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Someone paid me personally & used my social instead of my business & EIN. They refuse to change it. What can I do?
So are you saying if we didnt pay the owner or the employees or everyone
What if you become disabled and yiu have to srll your house?
great explanation, I have a question, I am Canadian and I own a C-corp as I have a business in the USA, what happens to social security and Medicaid as I don't have status in the US
If you start mid year, can you do both, 1099NEC first half of the year and W-2 for the other half?
My entity was created in Texas on 8/13/2013. Is it too late to file form 2553 late as of June 2024?
Do you work with clients in NY?
Hopefully you can help here, I'm an LLC my vehicle is used 80% of the time. Could I wrap my vehicle and the remaining 20% of personal miles be converted to business miles since I am advertising and working now?
You are assuming a very low tax bracket. My wife and I have W2 jobs, I also own a very profitable sole member LLC, we are unavoidably in the federal 22% tax bracket, 6% for state, and then 15% for self employment tax. Thats 43% in owed taxes. If i buy a $70k truck under 179, that saves me $30,100 in taxes. To me; i jusy bought a $70k truck for $39,900. Im happy about that.
Excellent thank you!
This was so helpful. Its my first video from you and i'm definitely gonna try to binge watch the rest of your videos. good job brother!
Thank you so much.. I have KZread channel with ads...
Great video, thanks for your insights
I think if you're dead set on buying a luxury large heavy vehicle anyways, or if your business needs a truck to do the job and you need to buy one anyways, then it's an expense and you should take the necessary steps to save taxes as appropriate. Buying a car as an "investment" never makes sense really you'll lose money on it long term. If you're assuming you'll get a "free G-wagon" by saving tax this way it's just hype. But if you need a truck or car for business to make money as a tool, by all means, this is great.
You did great 👍🏾
Lots of great information 👍🏾
If we have elected to have our LLC taxed as a C-Corp or S -Corp, and want to restore it to the default (sole prop.) tax status, which form should we use?
Great job explaining this! I have used this video to help so many people understand these differences!
Can you please explain in simple terms. This is very confusing. Thank you. Maybe show the breakdown.
Would it make sense for a single member holding company LLC that holds rental real estate to elect for S Corp or C Corp taxation?
This so very helpful. I am glad that I found your video. 😊
You nailed it!! I loved this comparison it’s very easy to understand. What happens to owners draws how are they reported? are they counted in the K1? Thank you Navi for the answer.
Thank you. S Corporation shareholder distributions are reported in a few different places on Form 1120S, one of which is the K-1. They are taxed at ordinary income tax rates and are not subject to social security and Medicare taxes.
Thanks brother for making this valuable content. More power to you.
You’re welcome!
Thank you so much for this. Extremely helpful video that is clear and easy to understand!!! You have saved me hours of scouring the internet reading useless articles.
Briefly got the gist of it but for me specifically, if my W2 is about 110k and starting a new business, no revenue yet no knowing how much it’ll profit.. would you say to stay sole prop and write off losses for startup? Or can I switch to scorp once I pass the 40k profit?
Hey there! Can I use my Registered Agent address when filing for an S-Corp Election?
Navy, thanks for another great video. I recently got interested on becoming a SB Owner, and looking for info on this matter I came across some of your videos. They had been a great source of information. So thanks for the incredible help you have become to me. I was wondering where could I get acces to the spreadsheet where you compare the taxes due between the diferent tax clasification you could set for your entity. In advance thank you for the help again and for you great work
Thank you for the feedback. The spreadsheet is not available because it’s not 100% formula based and there are some hard keyed numbers.
Is payroll only if I have employees?
When you’re a sole proprietorship or partner in a partnership, payroll is for W-2 employees (not the sole proprietor or partner). When you’re taxed as an S Corp or C Corp, the owners themselves are typically on payroll (in addition to non-owner employees who are on payroll).
Great presentation with simplicity
Thank you. 👍🏼
I love how you use actual scenarios with real numbers and walk the viewer through the calculations. Your explanation and emphasis on the key drivers are great. Thank you!
You’re welcome and thank you for the feedback!
How about the distribution from the s corp. how is that taxed on the personal taxes? At what tax rate?
The distribution is accounted for in my examples. To answer your question more specifically though, distributions from an S Corp are taxed at ordinary income tax rates.
@@NaviMarajCPA thank you. I love your videos
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Thank you for the video, it clarified a lot for me. I was never advised by my accountant about payroll. Now I have another question regarding the Solo 401k. Since I did not do W2 for 2023 how can I claim the employer portion that I already paid into Fidelity for 2023 at the end of the year. If I cannot claim what are the consequences for overpaying? Thank you so much.
Do you know of anyone or way I can expedite processing? This is holding me up in escrow. Willing to pay out of pocket too for assistance.
Great explanation in mi opinion! I have a question I lived in my primary residence for 14 years. I bought 2nd house and I’m been living in it for 10 months now. I’m planning on selling my first home so I still qualify for the tax exclusion?
Thank you so much, Navi! This video is GOLDEN!!!
Thank you for this clear explanation! Finally!!
Thanks for the video. I don't see how a loan would help resolve the issue as it will be recorded as a liability and not increase basis.
Thanks for the video! In the purchase scenario, if you do NOT sell the vehicle after 3 years (say you keep it for another 2 years for personal use only and then sell it in year 5), will there be "depreciation recapture" on year 5?
Thanks for the video!
I just sold land I inherited for 170k. I am not working and single. I have no income so does that I do not have to pay capital gains?
Hi, Can I deduct my health insurance premiums with Cover California from my S Corporation payroll taxes?
Is there a way to obtain a copy of your excel template?
Do you have a video for persons with high W2 income and small business with >$300k profit? I'm curious about when s-corp makes sense for them.
if you own commercial property and used personally and approaching retirement googgle 'A.T.O 15year exemption, advisers wont always be aware of this and the A.T.Ois clear and simple ,i have used it and then you can transfere the sale monies anywhere you wish. please check its easy as .
Do you offer the spreadsheet so I can calculate with my lease terms and mileage drive and tax bracket what would be best for me?
Where can I find a copy of the spreadsheet
THANK YOU THANK YOU VERY MUCH… 🙏🏽 I just subscribed 👌🏽👍🏽
Why would a single owner opt for an LLC over S Corp if the tax savings are so significant with the S Corp?
Another excellent video and I am learning a lot from you. Thanks much!