Paying Ourselves Before Year-end: S-Corps and LLCs 

For a minute it looked like Mark was broadcasting from jail.

S-Corp Draws.. that confuses the crap out of me. I need to go look for another video on it. Kohler... I'm a big fan. I've been watching you for a long time now. Great info and I appreciate your sharing of information.

Got an analogy for the S Corp quarterly tax payments. It’s like child support one you start making payments u can’t stop until the business finish.

Actual video starts at 3:57 minutes

I wish I learned from you earlier before 2016. Thank you for all free advice you and Matt giveaways every week. I appreciate very much.

When are y'all going to hire more accountants? Been on the waitlist for 6 months and I could really use someone to talk to during this time.

Great year end tax reminders and friendly banter to keep entertained. I always enjoy listening as never know what I will learn or take away! Much appreciated guys. I have even referred folks to you who did end up as your paying customers!

Excellent video! Thank you very much for your hard work.

Thank you both.

[Continued] ...For two years I have had two different CPAs do my taxes, and all they do is look at my crypto buys, & gains but don't look at my losses, which hurt me greatly in the end.

Hi thank you for your content. I'm a year late on this. Please can you educate those CPA's that profess that know how to do taxes with crypto involvement and really don't know their elbows from there... I have been burnt twice on this by CPAs and the IRS loving me for not knowing how to do my own taxes. 😢

Please make sure the LLC is attached to the Interdiction trust so it can be enforced by the Tahoe enforcers.

If you take a low salary and consequently lower FICA won't this lower future Social Security payments in retirement?

❤ this topic and super helpful. Thank you

great video i will like this video many people will need it

Great year end tips. Easy to understand & execute. Have a prosperous New Year guys! Thank you

Does income from child reinvested in another child by parent company considered expense or profits.

It would be great if you could talk about those of us who are US citizens living abroad that still have to file US taxes.

What should you do if you net 100K, but got approved for your scorp election in October? If you allocated 40% in salary for your W2, is that when you do the fat 941? How much should it be? 15K? What happens to the draws before you got approved for the scorp? How is it taxed?

Great video guys. Question: if 100% of your gross income is derived from personal service, billed at an hourly rate, can you make a rationale argument to allocate say 40% to w-2 and the balance to distribution? Couldn't the IRS assert that all your net income should be SE/w-2 income since it's generated from your personal service as opposed to selling widgets?

Mark, I love the story about the lemonade stand!

need to know if the officer wants to get paid about 10,000 per month, at the end of the year how you will claim that amount on your 1040, will be on schedule c, or other income..?

Can i decide at tax time how to tax my LLC? I've been sole, forever, but starting a new business this year. Do you have to start out at the beginning of the year as a "s corp" or can i decide in December. At 24:00 i think you answered this. The 1st year, i can, but the following year, i have to start the quarter payments?

"make your business easy to work with" best year end comment. If only businesses would apply this.

I NEED HELP WITH MY TAXES!!!! 😢😭😭😭

Great video and appreciate you both!

We are looking for a tax service that can assist us currently in Texas and in the near future, moving to So Cal. Is this something your firm would be interested in?

Question myself and a buddy at work (factory) with medical ,ss, etc. Already being deducted from our checks. If we go into a partnership remodeling homes and various services, will we be subject to the self employment taxes your discussing? I know the video is a year old, and it may seem like a dumb question.... hopefully you'll see this

For a single owner S Corp, I don’t really understand the benefit, if you pay tax on FICA, on top of the flow through income on the K1

When paying ourselves, should we use a company like Gusto, should our payments be classified as "Owner Draw" or "Salaried Employee"?? I actively work at my company if that matters.

Is it safe to play off this year doing self employed gigs and have set my business account separate already from my personal. But eventually I do want to go Back full time job I believe I got the right process mindset with trying get my W2 separate from my business.? So now I don't know what revenue I'm profiting in from self employment and I want to build a good rap sheet for my line of credit this year. So I officially filled my statement of information yesterday thought I was gonna have a chance to start it December 31st ? But it didn't give me the option. Supposedly the annual franchise fee won't be charged till 2024 I'm state of California. Newbie here . What should be my next steps if I want to incorporate all that into my year. I tried doing the business plan but I got so overwhelmed. With the math and it just rung red flags of debt. Yeah, no. So .. I'm not bringing in much revenue into my LLC because primarily it was so my assets can be protected and for tax purposes. Since Im doing third party platform deliveries for product consumers. My main focus and vision was how can I get a damn car for myself because I was blowing my mom's and I'm not used to the help. But I have my EIN NO MONEY IN. S Corp sounds more tricky. But I'm used to wages and salary. So now I'm thinking okay if my LLC isn't a product or service I'm providing personally. What are my next steps I should do payroll into my LLC ? Does that also mean basically I have to convert into payroll and it will separate what I'll get paid. Do I have that right ? Cause I'm already not only avoiding the $800 annually this year but I have to be ready for it 2024? I'm so new such a baby I don't wanna get so confused . Like writing a business plan lol . It's a lot of footwork . But i wanna see where the yellow brick road goes. With that said I paid my statement ? I didn't check fda off my list . But I do need funding and proper advisors but I just barely finished other certain documents like agreement statement. Trying to get to the funding and or how can I get an investment. So I can try finishing the year off at a good standing point. Meet this and that person. Go to seminars. And before the end of the year in the process manage what the next 3-5 years should look like. But the funding I need a car and a business phone. I don't wanna be in debt . And I'm going in circles not trying to give up on where I'm going with the idea

With an s corp filing, can i pay myself as a 1099 contractor for my business?

Thank you for your time guys as always love the content. What about everyone being concerned about getting paid via zell Venmo Apple pay. Supposedly the government will be taxing it or tracking it? What are your thoughts on that?

Is there extra expenses to having and S-Corp over a LLC? Having a dedicated Book Keeper or do S-Corps cost way more to open?

thanks

Can I take a distribution for the S-corp LLC for 2021 in January 2022? or is that not allowed??

Love it. Mark/Sam, can I do a llc with s corp election for a trader. My main source of income is trading options. Can I take salary, show an earned income or all of this is capital gain and I cannot do s corp? I am making close well into six figures trading options. Cheers.

I understand that the profit of s Corp, goes on a k1 form, now will that be in addition on all the officer draws? to be added on the same form? or should the draws go on another form?

Hey Mark and Mat, I am a great fan of you both! Can you please answer my below pasted question? Does my 'Single Member LLC being treated as an S-Corp' need to pay me the following listed taxes everytime it runs my payroll? Or is it exempted from paying those since it is running the payroll only for me ? Employer Social Security Tax Federal Unemployment Tax Employer Medicare Tax State Unemployment Tax Note: There is no one else on this company. I am the only owner and I am the only employee.- I received the approval for my Form 2553 filed for this company recently.

love the channel. more crypto tax content please.

I get too ahead of myself smh .. it's hard for me to focus and strategize properly . But for the year it seems fair to maintain good standing with my LLC built the rapport and yeah let's make it happen people(:

Can you guys start posting to rumble too?

Are crypto nodes a tax deduction?

Should ROTH 401k contributions be reported on W2, even though there’s no tax benefit to it? If so, why? Thanks

Can burning crypto be considered for tax write-off for llc and S-corp?

Analogy: once you dye your hair…..

A $12,000 profit sent to my portfolio each week, Mrs Angela Regina Mende is amazing.

How abt if u guys get to the damn point. Not here to listen to your banter. Pretty lazy way to make youtube videos by not editing.

Why Mr Trump pay no tax