LLC vs S-Corp: The Decision That Can Save You Thousands

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[@DrumFFx]

i’m dirt poor comparatively but i have big aspirations in flipping woodworking and the stock market. i’m a 56k W2 catching up on back taxes.. and i’ve always avoided taxes and paper work, it’s my phobia.. but i absolutely love watching mark explain this stuff. he makes it fun and interesting!! love all the little details!!

[@therealissajo]

Thank you, this is really helpful.

[@DoriAliso]

Thanks for sharing FET and AMS99T$. 💯

[@sandeepinwati-ym2ew]

I'm All-In

[@DoleswarMajhi-fm6ho]

I am so bullish right now

[@paapi1605]

AMS99T IS HUGEEEE!!!! 😎

[@user-rx5ey5ot3o]

Just read news about AMS99T this morning. Presale is open right now

[@MonsidMura]

really good project

[@carmenrojas4469]

Mark bless you 🙏🙏🙏

[@elizabethalvarenga7708]

Omg, you had a sale for your event a fee days ago!! 😢 So upset at myself for not seeing this sooner.

[@4EVRTRB]

Do you have any current youtube shows about EIN and how it relates to your businesses/ LLC / SCORP?

[@AllInOneReadyMadeSeasoning]

In regards to home office, I run two corps and 1 sole proprietorship. Can the two corps reinburse the use of the home and do the simple home office deduction too? Thank you!

[@JasonDixonOnline]

where is the ADP link at?

[@johnpennington3601]

Mark,can I start with a S-Corp?

[@therock1232100]

How the whole anonymity element from Wyoming LLC?

[@Jadungca63]

My accountant turn my LLC into C Corp instead of an S Corp. what should I do to switch it to S Corp instead of C Corp. can you pls tell me the difference between two when it comes to paying taxes.

[@mikesouth3032]

Seasonal = Canoe/raft rental business

[@unbelievable9750]

As an accountant I don’t like how we are telling people LLCs don’t save on taxes. That’s a half truth. And even though what I’m about to say isn’t technically taxes it’s still an expense business owners need to be aware of between LLCs and SCorps.
1. Yes, LLCs get taxed at 15.3% but remember there is a 50% credit so technically you’re not paying the full 15.3%
2. Payroll is not required with LLCs but is with SCorps. So now you’re paying for payroll software, someone to process payroll, FICA taxes, and state and federal unemployment taxes.
3. SCorps avoid the 15.3% tax but now has extra costs for payroll and payroll taxes
4. Overall an SCorp will save more in taxes if the business is doing at least $150k-$200k in revenue to afford these extra expenses for an accountant, payroll, etc
5. I tell all my clients start an LLC first NO MATTER WHAT. I don’t give damn what business you have, your goals, dreams, how much you think you’ll make, etc etc. Start an LLC first then it’s easy to switch to an SCorp down the road or possibly even in the first year.
6. For the love of god people please hire an accountant or attorney. Stop watching videos online by some internet bums that have no idea. Please please please. Accountants will not like you or they will charge you a boat load of money at year end to do your taxes if you decide to call them and say yeah I got a business with $200k in revenue but idk my expenses or I haven’t done my accounting.
7. If you want to call yourself a business owner be prepared to pay money for an accountant or a professional to help you. Yes, that’s right you need to pay for someone’s time and knowledge. Instead of spending your money on $8 coffees or extra junk your business doesn’t need, pay a professional to help you.
8. STOP WATCHING VIDEOS ON TIKTOK AND INSTAGRAM ABOUT TAXES AND BUSINESS. 99% of the trash on there is false.

[@NancyMaryqa]

Bought AMS99T$ at 1$, I will keep it until 2025 when it reach 250$

[@FlorenceDebra]

I am sure that AMS99T$ will go 100x just like you said

[@KarenEira]

Thank you for sharing AMS99T$💗 I really appreciate it