When Should I Elect To Be Taxed As An S-Corp?
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- เผยแพร่เมื่อ 3 ต.ค. 2024
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Wow! You are the ONLY one I've heard in person or youtube. Who explained this so I can clearly understand. Looking forward to the rest of the videos..thank you as alwsys!
Awesome! That was my goal!
Look forward is the CPA interview with you! Thanks!
I've narrowed it down to a couple youtubers. I'll reach out soon and then I'll harness all of y'all to send out requests to them like we did with the Property Manager interview.
excellent tutorial as per usual! Professional Handyma'am here in Appalachia
Thank you! I like that title! Handyma'am
Hey Ray - good info.
Here is my experience. I filed as an S Corp from the beginning. You can change back & forth but it will cost you incorporating/filing fees so I just went S corp, confident if get over 50-75k a year soon
I paid 350 for my incorporation docs/filings. Improbably too much but I did get all the paperwork that the credit unions required to open a bank account. Same will be nice when transferring truck to the business. Getting all the paperwork is nice, like the AOI, annual meeting, EIN, etc
One topic I’m sure you’ll talk about if the power of the SEP IRA. You can stash away 50k without big brother getting their grubby paws on it, legally. Can even put money away for your wife. Another 50k. So theoretically you make 150k in this business… you can basically pay zero taxes. 150k - 100k Sep IRA (50k+50k) - 25k expenses … 25k left to distribute for SEI tax, and your personal income tax and bills. Personal income tax is pretty low when you make “25k”. Now obviously it has to be enough to cover expenses, but you can just back off the SEP ira contribution. So a good plan can be for those with a spouse who is working - live
Off her salary for expenses (when possible) .. and the your business is 100% retirement savings. That plan saves roughly 18k a year in taxes. Which can create a lot of wealth overtime.
I’m not a tax advisor, i just hate paying taxes. A great amount of wealth can be generated by legally avoiding taxes. The loop holes exist for a reason
Thanks!
I'll be diving deeper into taxes soon.
Pure gold, no puns intended. This man is a good COMMUNICATOR!
Thanks Jeff! It's a complex subject so I tried really hard to slow down and choose my words carefully to avoid confusion. I'm glad to hear it was easy to digest.
Thanks for everything you pour into the community Ray!
You're welcome!
Great tips!
Thanks!
Maybe try Chad Elkins from the Elkins accounting Hour, he specializes in taxes, specifically S corps. I think is would be cool if you got him to come on to a video with you.
Thank you!
A nice thing about S-Corps is you can put yourself on unemployment if needed 😅
Yep!
Which is probably where the "never pay yourself less than 50k" advice comes from
I believe in Nc, you can choose LLC or S corp. S corp without becoming an LLC
Awesome!
yes, I was a sole proprietor and then in 2017 I became an S Corp.
Been telling other Handimen and women about your channel@@bulletproofhandyman.
Thank you!
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And your mission a bunch off information. Llc you cant transfer money frome account to account. If you're business dose not make that kind off money you will get yourself in big trouble.
I'm not sure exactly what you mean, other than the fact that you shouldn't be transferring money between business and personal accounts. I agree with that statement, but you definitely don't need to be making a million dollars to benefit from an S-Corp. It's pretty much the default for any business making more than $100,000 after deducting overhead. Otherwise you're paying an extra 15% self employment tax on all of that money.
You need to make a million or more. Ask me how I know
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