When NOT to Choose S Corp Taxation for Your Business
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- Опубликовано: 10 июл 2024
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Join Navi in this video as he discusses the 5 scenarios in which you DO NOT WANT your business to be taxed as an S Corp. This video will help you break down the benefits and drawbacks of the S Corporation, a popular choice for many business owners. Discover its greatness, but also understand the scenarios where it may not be the right fit for your business. Don't miss out on valuable insights-watch now and make informed decisions for your business taxation strategy!
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CHAPTERS
00:00 Introduction
02:27 Reason #1
05:13 Reason #2
06:53 Reason #3
08:11 Reason #4
10:11 Reason #5
11:11 Final thoughts
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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.
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Your information and delivery are phenomenal. Thank you!
Hey there! Thank you for the videos! This is great info to have and I’m learning a lot! Thankful to have found your channel. If I am a SMLLC and opted to be treated as s corp can I un-do it? Is there a form or something to do?? After watching your videos and doing more research the puzzle pieces are beginning to come together in my mind … I think I’m better off staying at sole proprietor tax versus s corp. I am somewhat newly self employed and have had a very difficult and frustrating time getting my accountant to explain anything to me so I’m figuring things out on my own.
If I am a SMLLC w/ S-corp tax status, do I follow the requirements for an LLC or an S-corp? For example, meeting minutes - requirement or no?
I have watched many of your videos and they are very informative. Suppose I have an LLC without an S-Corp election, can that LLC be able to setup a Cash Balance pension plan to save higher amount towards retirement by deferring the taxes
Hello, do you go over roughly calculating your tax savings if already have an S-Corp but do not want to put all of your earnings under the S-Corp umbrella? In particular, if you have a choice to earn W2 from one of your employers versus 1099 as a contractor?
Great points, Navi. Why not either form an S corporation or file form 2553 for your single-member LLC disregarded.
Your course - Will you be available to answer questions as well since these are recording?
Yes, there is a section checking after each phase of the course for students to ask questions and I typically answer them within a week or so.
I have a question. In the first reason you gave, you suggested the "Reasonable Compensation" is $35,000, which is just about half the total revenue, and over half the profit. I heard others suggest that you can say 1/3 of total revenue can be considered reasonable. In that case would the money savings be more?
I have a question, how does the irs knows if the owner is in the payroll? What about if someone is an S-Corp but is not paying them self in payroll? would a 1099 be good for that?
Hello.
I am S corp owner. I have a solo 401 K. My payroll company dont put my contribution pretax employee in my w2 box 12 code D. Can I still report this contribution in my 1040 in the schedule 1 line 16 as self-employed qualified plans to take the deduction. Thanks
I would just ask your payroll company to do a payroll correction and issue you a corrected w2 (w-2 c).
When is the deadline each year to elect this tax strategy?
i sort of agree with you, in theory. But here s why I went thru S-corp. I was getting older and I was not saving enough for my retirement. In order to catch up, I wanted to be able to put the maximum, which at the time when I started the S-corp was $24,000. Up until that point i could put away...maybe...maybe $11,000. Then California went crazy and the moronic governor scared a lot of businesses into not taking Sole Proprietor. * yes, I am freelance * , So I HAD to go S-corp for these two reasons. What do you think?
I don't know enough about your specific situation to provide an opinion. I will say that today (wasn't always this way) a sole proprietor can have a solo 401(k) and contribute a large amount of money into a retirement plan. For example, a sole proprietorship with $40,000 in Schedule C Net Income could contribute almost $30,000 into retirement with $22,500 being the elective deferral amount and $7,337.00 being the "employer contribution" amount.
You are right. And that is why I have a solo401k. But the reason I had to go S-corp is because California threatens business that employ 1099 contractors. Hence why they tried to pass AB5 that was trying to force Uber to qualify the drivers as employees. I m happy with the solo 401k and I am happy that I found your channel @@NaviMarajCPA
my man
Yo! Hope all is well!
Hi! Can you do a video for Turo Hosts?
Hi there! That is not something I plan on specializing in or creating a video about. Do you have a specific question about taxes related to being a Turo Host?
@@NaviMarajCPA Good Afternoon Sir. Yes, I do. I wanted to know which method is best to claim the purchase of the vehicles.
Would it be a S Corp, or a 1099 and rent the vehicles to the business?
Would you be able to charge me for a telephone conversation? Not a business owner yet, just learning everything I can before I begin.
Hi there! There was a time where I would do paid 30-minute and 60-minute consults but I don't have the capacity to do those any longer. I really don't want to sound too salesy here but my course might be a great way for you to start learning for when you're ready. You'll get way more value out of the course, than a 60-minute consult with me. The course has over 11 hours of video content.