Tax Differences EXPLAINED: LLC, S Corp, Partnership, Sole Prop

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In this video, I explain the tax differences between a sole proprietorship, LLC, S Corporation and Partnership. I also explain how much tax you might owe for each entity type, how to make those tax payments and when those payments are due so you don’t have to worry about late payment or filing penalties.
Links to websites used in video:
Federal Income Tax Calculator: www.ameriprise.com/financial-...
State Tax Information: taxfoundation.org/publication...
When to Pay: www.irs.gov/faqs/estimated-ta...
How to Pay with Direct Pay: www.irs.gov/payments/direct-pay
How to Pay with EFTPS: www.eftps.gov/eftps/direct/Ef...
🔗Useful Links:
🌐 Website: navimarajcpa.com/
📋 Enroll In My Course - Small Business Taxes: From Knowing Nothing to Savings Thousands: navimarajcpa.com/learn/
📁 Setup your LLC or Corporation for FREE:
FileYourBusiness.com: www.fileyourbusiness.com/
Inc Authority: bit.ly/incauthoritycoupon
IncFile: bit.ly/incfilecoupon
ZenBusiness: bit.ly/zenbusinesscoupon
If you learned something from this video, please like and subscribe and follow me on my various social media handles below. If you would like to contact me with a specific question, please visit my website or leave me a comment.
Website: www.navimarajcpa.com
Email: navi@navimarajcpa.com
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LinkedIn: / navimarajcpa
Twitter: / navimarajcpa
Facebook: / navi-maraj-cpa-pllc-10...
This video was created for informational purposes and it is not to be construed as legal and tax advice specific to your unique situation. Some of the links above are affiliate links which means that if you purchase a product or service with the provided link, I may receive a commission with no additional cost to you.
© Navi Maraj CPA PLLC. All rights reserved.
#scorp #llc #taxes #explained

Опубликовано:

1 фев 2023

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Комментарии : 316

@rogersmj 4 месяца назад

This is by far the clearest explanation of this topic I have yet run across. Very well presented, having apples to apples examples in a clean spreadsheet format, as opposed to the random whiteboard scribblings that some others do that are really hard to follow.

@alansanchez3560 Месяц назад

Great video! It helps understand the basics I’m going to keep watching at the more complex topics!

@lorapalacios8088 Месяц назад

If i want to open my own behavioral health/ mental healthy therapy practice and I am a Licensed Clinical Social worker in California can I do a partnership? I am told I cannot do an LLC.

@lunamorris2091 4 месяца назад

Would like to see more of these types of videos where small business owners can get educated on how to understand financials and use them to improve their business

@Rico-ns5dt 2 месяца назад

Man i need me a powerball jackpot because this is exhausting 😂😂😂 great video

@josephinebardot8403 9 месяцев назад

I’m more than happy to discover this channel. I need to thank you for your time for this, particularly a fantastic watch!! I liked every little bit of it and I have subscribed you to look at new posts all the time.

@carlosgarcia4012 10 месяцев назад

Hi Navi. This video is great. I have tried to find a video with an expatiation like this one you just did and I have not found anything like this. You are great. Thank you so much!!!

@gummybears-n-crime1317 4 месяца назад

This was excellent and helped me decide to open an s corp vs LLC as an independent contractor

@finalflare2049 11 месяцев назад

Best video online. Please keep up with the visuals of your explanations. It helps visual learning a ton.

@melittlelad 5 месяцев назад

This is exactly the kind of video I was looking for, super basic but thoroughly explained, thank you!

@xpress-notary-pro 7 месяцев назад

☑ I don't leave a lot of reviews, but this video and another one in your list completely lifted the scales from my eyes. I was blind and now I see! You helped me make a decision about whether to go the S-Corp route and saved me from making a huge mistake. Thank you for bringing free content that is completely useful on its own. I have you bookmarked. I definitely want to take your course once I get my business up and running.

@cynthiagarcia2784 4 месяца назад

Same as you. I’m started by own business and this has definitely saved me lots of money before starting.

@katiehoponick1141 8 месяцев назад

Thank you so much!! Your video was so helpful in gaining a clear understanding of the different business models, how the taxation flows, and the importance of each part. Very Informative, thank you

@islandst.maarten7081 9 месяцев назад

I'VE WATCHED A LOT OF VIDEOS BUT THIS ONE WAS VERY UNDERSTANDABLE. THANKS

@parleygentry5008 2 месяца назад

Super clear explanation. Setting the numbers up like that gave me a visual idea of how I should set up the business

@cathyjohnchang9812 3 месяца назад

Excellent job! You explained very clearly with a clean easy understanding spreadsheet. Really appreciate it.

@alihakim8680 Месяц назад

Navi, this was an absolutely phenomenal explanation compared to everything else I’ve seen on YT. I appreciate the disclaimers regarding QBI and SE deductions, since many people leave these out and don’t mention it. Your clear ability to share knowledge makes me want to use your course. Thank you!

@corystheboss Год назад

Taxes should not be this confusing…

@NaviMarajCPA 11 месяцев назад

Agreed but hope I was able to make it a little easier for you.

@vikkifairchild9858 9 месяцев назад

Agreed. Also, taxation is theft. They literally tax you 2x literally every direction you go. But then they say, no dollar can be taxed twice. It’s bologna

@savageazzligee5970 8 месяцев назад

He actually explained it so smoothly in my opinion. Plus he giving good examples with easy to understand numbers and this is my first time learning about business taxes. Only part I don’t completely get is where the $88,000 came from when at first it was $100,000 then the QBID made it $80,000. I’m just confused where the other $8,000 came from.

@nextgenerationsshow 7 месяцев назад

@@vikkifairchild9858How?

@jamisonmunn9215 6 месяцев назад

It's not, since the governments number one mandate is keeping the nation safe. Also a nation has clearly defined borders that requires people to go through a process to enter. Since the USA doesn't have those things currently all federal taxes are invalid and shouldn't be paid.

@mtmetzger 3 месяца назад

Excellent video! Thanks for being so precise with your explanations. You are really taking the stress out of the entire process.

@shaunquilty8201 3 месяца назад

You did a great job, explaining how each entity pays their taxes and what is required but you didn’t explain to me any advantages of what each one offers so you just wasted like an hour of my time and now I’m super convinced on why it’s just good to pay so I wanna do your taxes. Thanks.

@nickoliwade 10 месяцев назад

Thank you for helping with taxes and your visuals were spot on , also keeping taxes interesting.

@MrElvin026 3 месяца назад

Very well explained, I’m CPA in Puerto Rico and is very important get an advisory from a CPA.

@anitacobb1973 2 месяца назад

Outstanding!! I agree with Roger below. You provided the clearest explanation to date!!

@adamkalon7584 4 месяца назад

I rearly leave comments but you are great! This is EXACTLY what I have been looking for so long. I graduated from financial university in Europe but now I live in the US and I need to understand your microeconomy regulations work. Your video is just a great example of top notch teaching, it helped my to obtain more clear vision on how to run my own company and what type of entity to choose. I didn't even know about QBID. I'm going to comple your whole course. Thank you again!

@ashburnconnecttv7860 2 месяца назад

Rarely.

@adamkalon7584 2 месяца назад

@@ashburnconnecttv7860 I wish I had someone who would correct me since I’m trying to improve my spelling. Thank you for noticing!

@mariabell8320 5 месяцев назад

Found your post interesting to watch. I can't wait to see your new videos soon. Good Luck with the upcoming update. This RU-vid channel is very informative and effective.

@Mukimuki28 2 месяца назад

Best video on tax differences !! thank you for taking the time to do this video 👏🏻👏🏻👏🏻👏🏻

@denbestenmathchannel4180 4 месяца назад

Great video! You do a nice job explaining a complicated topic. Thanks!

@user-iq3xk4xu9b 5 месяцев назад

Great explanation! Thank god I came across this video. Looking forward to watching the rest of your information. Thank you!

@amyroberts3922 3 месяца назад

We are thinking about converting from a LLC to an S Corp. This was extremely helpful. Thanks!!

@edentajas1624 11 месяцев назад

Thank you so much... this is very helpful. I am a freelancer and I need to learn more about US taxes.

@roberts7363 22 дня назад

Thanks for the video. Nice Fastback in the background ;). I once had a 66' Coupe.

@NaviMarajCPA 21 день назад

My favorite comment by far!!!!

@riazgomez8100 10 месяцев назад

Navi!! I see many videos and feel like yours are the best to learn!! Hope to find you soon and would love to learn more from you

@nasariosantos1117 2 месяца назад

Navi, you do an excellent job teaching the layman ! 😊

@fixitfredhandyman 3 месяца назад

extremely clear about all three categories. thank you.

@kasiwilliams5927 5 месяцев назад

Thanks for explaining I enjoyed following along the visuals and website.

@xcalybur75 20 дней назад

Fantastic info and great pacing. This is hard stuff for most people to wrap their head around and you did a great job. The only thing that would make it marginally better and might not be worth the time is to put together some slides you can show occasionally during the presentation, but I understand if it isn't worth it.

@n.trs1788 Год назад

Thank you so much. This knowledge is invaluable and I better understand Sole vs. LLC and not as freaked out!

@NaviMarajCPA 11 месяцев назад

Great to hear! Thanks so much for the feedback and glad you're understanding things better.

@shamszaynreacts1993 Месяц назад

@@NaviMarajCPA❤❤❤

@TripleLRusticDesigns Год назад

This is incredibly helpful! Thanks so much!

@NaviMarajCPA 11 месяцев назад

Thanks for the feedback!

@nandakumars2845 11 месяцев назад

Spot on, exactly what I was looking to learn. Thank you for your time in helping everyone! I am new to forming an LLC and learned a lot through your videos. As an S-Corp, when exactly can you withdraw the "distribution" amount (60k in your example). You pay taxes on 88k anyways - is there a reason to leaving that distribution amount there? At the end of your video, you suggest that over 60k can go to a Roth. What about Pre-tax retirement contributions? SEP IRA not an option for S-Corp?

@cynthiagarcia2784 4 месяца назад

This is a great question. I would like to know this as well.

@wittyk8581 13 дней назад

Fantastic content, I will absolutely 100% come back

@Furygasm 10 месяцев назад

Great video, very informative and well explained/structured. Only problem is that I need a Canadian version of this channel!

@Trader_Father 10 месяцев назад

new LLC and this is exactly what i need to know, i am going to the s corp after watching this video.

@jocoll75 5 месяцев назад

Best video on tax differences.

@hot.alaska 3 месяца назад

thank you for taking the time to share your knowledge on this

@munchkinm6929 8 месяцев назад

Very clear and educational video, thank you

@MariaRosales-uv2ls Год назад

Thank you. Very helpful content and well explained.

@NaviMarajCPA 11 месяцев назад

You're welcome! Thanks for the feedback.

@nickp8 5 месяцев назад

You are phenomenal. Thank you for what you do!

@RedDragonProtection 6 месяцев назад

Thank you for this video. It's exactly what I was looking for. I found your spreadsheet and will definitely adapt it into mine. I appreciate it. I subbed for you.

@joser08rodriguez 11 месяцев назад

Great video I really liked the visual chart. Thank you.

@margaritagordon3142 11 месяцев назад

This was very helpful!! Thank you!

@rociozamora877 Месяц назад

Excellent presentation!! 🎉❤

@Jay-es3vm Год назад

This was very helpful! Thank you so much!

@NaviMarajCPA 11 месяцев назад

You're welcome. Thanks for the feedback!

@user-by7lo6zl5l 11 месяцев назад

Very informative. Thank you! How do you switch from an LLC to S Corp?

@kareemaestrada6734 Год назад

This was awesome Navi!

@NaviMarajCPA Год назад

Thanks for the feedback! 👍🏼

@nellycaldeira4145 4 месяца назад

amazing video!!! WOOOW. I AM IMPRESSED!

@christopermontez6109 5 месяцев назад

Awesome info you broke down simply thanks and a pay roll company seems the way to go

@saheruddin06ify 5 месяцев назад

Amazing video , well explained

@jukestaposition 2 месяца назад

Super helpful and clear! Thanks!

@mariesafaite-antoine20 3 месяца назад

Very helpful! I will implement your advise

@TheBookOfJane 4 месяца назад

Ok I am going to learn this stuff come heck or high water..... Thanks for your help. Great Channel!

@dipalir130 4 месяца назад

this was really helpful, Thank you.

@fromjaxflorida 5 месяцев назад

I'm trying to understand business taxation and this video helped me to understand the differences. I'm a visual person; listening and reading don't help me. Thank you.

@bichli Год назад

excellent presentation!

@NaviMarajCPA 11 месяцев назад

Thanks so much!

@falgunipatel5776 6 месяцев назад

Very informative. Thank u!

@ChrisGreen-fp3jd 3 месяца назад

Thank you so much very informative.

@Sam-fz3mx 8 месяцев назад

Great video. Thank you!

@jlopez821able 10 месяцев назад

This was so helpful! I’m trying to decide llc or S corp for my business salon in California

@MrMeli504 2 месяца назад

Great info, thanks so much.

@lavadog13 4 месяца назад

Great video. The social security tax is more nuanced then described. There is a max amount that is held per year. I think you want to max that out as many years as possible to get max social security benefits at the end of the day.

@Crys_M1229 Год назад

Thankyou. This was a good video.

@NaviMarajCPA 11 месяцев назад

Thanks so much! 👍

@MasterYourBooks 11 месяцев назад

Hi Navi! I am very impressed with your teaching style and videos so I'll be investing in your course. Do you have an affiliate program for those of us that want to share you course with others? If YES, you can respond here so others know the answer and I will ask again once I locate how to ask questions inside your course. Great work!!

@Osalikioficial 4 месяца назад

Really good video. Thanks

@AnasKhan-uw7vf 5 месяцев назад

thanks mr.meraj ... thumbs up from Pakistan

@bigstar111 11 месяцев назад

Thank you so much! Extremely helpful! As sole owner LLC, are the quarterly payments mandatory?

@taxleverage 5 месяцев назад

Yes but they're based on prior year tax due, so it's possible they're not mandatory given your situation. Search safe harbor estimate payments and that's the calculation to determine the requirement.

@karleenaudibert35 Год назад

Everything you explained was very helpful! Thank you for sharing!

@NaviMarajCPA 11 месяцев назад

You're welcome. Glad it was helpful for you!

@vincentjohnson7786 10 месяцев назад

Great info!

@sergiolozano5116 6 месяцев назад

Thanks for sharing!

@TheBookOfJane Год назад

Happy I found you! Great info New Sub

@NaviMarajCPA Год назад

Glad you’re here! 👍🏼

@shawndisho7378 2 месяца назад

Amazing!!!!!!!!!!!!!

@wongjuan1 Год назад

thank you for the video

@NaviMarajCPA 11 месяцев назад

You're welcome!

@mila_myart 2 месяца назад

❤good information!!!!

@pasolero 2 месяца назад

Great video...very informative. Do you have recommendations for a payroll company for beginner in NYC?

@freddycuevas6595 2 месяца назад

Great Video! Thank you. If anyone knows in the S corp case there was 40k of Income and the rest Business Income 60k. The employer paid Medicare and Social security on 40k but didn't pay anything on the Business income of 60k for medicare or social security?

@thunderbomb501 Месяц назад

Do you have a link to that spreadsheet? Amazing video, I watched it at 1.5x speed and didn’t need to rewind it was that straight forward ❤

@QValpo Месяц назад

Fantastic breakdown, one question. If you have W2 income not related to the business, does the business income get added to the W2 income flow through the tax brackets or do they flow through the brackets separately?

@jatinranjan7954 11 месяцев назад

Thank You for explaining these terms so lucidly. I hope you make a video on different Corporations ELIGIBILITY criterial as an individual business owner . Can a individual file a S corp or C corp by himself managing all the business ?

@cwright272 10 месяцев назад

I'm not sure what state you reside, but in Ohio, I was able to file for any type of business entity he discusses in this video as well as a c-corp by myself, it just took some knowledge of which Ohio's gov websites I needed to visit. I did everything online without the help of a service/third party.

@RoxanaLuna-bm4hh День назад

thank you!

@erikdong Год назад

Great breakdown. Thank you for sharing!

@NaviMarajCPA 11 месяцев назад

You're welcome. Thanks for the feedback and taking time to comment.

@budgeting4u932 Год назад

Hi Navi, can you please share the tax estimate Excel file template?

@yenildamelendez3011 Год назад

Thank you!

@NaviMarajCPA Год назад

You're welcome!

@emmanuelmorales9402 2 месяца назад

Great video! Quick question, is the 40k w-2 salary for john a tax deduction/expense for the Scorp?

@KoolKiddxD Год назад

Amazing!😊

@NaviMarajCPA 11 месяцев назад

Thank you!

@adriandiaz5688 Год назад

This was extremely clear, thank you!

@NaviMarajCPA 11 месяцев назад

You're welcome and thanks for the feedback! 👍

@831richram 3 месяца назад

You’re the man bro!!! Great information bro!!! Is it a bad idea to ask if I could get 12:00 min of your time ? If so how ?

@moneylifetv1754 Год назад

greate video am gonna like this video

@NaviMarajCPA 11 месяцев назад

Thanks so much for the like and comment!

@jeffkayode 8 месяцев назад

Thanks for this... I will like to know if this is also available for business registered by a non US resident?

@milesvaniglia7854 Год назад

Excellent Video! Glad I got an S -Corp!

@NaviMarajCPA 11 месяцев назад

Thanks for the feedback! Glad to hear the S Corp is working out for you.

@ElementalWildfire Год назад

This is awesome. Thank you from a small business owner!

@NaviMarajCPA 11 месяцев назад

You're welcome and thank you for the feedback!

@psalas1 10 месяцев назад

You are hired!!!

@TronStylias 8 месяцев назад

I learned how save money and not let IRS take more.

@Puppypaws-cr4ck 2 месяца назад

Great video! very well explained. had one question. if you do a s corp and using your example .. if john is married.. does he file that 60K held in s corp on his joint filing with his wife or does he file that separately. trying see if you can reduce your combined income bracket in paying taxes by doing an s corp. thank you!

@tharas-merch-llc 5 месяцев назад

Thanks Navi Maraj, I enjoyed learning with you. I have some questions though: If a person is a non resident single member LLC(also called as disregarded entity), can he/she no have to pay social security and medicare? Since those benefits is not for foreigner/non resident. If so, how is it done?🌎