How to Pay Yourself as an LLC in 2024
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- Опубликовано: 3 авг 2024
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*Disclaimer: I am not a financial advisor nor am I an attorney. This information is for entertainment purposes only. It is highly recommended that you speak with a tax professional or tax attorney before performing any of the strategies mentioned in this video. Thank you.
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Switch your LLC to be taxed as a s-corp benefits: deductions and lower self-employed tax. Using the 2553 form.
Hey Karlton! I just wanted to say that I really like the style of this particular video. It was a lot easier to follow than some of your other flashier videos. I'm brand new to learning tax saving strategies and this pace was really good for me. Thanks for your videos and great content!
This was honestly one the most informative videos I've seen yet. You're the man!!!
Brooo. I was needing this information so bad . Thank you
Most important part... thanks for this
oh its wraps, preciate the sauce big dawg
You hit the spot I want to know. Thank you.
Thank you sir!: That made sense!
I appreciate it!
Absolutely outstanding video I really appreciate the fact that you took your time to explain it so well. I am subscribed and I look forward to watching more videos and educating myself thank you
Joined membership today
Thank GOD for you and Mark !!!!
I often watch yall dual lives together
Who is Mark?
@@lolabrownphd Mark Kohler
Beautiful video!
That's why I transfer a percentage off the top of every deposit into a high interest rate savings account for taxes later. And it hurts! Life is so expensive.
What bank do you use for this. What percentage is considered high
@@acartman2 MVB and it's not that high but compared to Chase's 1%, 4 to 5% is much better.
I use an insurance policy as my savings account
You're awesome bro straight up😊
Awesome recording.
Question on owners draw. Since it’s not taxed on the actual draw amount and only on the profits of the business, can’t this be leveraged to draw money in excess of profits via using loans?
For example:
1) LLC has $10k in profits expected for the year. This means the owner would be taxed on $10k of income (profits) if no additional revenue or expenses occurred.
2) Business takes out a loan of $10k.
3) Owner takes draw of $20k, since there was $10k of profits and $10k of excess cash in the account from the loan.
4) Owner still only pays taxes on $10k since that is the only profit from the business, and the excess draw of $10k originating from the loan is just “tax free money”
Is there any restriction on withdrawing more than your actual profits for the year?
Yes u can do both
Awesome
So confused. Previous video I watched advised against an s-corp.
Thinking about it.
What's the advantage of going as an LLC, why not do the whole structure as an SCorp?
What about guaranteed payments paid to partners? How does that work
What do you think of aged shelve LLCs and Corporations?
If i am getting paid by W2, then i have to pay fed and state tax too .
Yes, but the amount you have to pay is lower when you file as a s-corp.
Karlton, thinking about buying VIP.
Question...I paid myself $60k via W2 in an Scorp LLC, and took a $15k distribution in Q4 (the business netted -$2000 in 2023 after ITDA). Should I have taken more or less as W2 or should I have made that Q4 distribution a W2 deductible event?
Can you have two LLC under 1 S-Corp? Are filing Taxes separately better than joint?
Doesn’t the 15.3% self employment tax just become the employee and employer portion of payroll tax? Then the corp pays taxes at a higher rate? And I would pay both?
Just to clarify, as an LLC my company makes 100K and I take 40K in distribution, I will pay 15.3% SE tax on the 40K AND the 60K remaining that passes through to me.
If I change my status to a S-corp and take that same 40K as a W2, I only pay the employee’s 1/2 of the 15.3% SE tax. Who pays the employers 1/2 and who pays the SE tax on the remaining 60K that passes through?
I had this exact same question
You pay the whole 15.3% on the $40k PLUS your regular income tax. The $60k passes through as a distribution from the company, so no SE tax.
I'm assuming so I think s
TD Ameritrade no longer exists it was bought out
LLC, Scorp is safe when you will divorce? Or need to do something to protect it?
So what is the tax percentage on the remaining 60k as an S corporation? I get that the 40k being taken out as “payroll” is taxed at 15.3%, so what’s the remaining 60k tax rate?
All of the profit ($100k) is subject to income tax. The advantage here is the $60k does NOT have to pay the self-employment tax (the 15.3%), so you save $60k * 15.3%, or $9,180!
💪🏾🙏🏾
You may get more views from video like this, Back to the Basics !!!
agreed!
I got it yes yes😂
If you're going to say pay yourself as an employee I'm not going to watch.
nobody cares
Why not? What's wrong with that
@@lovedrae4633 it creates a taxable event
And if I am not an American resident/citizen, what is my alternative to the S-corp?
You hit the spot I want to know. Thank you.
You hit the spot I want to know. Thank you.