that pertain to my exact situation & future, but I'm going to peruse your other videos to see if I can find an answer. Nevertheless, I'm subbed.

@kronkron5478 Год назад

I appreciate your content. I would suggest people also consider the following. 1) the list of regulations, accounting costs huge difference, set up, servicing costs for the s-corp are substantial vs the LLC. 2) If an LLC is producing a K1 distribution into a SCH C the very same FICA tax benefit deduction is also available as employer/employee reducing the $15,300 tax to $7650. 3) depending on state income tax laws the tax on profits to an S corp far exceed the tax limits on revenues to an LLC $11,790 vs $15,000 on business revenues of $5mil with profits of $1mil in California. 4) once you start an S-corp you cant go back to an LLC but if you start as LLC you can always go to S corp status

@kronkron5478 Год назад

btw LLC Ca state tax is maxed out in LLC $5 mil in revenues whereas S corp income tax @ 1.5% unlimited profits are taxed

@badhairday86 Год назад

Wait can you type your 2nd point, differently? It is because i'm not quite sure i know exactly what you mean.

@kronkron5478 Год назад

@@badhairday86 The SCH C business gets all the same self employment tax deductions the S corp W2 gets

@kellykade 3 месяца назад

Thank you very much. I definitely liked the video. It was very helpful. I’m going to start an my second LLC

@andregraf3000 11 месяцев назад

Such an good video. I was leaning towards starting the LLC S-corp right away, but after your points at the end of the video, it totally makes more sense to wait till I reach higher profits to justify the additional cost and headaches from the requirements in the S-corp world. Thank you!

@jessiecorrine Месяц назад

Perfect video! we watched tons of videos but they didn't touch on all of this

@badco918 Год назад

I like this video I sure learned a lot.👍

@tenacious1 4 месяца назад

Very helpful video.

@devtech_u8352 3 месяца назад

AWSEOME VIDEO ! 🔥🔥🔥

@Trucking2cashflow 10 месяцев назад

Appreciate the information

@slapajomacc1763 4 месяца назад

Perfect video

@tiffanyhsiao 6 месяцев назад

Very clear on which I should decide on! I’m so glad I came across this video! I was struggling for a few months on which to choose and I couldn’t decide but this really breaks it down for me to see clearly, which category I belong in! Thank you so much!

@MrsBrittanyGold 6 месяцев назад

Great video.

@carmenc3067 11 месяцев назад

THIS VIDEO REALLY HELPED ME DECIDING WHICH ENTITY TO GET. I WAS PLANNING TO FILE FOR S-CORP FOR MY PART TIME BUSINESS BEFORE WATCHING THIS VIDEO. DIDN'T KNOW THE TAX FILLING FEE WOULD BE SO HIGH (AND OTHER COSTS) FOR AN S-CORP. GLAD I FOUND THIS VIDEO!!! THANK YOU!!!

@LYFEAccounting 11 месяцев назад

I’m glad you watched and enjoyed it. S corps are definitely not for everyone!!

@dman10000000 Год назад

Thanks so much for this video, this one is just as helpful as all your others. One question...can you transfer your LLC to a revocable trust by way of an assignment?

@nimietyskookumlucre6702 5 месяцев назад

Thank you, sir

@jamaicanjoe1133 2 месяца назад

thanks much !

@GMan-cv9ig 7 месяцев назад

Thank you

@livelife7738 11 месяцев назад

thanks ma dude good video i was trying to tell my girl but couldnt explain it,

@ChillZenHub 8 месяцев назад

Good stuff

@Chaka_1493 9 месяцев назад

thank you god bless you !!!

@ladibonkerz7860 2 месяца назад

Thank you for this information. I plan on opening my business soon. From this video alone it’s seems more reasonable to start off as an LLC then later level two s corp. my dream is to become level 3 (passive owner) within a two year span. With the area that I am in and the demand for what is being requested I feel 1000% positive on this idea. It’s just time to make this dream a reality one step at a time #BBO ❤

@totorogo 4 месяца назад

Thank you! Please make several examples about scenario 3, looking for more information about that. For example about Real estate in scenario 3, about stocks, and about IT online business that make more than 1M in a year.

@TruckingTendencies Год назад

Thanks

@dallasmuszynski7208 3 месяца назад

Everyone in a buisness needs to watch this video Seriously, thankyou so much for that info! Unbelievably excellent and to the point explanation! One thing im curious of, if a s corp does do a 50k salary and pays the 15.3% on that, then has a distribution of 50k with no 15.3 self employment tax does the distribution still pay out fed 15%+- and state 7%+- taxes?

@rahmanrucker4408 10 дней назад

Beautiful explanation of the pros and cons of LLC and S-Corp thanks 🙏🏾. I have one question if you file for $100,000 as an S-Corp and pay your taxes only on the $50000 when you go to purchase a home what would they consider your annual salary to be $100000 or $50000

@CCPodcastwithDT 4 месяца назад

I appreciate this video !! You answered my question - I need to “lower” my SCorp to an LLC cause I DO NOT have the net income for an A Corp (at this time) lol.

@kendrawhitehurst3183 5 месяцев назад

This was good

@jackepstein7805 Год назад

Subscribed

@Glogb3100_records 16 дней назад

I got LLC sole member and plus I use trailor brand and they don't be taxing me that much this year in beginning this yr it was almost 300 hundred

@UltraClean-fn3dh Год назад

how much should we be setting aside for taxes? is that based on each time a client pays us or how do we figure out how much to set aside each time someone buys our service?