What is an LLC vs. S-Corp: Which is right for your small business?
What is an LLC vs. an S Corp? (In layman's terms!) And which is right for your phase of business? Watch this for a simple breakdown and some tips on how to pick the right business entity and tax classification for you.
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TIMESTAMPS:
00:00 - Intro
02:42 - What does LLC stand for and mean?
04:17 - Who should have an LLC?
05:28 - What is an S Corp?
07:49 - How S Corps decrease taxes
10:14 - Drawbacks of an S Corp
13:05 - When to Move to an S Corp
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Пікірлер: 14
YOUR TURN! Are you a sole proprietor (by default), an LLC, or an S corp? P.S. Want help creating a business plan that doesn’t burn you out? Learn my Healthy Hustle approach: xotara.us/training
This video is so incredibly helpful! I formed my LLC recently after speaking with my attorney. I was reading a ton of information about whether or not I should elect for an S-CORP. I decided not to but wasn't 100% confident in my decision. I just had a feeling that it was more work than myself and my business was ready for. Your video has given me a ton of clarity that my gut instinct was right! I'm still on the hunt for an accountant that can scale with my business but at least I'm more confident that having an LLC only is right-sized for me. Thank You Tara! 😃
@TaraWagner
2 жыл бұрын
Nice! Having that realization and understanding is golden. Wishing you the best of luck finding a great accountant for you and your biz. :)
Super helpful information. Thank you.
@TaraWagner
3 ай бұрын
Glad to hear it!
Love the content you post! Valuable information for all business owners. I work with owners looking to scale and exit their businesses - they can all benefit from this info.
@TaraWagner
11 ай бұрын
That is awesome!
👊🏼 thank you for your videos. They are insightful and helpful.
@TaraWagner
Жыл бұрын
I appreciate that!
Amazing
@TaraWagner
Жыл бұрын
Glad you enjoyed it! What type of biz do you have?
Why is the sole proprietor taxes $33135? You multipled the total 100 grand by 24% that's not how progressive taxes work. Please clarify and let me know if that's incorrect or I'm missing something.
@mathewrodriguez9383
Жыл бұрын
Single person tax filing math- 100,000- 89075 (checked tax brackets on irs.gov) = 10925 x .24=2622 2622+ 15213= 17835 total tax rate. Employer tax come out to 15300. 15300 + 17835= 33135 total taxable income on sole proprietor.
@TaraWagner
Жыл бұрын
Hey Matthew! Thanks for sharing this! I'd have to go back to my notes (which I can't find right now) to verify where I got those numbers. The safest bet though is to take your specific biz to your tax advisor and have them help you decide when it's smartest to move to an S-corp based on what it will save you. The purpose of this vid is ONLY an example to help you take the next steps in your own situation.