Sole Proprietor vs. LLC vs. S-corp: What are the TAX BENEFITS & DIFFERENCES 

I have looked at MANY videos this one explain it the BEST thank you so much I am definitely sharing this...!

I have been researching this forever. Thank you for this information!

YOU'RE AMAZING AMANDA!!! THANKS FOR BE SO KIND SHARING THIS VALUABLE INFORMATION!!

Thank you so much. No one has explained this better until now.

Absolutely spot on, wonderfully explained, thank you so much! You should be on stage in front of a national audience, you relate very easy and are understandable! You 🎸🎸🎸

When I saw this was beyond helpful!! Its was Amazing!! Thabk you so much for teaching ans caring enough to help people get their business right on point!!

Such an easy way to give information Thanks a lot!

Thank you so much you gave me so much information. I have so many questions I'm trying to watch all of your videos at once.

Thanks so much. New to the channel, but just wanna say this was very very informative and so easy to follow.

Great info thanks for taking the time!

Thank you!!!! I never understood the differences.

Thank you for the straightforward video.

Wow such a great video. Thank You 🙏

Thanks for this. Also, love the IZ records xx

I am doing online sales and publishing on a small scale as a sole proprietor and appreciate your channel.

*_Wow, Thank you for this very informative video!!_*

Thank you😊 very helpful information. Your the best🙏

Thank you for the great information!

Such a great video! Thank you!

Thank you! So easy to understand you

i have been reviewing this stuff for a minute now. this video is by far the BEST for some one who knows NOTHING about this stuff. you spoke slow enough to follow along and also process several words that were otherwise foreign to me. you also look like you are genuinely enjoying yourself as you talk, and that's the best kind of person to listen to because you're obviously doing something right. your hand-motions kept my attention, and the captions at the bottom that help explain everything is just gravy on the potatoes. that being said, I do have some questions. I have been buying and selling online(ebay) for a while now, and saving as much as possible in the process. now that i've started looking into financial options for my savings, i think turning that buying/selling into a business is an awesome idea. it seems like i have been a sole proprietor for a while now, does that mean i can write off any of last years product that i bought,? additionally, can i write off my computer as a business expense since it is how i buy and sell everything? P.S. i DO have a seasonal job and collect unemployment in the winter. is there a way to use that to my advantage, such as selling more in the summer and less when collecting unemployment in order to manipulate the amount of money i get from unemployment?

That was very informative... Thank you...

You are the best person on RU-vid i just found you and im planning on watching all of your videos

you are the best..this is very helpful

I've been doing some research about how to classify a business BEFORE I file for an EIN and your information was very helpful! I understand not every business type will fall under a specific category so the information you shared was great! Thank you! I look forward to seeing more of your videos.

You gained a sub. Love the info

Great info Thank you

Thank you so much! I'm a self-employed sole proprietor and this helped establish definitions and explained tax benefits of S-Corp versus Sole Proprietorship so I can begin delineating the best way to pay my taxes.

Great video. Thank you.

It’s really great video

Thanks! You have a new sub and I have a new coach!

Thank you GOD BLESS ✝️💕🙏🏾

Thanks so much!

Thank you so much.

You don’t lose the ability to write off things like a home office with an S Corp it’s just done a different way.....

thank you.. Thank You.. THANK YOU>..

Thank you!

I watched so many videos on this topic and started to get a little stressed lol ,came across this video and it’s just what I need to hear , thank you new subbie!

PLEASE make a podcast! Your information is gold and it would have the benifiete of having a RU-vid channel and podcast

great vid, I try to explain the sole prop / LLC / S corp difference to so many peeps starting out in my industry. Everyone thinks they have to start out as LLC for "protection" but then their finances are so mixed it doesn't matter anyway.

Thank you

Great 👍🏾

What do you suggest if you feel like you didn't set up your business right? Can you just change it from LLC to SP or C corp or whatever or should you just dissolve it with the state and start over?

Great content! I have a sole propriotership (Never registered a company). I want to be able to change to be taxed as an S CORP this 2020 but I don't know if i have enough time to make this change!

Thanks for the informative video. I am hoping to get a small business going soon and was thinking I needed to form an LLC but after this video maybe thats not the case. It certainly wouldnt be grossing 50k lol (yet)

I'm a sole prop with 5 employees. My business is a driving school which means... I get HUGE mile deductions. (Far more than actual vehicle expenses.) If I form an LLC will I lose that deduction? This is the only reason I never incorporated.

Thank you for explaining that. But I have a question for you. Because I am just a sole proprietor and didn’t really make that much at all this year due to everything going on. Can you tell me the best way to go about to get a bigger tax rebate this this. It has been a struggle. Especially raising three young girls as a single mother. Please give me some advice. Thank you

amanda do you know of a course or guide you recommend for preparing for the 2021 tax season for preparers?

What is the best entity form for trucking company with one single member?

I am filling out an LLC tax return (2019 Form 1065) having two members. I am using TurboTax (Business edition). How does Schedule K-1 Line 20 get populated?

The problem we are running into is paying our quarterly to our DOR and then paying at the end of the year for our Federal. We are a sole proprietorship. We won't do S Corp because we don't need to pay workers comp. I think I will stick to sole proprietorship for our federal since we are well under 50,000.

What should I do if my business is a hobby and is not my primary job? I'm not sure I'll make money at it after costs.

Great videos. Very informative and thoughtfully presented. I wasn't sure if you had done a video on this topic but if you are setting up a SMLLC, are you allowed to set up a 401k for yourself and if so how do the contributions breakdown in that scenario. Thanks again. Best regards, Dan

Hello, is an LLC Incorporated or Unincorporated? Thanks

Cute AND smart!

I've worked as a solo musician for 30+ years as a sole proprietor with my SSN. Never had a problem!! Recently an agency that I use for one gig only ( I do all my other bookings) asked that I set up as an LLC with an EIN but I don't want to. New Jersey unemployment is auditing them and me stating that I am an "Employee" of the agency. I am not! Not even 50% of my income. I don't want to lose the gig. My question is, can I get an EIN number as a sole proprietor? I don't even want to form a DBA. I don't want a separate bank account!! Thanks!!

As a LLC sole MBR so I have to pay double tax

I need help what's the link?

Thanks so much for the information but had a question. Is there any benefit from directly setting up at start a S Corp vs setting up a LLC and electing to be taxed as a S Corp?

No link🥺

Hello, Miss Amanda. My name is Rickey Hughes. I have a small business, as well as a home based business, of my own. I would like to know which is affordable, obtaining an LLC, or just doing business as a sole proprietor. Please let me know. Thank you.

I have a natural skincare micro business I did File a sole proprietor but I feel as if I’m taking a chance please help

I don't see the the business spreadsheet template linked, how can I get this?

I'm working for someone that wants me to open an LLC... because he does not offer workman's compensation and does not want employees, and does Not want to deduct any taxes. I'm 62 and would like to retire in 3 more years. should I open a Sole Proprietor for Tax Purposes and deductions or an LLC. Please advise, thanks . The type of work I perform for him is Parts and Service Coordinator and Repair Technician on Landscape Heavy Duty Equipment. Thanks

Thanks for this super informative video! I have a simple question, is the clothing industry a high sued industry? I'm debating if I should start with a Sole proprietor or LLC to cover my assets. Any thoughts?

I work as a RN and I have 3 kids. I paid for a trademark and I just want to sell homemade goods. What should I do? I don't have assests yet. I just want to make more money and get my mentoring/homemade business up and running. I want to just make sure my Logo and Business names is mines.

I want to start a online clothing line/boutique would you recommend I start as a sole ? Then eventually cross over to a LLC?

A landlord in the business of rental property filing as a sole proprietor reports income and expenses on IRS Schedule E and pays no self-employment tax. A huge tax-saving strategy.

Can you please share spreadsheet ?

Adding to my previous comment. We paid ourselves directly from income being made from the Summer Camp and we had one employee that we paid, assuming she would have to declare the money she received while working the summer camp. (3 months employed)

What about these payroll tax suspension until the end of the year ? What else is new since we are working out of home ?

Is it possible to employee an LLC member (3 member total) as w2 employee if they are performing duties in the company? Payroll is already setup for other employees.

I’m currently a full time employee. I also am a licensed nail tech and I do nails part time and I am in the process of opening a nail suite just for me. By me have a full time job do you still recommend do sole proprietor?

I’m starting to sell candles should I still be a sole proprietorship? I feel like you can get sued easily

Would there be an advantage to forming an LLC partnership with my wife rather than on my own?

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As a sole proprietor fitness trainer what form do I file for taxes ? I own my own fitness studio business

Help! I am just starting to take people on trips out of the U.S. They meet me there they don't travel with me to the country. I have very very little start-up money. I brought in $9000. one trip not counting the expenses for hotels food and travel thank you.

What would you recommend a person who is in the early stages of business who isn't profiting more than 50k yearly but has over 50k in assets do, should the go ahead and do the llc just to insure their assets are protected or would the scorp self employed be more beneficial?

I just closed my business after four months and I only made $1.03 income. The client I had did not pay any sales tax. Do you have any videos on closing your business. As I don't know what to do?

I just started my first business under an LLC as a single member. Do I need to be making 50k a year?

I have been a sole proprietor for 3 1/2 decades and was an s corp for a couple years. Taxes are taxes and unavoidable. I advise you to NOT become a company in Illinois because they will require blood