S Corporation for Dummies

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All the basics to an S-Corporation.
Our TurboTax Link: www.tkqlhce.com/click-1006838...
00:00 Intro
00:37 What is an S Corporation?
01:08 Why S Corporation?
01:29 How do S Corporation tax work?
06:48 How to pay myself with S Corporation?
08:00 Tax Deadlines for S Corporation
09:15 Importance of Bookkeeping
10:19 Additional Costs of an S Corporation
11:18 Why did I get taxed on money that is still in the business account?
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EA Tax Resolutions Website: eataxresolutions.com/?...
EA Tax Resolutions Phone Number: 800-245-0596
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🔴 TurboTax Business Tutorial - S Corp - 2021: • TurboTax Business Tuto...
🔴 How to Match QuickBooks Balance Sheet to S-Corp Tax Return - Distribution: • How to Match QuickBook...
🔴How to get EIN for LLC: • How to get EIN for LLC...
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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).
#IRS #smallbusiness #tax

Опубликовано:

3 июл 2024

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Комментарии : 39

@eataxresolutions Год назад

🤵Bookkeeping Consultation calendly.com/ebony-eataxresolutions 🤵S Corporation Analysis Consultation: calendly.com/anthony-eataxresolutions/tax-consultation-s-corp

@pedrobatrez997 3 месяца назад

This was so helpful. Thank you!

@jesusramos5706 Год назад

Very helpful. Enjoyed the presentation and using blank tax documents to walk through the examples. Thanks!

@eataxresolutions Год назад

Glad it was helpful!

@sophiafoust9548 5 месяцев назад

I love the way you breakdown everything so simple

@eataxresolutions 4 месяца назад

Glad to be able to help!

@NinaCornelison Год назад

so incredibly helpful and well explained! thank you

@eataxresolutions Год назад

Glad it was helpful!

@sophialorenzi1054 6 месяцев назад

this was the most helpful video explaining S-Corp taxes THANK YOU

@eataxresolutions 5 месяцев назад

You're very welcome! Glad it was helpful!

@user-qe4df4jj8h Месяц назад

this was so helpful! the breakdown was simple and I really really appreciated it!

@eataxresolutions Месяц назад

Glad I could help

@signaltouch7413 Год назад

you are amazing

@eataxresolutions 5 месяцев назад

Hey Guys! If you want to help our channel outplease use turbotax through our link! Our TurboTax Link: www.tkqlhce.com/click-100683865-11557904?url=https%3A%2F%2Fturbotax.intuit.com%2Flp%2Faff%2F4049%3F%26priorityCode%3D6099000412

@allenzhu3726 10 месяцев назад

but we will get taxed on the personal side if i distribute the profits?

@allenzhu3726 10 месяцев назад

how many times can do i distribution ? is there a limit or rule of thumb on how many times we can do?

@ExquisiteBossin 8 месяцев назад

Can we take further deductions on our own personal tax returns (schedule C) that was passed down from the payroll or K1 income

@laryebabe2869 Год назад

Do you have a tax course on learning Corp/Partnership returns? The way you explain works very well for me! Lol I’m also a new Tax Preparer!

@eataxresolutions Год назад

We have a free course on our channel, check out the playlist: ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-whL9BNu2BI4.html

@user-ij2tm5qx1w 7 месяцев назад

Very curious, am I required by the state of California to provide myself with workmans comp as a general contractor if I am an employee of the S Corp? If so- this would add quite a bit to the cost of placing yourself on payroll. Its almost $1 per $1 for workmans comp as your earning wage, so technically that would be an expense that seems you would avoid as a sole prop. I wonder if anyone else has had this same question.

@tonymedrano40able 5 месяцев назад

You don't need workers comp on yourself but you do need it in your employees if you have any

@alexmerino7695 7 месяцев назад

I’m a new booty at this, but at the end of the video you said distribute the profits into your personal account before you continue to get taxed on it…so does this mean you have to get taxed on the profit AGAIN!!! When you distribute the profit to your personal account ?

@SIInvest Месяц назад

Exactly my question. If you are paying yourself a salary, then you take the distribution of the profits to your personal account, aren't you making more money. He did not explain that very well to the beginners like us.

@park1223 3 месяца назад

thank you for the helpful info - one question. In your example SP had profit of 100k, S-corp withheld taxes on payrole, but theres still the 60k that you keep referencing gets taxed. So where exactly is the tax savings? arent you just paying the same taxes but in the s-corp you pay quarterly on the 60K? slightly confused. Thanks!

@park1223 3 месяца назад

may have found the answer in your video: ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-lsrpDFgicOU.htmlsi=jjAGfsamhXNQcinH&t=121 the PROFIT (60k) of a S-Corp doesn't pay FICA. So I guess the strategy here being - pay yourself as low a salary as is "reasonable" and then hope for a larger distribution as personal income later only to be taxed as typical income at the bracket rate (without 15% FICA deduction)? more thinking out loud but thought id leave it here.

@teslysla Год назад

Do you recommend an S or C corp or LLC? I want to pay the least amount of taxes. Do you offer consultation?

@eataxresolutions Год назад

00:37 be sure to watch this part of the video explaining the S-Corp vs LLC. S-Corp or S-Corp Depends on several factors. I do offer consultations, use the following link to schedule an appointment. calendly.com/anthony-eataxresolutions/tax-consultation-s-corp?month=2022-11

@alexswedenborg1856 3 месяца назад

we all do, But it gets Super sticky...so...ahh, good luck... either way seems like DC Wins!!

@sewingseeds. 5 месяцев назад

how do you write off business supplies and like subscription fees? for s corp.

@eataxresolutions 4 месяца назад

Use you business CC or bank account and report it on the form 1120S

@mike2959 4 месяца назад

In 2022 we elected for 2023 to be taxed as a S Corp. So of course now it’s 2024 and tax deadline for Scorp filing is a few weeks away. I got confused at the point where you said the 40K is thru payroll which we are, and use QB, along with our other employees but when you said the 60K thru distribution just do a transfer. So I get that but, we didn’t take any distributions from profits at all….so yeah, profit sitting in the bank…1st question is it OK for NOT to take any distributions? And 2nd….are we still taxed on that profit sitting in the bank.

@eataxresolutions 4 месяца назад

Hey! I will be going over your comment in my upcoming livestream! Hope this helps! If you have any other questions I go live every Monday at 4P.M. PST. ru-vid.comSHkqV4_UN90

@2natxx 2 месяца назад

I am doing a school project and am having a hard time finding corps that are s corps, can someone help me out

@eataxresolutions 2 месяца назад

Most small businesses are S-Corp. I'm sure you can ask small businesses in your area if they are S-Corps to find one.

@WalterCueva Год назад

Can you set up my S corp? or just an LLC?

@eataxresolutions Год назад

00:37 LLC = Legal, S-Corp = tax. We can "elect" the S-Corp tax entity, however we do not set up legal entities (LLC, Corporation) as we are not attorneys.

@timwhite7127 4 месяца назад

I woulda sworn there were two e's in Bookeping.

@NewJerusalemBaptist.Church 3 месяца назад

do you have to pay taxes of the left over profit after you pay yourself salary? what percentage? Also how do you get the stock requirement to become SCorp?

@NewJerusalemBaptist.Church 3 месяца назад

can SCorp salary people get the 50% self employment deduction? or no since they are employing themself through the SCorp. and can SCorp salary people get the Standard deduction of 12k? and can they get the 1099 20% deduction?