Thank you for the great information provided. If I have $50K in my personal savings to fund my LLC; how do I properly do that? Also, how do I collect funds when my LLC starts generating income? A video or written response would be greatly
@@MrElnegrito88They do but beyond name and address (Physical) but you don’t have to supply your SSN By Law! I Bring my No SS required form with me to Every bank I go to! 😉
Hey! I love your videos! I do have a SUPER serious question for you though & if you could make on a video on this, I would really appreciate it….. in the new emerging world we live in now - in the middle of WW3 - how to we secure these “corporate personhoods” agains “Lawfare” (A.K.A. Using the law as a weaponized projection of force against a corp LLC / s-corp)? Example: “Chokepoint 2.0”
Small taxes can affect investment decisions such as whether to choose tax-free municipal bonds over taxable bonds or do a Roth IRA conversion. I’ve been sitting on over $745K equity from a home sale and I want to invest on the stock market, how do I achieve this without being taxed twice?
There’s more benefit to holding fixed-income assets in tax-deferred retirement accounts as opposed to taxable accounts. If you're not who understands strategies to invest in the market, seek a Financial advisor to guide you.
Indeed, I did make use of a financial counselor. As I get closer to retirement, their advice has been really helpful. I thought compound interest on index funds wouldn't be sufficient because I started late. It's amusing how I've done better than colleagues who have more years of investment experience. I've profited more than $886k tax free.
Certainly, there are a handful of experts in the field. I've experimented with a few over the past years, but I've stuck with ‘’Melissa Terri Swayne” for about five years now, and her performance has been consistently impressive.She’s quite known in her field, look-her up.
I'm favoured, Getting my own Truck has always been my Dream for my business. I just acquired 2 recently, earning $32K weekly has been really helpful. I can now give back to the locals in my community and also support Charity Organizations
You are really sharp. I’m going to follow you and keep you in mind if I need your assistance. Thank you for producing these videos and making them public.
Your videos are so thorough, clear and easy to understand. Thank you for sharing your knowledge and experience. I feel confident and secure following your advice.
It really depends on how your LLC is structured. If you’re a single-member LLC, you’d typically take an owner’s draw, but if you’ve elected S-Corp status, paying yourself a reasonable salary might be required to avoid IRS penalties. Have you spoken to a financial advisor about this?
For me, i did, I went the S-Corp route for my LLC and started paying myself a salary, but I ran into tax issues because I wasn’t clear on what “reasonable compensation” meant. It’s tricky. Plus, I realized I wasn’t setting aside enough for retirement.
Your videos have been truly impressive! As one of your regular viewers, I've been following your content closely for a while now. I'm very interested in making an investment, but I’m still having trouble identifying the right opportunity to fully commit to. I would greatly appreciate any guidance or suggestions you might have in this area.>>
As a beginner investor, having a mentor to hold you accountable is crucial. Personally, I’m guided by Gregory Leo Cattel, a well-known crypto consultant. While I can't share much about him, I recommend searching his name online to find the details you need to schedule an appointment.
I started working with Coach Gregory Leo Cattel back in August, and my financial goals have never been clearer. It’s like having a strategic partner for my money with a solid track record.
Gregory Leo Cattel success can be attributed to his unwavering dedication to setting realistic goals, expertly navigating clients through complex financial landscapes while avoiding the pitfalls of unrealistic expectations.>
They are out of thier mind! Plenty of fear mongering for years. I should have just been long NVDA and SPY and cash in from an epic bull run. With a predicted 'massive' rally . It makes me wonder if it's time to rebalance my 6 figure portfolio or maybe even consider some value additions.
They're better investment strategies than moving to all cash waiting to deploy. Follow the S&P 500 by investing in ETFs like VOO, SPY, and SCHD. Dollar-cost averaging into these ETFs will likely outperform most investors.
My dollar portfolio i DCA with is made up of 30% NVDA, 25% SCHD, 15% VOO and over 30% in digital assets, thanks to my CFA. This strategy is what works for my spouse and I. We've made over 80% capital growth minus dividends.
Sophia Irene Powell is the advisor I use and i'm just putting this out here because you asked. You can Just search the name. You’d find necessary details to work with to set up an appointment.
Thanks for sharing. I curiously searched for her full name and her website popped up immediately. I looked through her credentials and did my due diligence before contacting her.
Should have been clear enough to articulate that “switching to an s-corp” means selecting to be treated as an s-corp for tax purposes while still being an LLC. It is not about switching the actual entity structure.
This year I decided to turn my passion and “hobby” into a business. I’m very knowledgeable in my field but I’m admittedly not very knowledgeable with the business aspect. I have a lot to learn and your channel looks like it’s loaded with great information. I just subscribed and I’m looking forward to learning more from you. Any business tips for a dog trainer/breeder? Thank you and God bless!
Frequent changes in the tax code are making it challenging to maintain my long-term investment strategies. Are there ways to structure my portfolio to be more resilient to potential tax adjustments?
In my view, the U.S. needs a comprehensive overhaul of its political system. The fact that Trump and Biden were chosen to lead out of 300 million people highlights the flaws.
The video explains how LLC owners can pay themselves through owner's draws in 2025. It covers steps like obtaining an EIN, setting up a business bank account, and making draws. It also discusses tax implications, liability protection, and considerations for new business owners.
Wrong on the self-employment tax: 12.4% only until the social security max,; thereafter 2.9% - half of which total is a above-the-line tax deduction in the owner's personal income tax return (and note that an additional 0.9% tax may apply, depending); Second, while a solely owned LLC might be described as a pass-through entity, it would be more accurate to describe it (as it usually is) as a disregarded entity - for federal, and generally state, income tax purposes the entity doesn't exist apart from its owner, i.e., it's existence is disregarded. Put differently, there is no income tax difference between a sole proprietorship and a solely owned LLC (unless of course a election is made to treat the entity as a corporation). In addition, switching to an S corp is no panacea and contrary to your assertion is certainly not necessary at any point in time; moreover, your statement that an S corp gives you better control over your finances is simply patently absurd, the requirement to pay your self a salary, with the attendant payroll tax reporting and payment obligations is either a headache or an additional cost, there is the additional obligation to file federal and state income tax returns and if necessary for the entity to borrow money (typically with full recourse to the owner) to fund losses, the losses so funded won't be currently deductible. Other than the forgoing I have no problem with your video.
@@MockManor I was checking out my email spam and found something from Karlton Dennis where he refers to the Internal Revenue Code as the "IRS tax code" revealing his ignorance. There is no such thing as the IRS tax code, it is not the IRS' creation, it is the creation of the Congress (with the relevant President signing the legislation). No self-respecting, competent tax guy would ever refer to it as the IRS code. This guy is something else.
I'm 37 and have been looking for ways to be successful, please how?? find additional sources of income; thus, I am looking at the stock market to fuel my retirement goal of $3 million
I want to compliment you, you have said it all. I am a little business owner and I really want to expand my business to the next level by making myself an investor but I really don't know how to go about it..
Venturing into crypto as a newbie was very difficult due to lack of experience which resulted in loosing funds... But miss harriet dixson, restored hope shes a good woman
Hi. Thank you very much for the information you share. Can you make a video explaining the differences between LLC names and business name? Which one does the NAIC apply to and the virtual address etc? Also. In one of your videos, you said never swipe your personal card for business expenses and vice versa. What about things like virtual address and start-up fees if your business isn’t making money yet. Thank you
Thanks for the video! Question: I'm selling a personal asset (one of my cars) to use the money for business startup. Should I put the money directly into my business account after the sale or put it in personal account and then transfer to business account?
Hey karlton can you do a segment on how to build business credit with a business bank account and what is a dunns number good for? Also what can be paid out of your business bank account? Please I just got my dunns number and dont know what to do with it
So would you advise not to use a personal credit card for business? I want to gain the points and don't want the annual fee as an over head since I already paid it on the personal side
It is best to use a business credit card for business. You risk co-mingling expenses when trying to reimburse your business from your personal credit card. I’ve seen Amazon offer business credit cards for new & existing companies. They make the application process easy….visit them.
Protecting your capital is much more important than making money. Basically because if you lose your capital, making money is much harder. ''Missing the train'' vs. ''losing your money''. There are a lot of trains, but if your money is gone, it's over.
Wall Street pitched so-called quality stocks with high profitability and low debt, as a kind of insurance against whatever the economy might throw at you. Quality stocks have underperformed the S&P500 this year, My $200k portfolio is down by approximately 20 %, any recommendations to scale up my returns on investment
Nobody knows anything You need to create your own process, manage risk and stick to the plan, through thick or thin While also continuously learning from mistakes and improving.
Exactly why i enjoy market decisions being guided by a pro , seeing that their entire skillset is built around going long and short at the same time both employing risk management and market experience , been using a portfolio-coach for over 2years+ and I've netted over $3million in that time frame.
Just wanted to say, ‘Carol Vivian Constable’, my CFA, is the real deal in his field. Dig deeper into her background; she's got years of experience and is a goldmine for anyone diving into the financial jungle!
Just subscribed! I have a video you NEED to make. I’m a tax accountant of 3 years now and am super worried about a possible flat tax rate and simplyfing the tax code like crazy. Chamath Palihapatia and DOGE have discussed this. Would love to hear your thoughts and how our profession would continue in this situation!!! Thanks for all you do!
Hallelujah! God is still performing wonders. I'm positioning myself for such miracles. This is the best thing I've seen today on TH-cam-thank you so much!.540k earned so far.
To be successfully in life one must take risk, investing brings success that’s why the rich will never come out in public to tell you how they make their money
Is the owner's draw just writing a check to yourself using your business checking account ? Then you would set aside the taxes into another account. And the federal taxes are paid using the personal social security number, so the EIN is used for bank account and LLC purchases ? In NJ, state tax requires EIN I believe. >> Please also give us a video on which irs forms to use for quarterly tax, etc. Also a video on accounting software. Your videos are a great help Thanks.
Dear Mr. Dennis, I am requesting, and hoping that you could make a video about Roth conversions and how it could be possible to make Roth contributions through your LLC. Or 401k contributions instead of taking an owner-draw personally I don't need the money I make from my two llc's, one is a rental property and the other is a Home/property inspection company. basically I would like to just reinvest back into the business for possible sale, while banking more for retirement if it matters I am 53 so I feel like I need to start converting as much as I can to Roth. Thank you, Wade
I tried to open a bank account (several banks) using the EIN for an LLC. These banks want a social # to establish the account. They are claiming they need it to set up the profile of the user, agent. Is this true?
As a rule of thumb what percentage of my pay should I put away for all taxes ; federal, state , social security, Medicare . Also should I calculate this percentage daily , weekly , monthly or quarterly. I am an owner operator hot shot driver leased on with a carrier that pays me under a 1099 contract. Sometimes I’m paid every day every other day or even weekly whenever I am done with my delivery. I get paid into a com data card. How would I go about paying that into my LLC business ? Would that be a simple transfer into my business account?
Karlton, If I have the money to pay cash for a rental home under a newly formed LLC is it better to be mortgage free on that property or owe a certain percentage on it for tax purposes?
We have only been an LLC since April and have so many questions. We had a tax guy for a long time but he recently had several strokes and we have not been able to reach him. We are in urgent need of guidance with our 2024 taxes. Can you assist?
Yes, owner/ sole member is the same thing. If multiple members in the llc there roles must be delineated in the operating agreement as well as their compensation if any.
Can you do a episode on credit card debt and what to do to get rid of them. Should you transfer the debt to there cards. Please address this. I'm trying to get debt free of credit cards
I did this last year and it made life so much easier on tracking my finances because I’m terrible at check registers. Sadly, I have to withdraw almost of of it to live on. My taxes go into a savings account with higher interest. (Ugh then we have to pay taxes on that too wtf? Is there anything they don’t tax?) I put my expenses on a credit card I try to pay monthly. Biz has been awful the last few years. I hope someone gets into office tomorrow who cares about very small biz America.
I was a stay at Home mom with no money in my IRA or any savings of my own, which was scary at 53 years of age. Three years ago I got a part time job and save everything I make. After 3 years, I am 56 yo and have put $9,000 in an IRA and $40,000 in my portfolio with CFA, Evelyn Infurna. Since the goal of getting a job was to invest for retirement and NOT up my lifestyle, I was able to scale this quickly to $150,000. If I can do this in a year, anyone can.
I know this lady you just mentioned. Evelyn Infurna Services is a portfolio manager and investment advisor. She gained recognition as a former employee at Goldman Sachs; a renowned investor she is. Evelyn Infurna has demonstrated expertise in investment strategies n has been involved in managing portfolios and providing guidance to clients.
I went from no money to lnvest with to busting my A** off on Uber eats for four months to raise about $20k to start trading with Evelyn Infurna. I am at $128k right now and LOVING that you have to bring this up here
Evelyn Infurna Services has really set the standard for others to follow, we love her here in Canada 🇨🇦 as she has been really helpful and changed lots of life's
Well the name is 'Evelyn Infurna Services. Just research the name. You'd find necessary details to work with a correspondence to set up an appointment.
Wait so I have to pay 15.3% self employment tax and another 12-15% tax on personal as well? So if I pay myself I pay taxes again on the money I paid my self? And then pay taxes on the money in the business bank account?
What if you have to put money back in your business bank account from your personal account to avoid the business account is not too low. Is this allowed
Hi. Just to confirm - that i do not live in US. But i have LLC Firm in Texas. Can i open my business account on my LLC’s EIN number? If yes, then which best banks do you suggest to open my business account over there. Please do reply.
You have to show that your business didn’t make a profit. You are not going to get to that level unless you have a good tax team. Not person but team. It’s best to pay taxes until your business generates revenue of $5m-$10m before looking into it.
As far as the double taxation is concerned, if I use a payroll system (I.e. Gusto) to pay myself from the LLC. You’re saying I won’t have to pay taxes when I file (with my hubby) just my LLC will pay taxes??
@@FariasCPA-p9y the salary would be disallowed for the owner. But if he has employees through the sole proprietorship he can run payroll and deduct their wages
Subscribe to the channel for more high-quality tax insights and information and to help us reach 1 million subscribers!
Why the bank is asking for personal info to open the account when I give them the EIN number?
Thank you for the great information provided. If I have $50K in my personal savings to fund my LLC; how do I properly do that? Also, how do I collect funds when my LLC starts generating income? A video or written response would be greatly
Subscribed Bro!
@@MrElnegrito88They do but beyond name and address (Physical) but you don’t have to supply your SSN By Law! I Bring my No SS required form with me to Every bank I go to! 😉
Hey! I love your videos! I do have a SUPER serious question for you though & if you could make on a video on this, I would really appreciate it….. in the new emerging world we live in now - in the middle of WW3 - how to we secure these “corporate personhoods” agains “Lawfare” (A.K.A. Using the law as a weaponized projection of force against a corp LLC / s-corp)? Example: “Chokepoint 2.0”
My husband and I have had an LLC for 13 years. You nailed all the key points and very clear. Nice job!
Small taxes can affect investment decisions such as whether to choose tax-free municipal bonds over taxable bonds or do a Roth IRA conversion. I’ve been sitting on over $745K equity from a home sale and I want to invest on the stock market, how do I achieve this without being taxed twice?
There’s more benefit to holding fixed-income assets in tax-deferred retirement accounts as opposed to taxable accounts. If you're not who understands strategies to invest in the market, seek a Financial advisor to guide you.
Indeed, I did make use of a financial counselor. As I get closer to retirement, their advice has been really helpful. I thought compound interest on index funds wouldn't be sufficient because I started late. It's amusing how I've done better than colleagues who have more years of investment experience. I've profited more than $886k tax free.
Hope you don't mind if I ask you to recommend this particular professional you use their service?
Certainly, there are a handful of experts in the field. I've experimented with a few over the past years, but I've stuck with ‘’Melissa Terri Swayne” for about five years now, and her performance has been consistently impressive.She’s quite known in her field, look-her up.
She appears to be well-educated and well-read. I ran a Google search for her name and came across her website; thank you for sharing.
I jus got my LLC, ALL your videos gave so much confidence to apply. TY🙏🏽
I'm favoured, Getting my own Truck has always been my Dream for my business. I just acquired 2 recently, earning $32K weekly has been really helpful. I can now give back to the locals in my community and also support Charity Organizations
As a beginner what do I need to do? How can I invest, on which platform? If you know any please share.
Started with 5,000$ and Withdrew profits
89,000$
Please who is this Mrs Jenna
This sounds so good andI would like to
be a party to this, is there any wayl can
speak with her?
SHE'S MOSTLY ON TELEGRAMS APPS WITH THE BELOW NAME
Jennagina...that's it💯.
You are really sharp. I’m going to follow you and keep you in mind if I need your assistance. Thank you for producing these videos and making them public.
Your videos are so thorough, clear and easy to understand. Thank you for sharing your knowledge and experience. I feel confident and secure following your advice.
Great advice, and very clearly communicated. Thank you for sharing this!
Thank you for the video. This is important information for a new LLC owner.
This was very informative. Thank you for the information. I don’t have a business but now I feel more confident in the decision I'll make setting up.
Good afternoon Karlton I have learned a lot from watching your content. It has definitely helped me a lot
Great video and so thorough!! Thank you!
Very insightful and well explained. Thank you.
that was the best video i have seen on this topic. thanks Karlton!
Your Knowledge is Priceless! The "GOAT" for Taxes. Thank You, for Your Amazing Content.
Ha, ha, ha.
I’m only halfway through the video but I’m so glad I’ve learned so much!!!!!!! 💯💯💯 Subscribed!
Thank you so much for all your valuable info. ❤
This should be taught in high school
Why would the schools teach you about that? Its designed for you to fail
i got a question do i need to pay personal taxes after i do the llc taxes
It really depends on how your LLC is structured. If you’re a single-member LLC, you’d typically take an owner’s draw, but if you’ve elected S-Corp status, paying yourself a reasonable salary might be required to avoid IRS penalties. Have you spoken to a financial advisor about this?
For me, i did, I went the S-Corp route for my LLC and started paying myself a salary, but I ran into tax issues because I wasn’t clear on what “reasonable compensation” meant. It’s tricky. Plus, I realized I wasn’t setting aside enough for retirement.
I’ve been considering hiring a CFA, but I’m not sure where to start. It’s overwhelming to figure out who’s trustworthy.
That’s smart. I’ve been too focused on my business and neglected investing. Inflation is eating into my savings, and I need to do something about it.
Scam
Great tips thank you
Thanks, nice and clear.
First time viewing and thank you! I will share
Just subbed thank you
Great information
Man I need to figure out this whole tax thing quick!
Your videos have been truly impressive! As one of your regular viewers, I've been following your content closely for a while now. I'm very interested in making an investment, but I’m still having trouble identifying the right opportunity to fully commit to. I would greatly appreciate any guidance or suggestions you might have in this area.>>
As a beginner investor, having a mentor to hold you accountable is crucial. Personally, I’m guided by Gregory Leo Cattel, a well-known crypto consultant. While I can't share much about him, I recommend searching his name online to find the details you need to schedule an appointment.
I started working with Coach Gregory Leo Cattel back in August, and my financial goals have never been clearer. It’s like having a strategic partner for my money with a solid track record.
Gregory Leo Cattel success can be attributed to his unwavering dedication to setting realistic goals, expertly navigating clients through complex financial landscapes while avoiding the pitfalls of unrealistic expectations.>
he appears to be well-educated and well-read. I ran a Google search for his name and came across his website; thank you for sharing.
Great info, thanks!
This is great info
They are out of thier mind! Plenty of fear mongering for years. I should have just been long NVDA and SPY and cash in from an epic bull run. With a predicted 'massive' rally . It makes me wonder if it's time to rebalance my 6 figure portfolio or maybe even consider some value additions.
They're better investment strategies than moving to all cash waiting to deploy. Follow the S&P 500 by investing in ETFs like VOO, SPY, and SCHD. Dollar-cost averaging into these ETFs will likely outperform most investors.
My dollar portfolio i DCA with is made up of 30% NVDA, 25% SCHD, 15% VOO and over 30% in digital assets, thanks to my CFA. This strategy is what works for my spouse and I. We've made over 80% capital growth minus dividends.
Your advisor must be really good. How I can get in touch? My portfolio's decline is a concern, and I could use some guidance.
Sophia Irene Powell is the advisor I use and i'm just putting this out here because you asked. You can Just search the name. You’d find necessary details to work with to set up an appointment.
Thanks for sharing. I curiously searched for her full name and her website popped up immediately. I looked through her credentials and did my due diligence before contacting her.
Should have been clear enough to articulate that “switching to an s-corp” means selecting to be treated as an s-corp for tax purposes while still being an LLC. It is not about switching the actual entity structure.
BTW, there is an entire video that covers that.
Thank you, as always, very helpful.
One of the best You Tube reels I have viewed as a small business owner!
This year I decided to turn my passion and “hobby” into a business. I’m very knowledgeable in my field but I’m admittedly not very knowledgeable with the business aspect. I have a lot to learn and your channel looks like it’s loaded with great information. I just subscribed and I’m looking forward to learning more from you.
Any business tips for a dog trainer/breeder?
Thank you and God bless!
anything related to business, start tracking. Use quick books. Use google. You got this 🤜
Frequent changes in the tax code are making it challenging to maintain my long-term investment strategies. Are there ways to structure my portfolio to be more resilient to potential tax adjustments?
In my view, the U.S. needs a comprehensive overhaul of its political system. The fact that Trump and Biden were chosen to lead out of 300 million people highlights the flaws.
The video explains how LLC owners can pay themselves through owner's draws in 2025. It covers steps like obtaining an EIN, setting up a business bank account, and making draws. It also discusses tax implications, liability protection, and considerations for new business owners.
Thank you so much!!!
Wrong on the self-employment tax: 12.4% only until the social security max,; thereafter 2.9% - half of which total is a above-the-line tax deduction in the owner's personal income tax return (and note that an additional 0.9% tax may apply, depending); Second, while a solely owned LLC might be described as a pass-through entity, it would be more accurate to describe it (as it usually is) as a disregarded entity - for federal, and generally state, income tax purposes the entity doesn't exist apart from its owner, i.e., it's existence is disregarded. Put differently, there is no income tax difference between a sole proprietorship and a solely owned LLC (unless of course a election is made to treat the entity as a corporation). In addition, switching to an S corp is no panacea and contrary to your assertion is certainly not necessary at any point in time; moreover, your statement that an S corp gives you better control over your finances is simply patently absurd, the requirement to pay your self a salary, with the attendant payroll tax reporting and payment obligations is either a headache or an additional cost, there is the additional obligation to file federal and state income tax returns and if necessary for the entity to borrow money (typically with full recourse to the owner) to fund losses, the losses so funded won't be currently deductible.
Other than the forgoing I have no problem with your video.
On the money 🔥
@@MockManor I was checking out my email spam and found something from Karlton Dennis where he refers to the Internal Revenue Code as the "IRS tax code" revealing his ignorance. There is no such thing as the IRS tax code, it is not the IRS' creation, it is the creation of the Congress (with the relevant President signing the legislation). No self-respecting, competent tax guy would ever refer to it as the IRS code. This guy is something else.
$1MM is no longer enough to retire even in a LCOL area. Should definitely start expanding our horizons...
I'm 37 and have been looking for
ways to be successful, please
how?? find additional sources of income; thus, I am looking at the stock market to fuel my retirement goal of $3 million
I want to compliment you, you have said it all. I am a little business owner and I really want to expand my business to the next level by making myself an investor but I really don't know how to go about it..
Assets that can make you rich
*FX
*Btcoin
*Stocks
*Gold
*Real estate
Venturing into crypto as a newbie was very difficult due to lack of experience which resulted in loosing funds... But miss harriet dixson, restored hope shes a good woman
$750k biweekly changed my mindset and behavior, my goals, my family and l've to say this video has inspired me a lot!!!!❤..
Thank You for sharing this much needed information! Is it ok to make deposits from my personal checking account into my business account?
Hi. Thank you very much for the information you share. Can you make a video explaining the differences between LLC names and business name? Which one does the NAIC apply to and the virtual address etc? Also. In one of your videos, you said never swipe your personal card for business expenses and vice versa. What about things like virtual address and start-up fees if your business isn’t making money yet. Thank you
really useful video, thank you for sharing
Clear & concise thank you
Thanks for the video! Question: I'm selling a personal asset (one of my cars) to use the money for business startup. Should I put the money directly into my business account after the sale or put it in personal account and then transfer to business account?
Hey karlton can you do a segment on how to build business credit with a business bank account and what is a dunns number good for? Also what can be paid out of your business bank account? Please I just got my dunns number and dont know what to do with it
So would you advise not to use a personal credit card for business? I want to gain the points and don't want the annual fee as an over head since I already paid it on the personal side
It is best to use a business credit card for business. You risk co-mingling expenses when trying to reimburse your business from your personal credit card. I’ve seen Amazon offer business credit cards for new & existing companies. They make the application process easy….visit them.
Thank you!
Protecting your capital is much more important than making money. Basically because if you lose your capital, making money is much harder. ''Missing the train'' vs. ''losing your money''. There are a lot of trains, but if your money is gone, it's over.
Wall Street pitched so-called quality stocks with high profitability and low debt, as a kind of insurance against whatever the economy might throw at you. Quality stocks have underperformed the S&P500 this year, My $200k portfolio is down by approximately 20 %, any recommendations to scale up my returns on investment
Nobody knows anything You need to create your own process, manage risk and stick to the plan, through thick or thin While also continuously learning from mistakes and improving.
Exactly why i enjoy market decisions being guided by a pro , seeing that their entire skillset is built around going long and short at the same time both employing risk management and market experience , been using a portfolio-coach for over 2years+ and I've netted over $3million in that time frame.
How can I reach this adviser of yours? because I'm seeking for a more effective investment approach on my savings
Just wanted to say, ‘Carol Vivian Constable’, my CFA, is the real deal in his field. Dig deeper into her background; she's got years of experience and is a goldmine for anyone diving into the financial jungle!
Thanks
Awesome video thank you 🎉.
can you make a video on maintaining the coorprate veil?
Don’t co mingle funds, that’s pretty much it.
Thank you ❤
Thank you!
Just subscribed! I have a video you NEED to make. I’m a tax accountant of 3 years now and am super worried about a possible flat tax rate and simplyfing the tax code like crazy. Chamath Palihapatia and DOGE have discussed this. Would love to hear your thoughts and how our profession would continue in this situation!!! Thanks for all you do!
Hallelujah! God is still performing wonders. I'm positioning myself for such miracles. This is the best thing I've seen today on TH-cam-thank you so much!.540k earned so far.
To be successfully in life one must take risk, investing brings success that’s why the rich will never come out in public to tell you how they make their money
Is the owner's draw just writing a check to yourself using your business checking account ? Then you would set aside the taxes into another account. And the federal taxes are paid using the personal social security number, so the EIN is used for bank account and LLC purchases ? In NJ, state tax requires EIN I believe.
>> Please also give us a video on which irs forms to use for quarterly tax, etc. Also a video on accounting software. Your videos are a great help Thanks.
I am just starting and forming my company and would love to have you as my consultant.
Thank you
Dear Mr. Dennis, I am requesting, and hoping that you could make a video about Roth conversions and how it could be possible to make Roth contributions through your LLC. Or 401k contributions instead of taking an owner-draw personally I don't need the money I make from my two llc's, one is a rental property and the other is a Home/property inspection company. basically I would like to just reinvest back into the business for possible sale, while banking more for retirement if it matters I am 53 so I feel like I need to start converting as much as I can to Roth.
Thank you,
Wade
What would you suggest when the LLC is managed by a private business trust and not by a natural person?
great video
Hello. I have a question. How/ am I maintaining anonymity with my LLC, If I file the same time as my W2 taxes?
I tried to open a bank account (several banks) using the EIN for an LLC. These banks want a social # to establish the account. They are claiming they need it to set up the profile of the user, agent. Is this true?
we recently bought a short term rental, do you have a cpa recommendation?.
ryan bakke, only option
As a rule of thumb what percentage of my pay should I put away for all taxes ; federal, state , social security, Medicare . Also should I calculate this percentage daily , weekly , monthly or quarterly. I am an owner operator hot shot driver leased on with a carrier that pays me under a 1099 contract. Sometimes I’m paid every day every other day or even weekly whenever I am done with my delivery. I get paid into a com data card. How would I go about paying that into my LLC business ? Would that be a simple transfer into my business account?
When paying yourself and you want to get a personal loan , how does that work if your the owner of the LLC
Your income will show on your tax return on your schedule C or schedule E. Possibly a K-1 if you are in LLc with a partner.
@@California_Pokeryep exactly
How much are/ what percent is the regular income taxes? And is the 15.3% taken from the income from the entire year or from each deposit?
15.3% is paid by yourself when you file your individual tax return.
Does a pllc make this info different?
Hey Karlton how do you turn credit cards into Cash?
Karlton, If I have the money to pay cash for a rental home under a newly formed LLC is it better to be mortgage free on that property or owe a certain percentage on it for tax purposes?
We have only been an LLC since April and have so many questions. We had a tax guy for a long time but he recently had several strokes and we have not been able to reach him. We are in urgent need of guidance with our 2024 taxes. Can you assist?
If you’re the owner but registered as a “member” on the LLC is the owners draw valid?
Yes, owner/ sole member is the same thing. If multiple members in the llc there roles must be delineated in the operating agreement as well as their compensation if any.
@ it’s just me & my wife LLC both on as members
Do you have to pay taxes on the money you pay for yourself? Or you only pay taxes once?
As a business owner I save every dollar that I gain. I only spend on business supplies.
Can you do a episode on credit card debt and what to do to get rid of them. Should you transfer the debt to there cards. Please address this. I'm trying to get debt free of credit cards
I have my office in my home. Can I claim my utility bills on my taxes? If so, how much?
You can claim utilities but the amount is depend on your how much you uses the space for the office
Am just saying what I know this is not exactly IRS rule
I did this last year and it made life so much easier on tracking my finances because I’m terrible at check registers. Sadly, I have to withdraw almost of of it to live on. My taxes go into a savings account with higher interest. (Ugh then we have to pay taxes on that too wtf? Is there anything they don’t tax?) I put my expenses on a credit card I try to pay monthly. Biz has been awful the last few years. I hope someone gets into office tomorrow who cares about very small biz America.
I got more gray hairs this year for sure
Edit: I'm voting red team
Update AMERICA WILL BE GREAT AGAIN!!!!!!!
I was a stay at Home mom with no money in my IRA or any savings of my own, which was scary at 53 years of age. Three years ago I got a part time job and save everything I make. After 3 years, I am 56 yo and have put $9,000 in an IRA and $40,000 in my portfolio with CFA, Evelyn Infurna. Since the goal of getting a job was to invest for retirement and NOT up my lifestyle, I was able to scale this quickly to $150,000. If I can do this in a year, anyone can.
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I went from no money to lnvest with to busting my A** off on Uber eats for four months to raise about $20k to start trading with Evelyn Infurna. I am at $128k right now and LOVING that you have to bring this up here
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As a newbie, what do I need to do? How can I invest, on which platform? If you know, please share. I'm new to this, please how can I contact her?
Well the name is 'Evelyn Infurna Services. Just research the name. You'd find necessary details to work with a correspondence to set up an appointment.
I never realized that LLC owners don’t have to pay themselves a set salary. The flexibility sounds great, but also scary if you’re not careful! 😬
Nice Nautilus
What if I am a W-2 employee?
As an LLC , taking an owners draw, do you need to pay taxes on the money drawn from the LLC and put into your personal account...
How does taxes work for C corporation compared to S corporation?
I own a small service business. We do about 100,000 in Revenue yearly and my bank account hits zero about every month.
Wait so I have to pay 15.3% self employment tax and another 12-15% tax on personal as well? So if I pay myself I pay taxes again on the money I paid my self? And then pay taxes on the money in the business bank account?
Moving from LLC to S-Corp and hoping there is constant flow for salary
Does this apply in both profit & non profit LLCs?
How can I put money into my business account? Say I have some money and want to put it into the account?
What if you have to put money back in your business bank account from your personal account to avoid the business account is not too low. Is this allowed
Does this also apply to paying Employees? Paying them through checks/bank transfers/zelle
Paying your employees is an expense of the business. That reduces the profit of your business
If I paid myself 35% of Net Profit from my LLC, would this be considered a reasonable Owner’s Draw?
There is no such thing as a reasonable owners draw, only an owners reasonable salary which only applies to S-corps or LLCs with an S-Election.
Is it a good idea to put your LLC into a Trust?
Awesome...
Nice
Hi. Just to confirm - that i do not live in US. But i have LLC Firm in Texas. Can i open my business account on my LLC’s EIN number? If yes, then which best banks do you suggest to open my business account over there. Please do reply.
The real question is, how can my taxes owed be ZERO dollars or close to it? Tired of being robbed
You have to show that your business didn’t make a profit. You are not going to get to that level unless you have a good tax team. Not person but team. It’s best to pay taxes until your business generates revenue of $5m-$10m before looking into it.
As far as the double taxation is concerned, if I use a payroll system (I.e. Gusto) to pay myself from the LLC. You’re saying I won’t have to pay taxes when I file (with my hubby) just my LLC will pay taxes??
This is wrong, you shouldn’t be paying yourself through payroll in your LLC.
Hi Karlton
I would like to set up a meeting with you.
Will I get audited by IRS if I run payroll through LLC instead of converting it to S Corp?
No. But it’s kind of pointless
Do not run payroll thru an LLC unless you have a S-Election. It’s not allowed and if you try to deduct the payroll, it would be disallowed.
@@FariasCPA-p9y the salary would be disallowed for the owner. But if he has employees through the sole proprietorship he can run payroll and deduct their wages
@ yes that is my point, owners wages would be disallowed, the subject of the video was how to pay owners. Of course employees are paid thru payroll.
When and where should I pay these taxes?
What kind of LLC do these rules apply to ? Cause there are 6 kinds of LLCs.