VERY eloquent and great speaker you are Mr. Dennis... You made this learning video about LLC and S corp fun, interesting and easy to understand, where the other You tube videos made it so boring and difficult to decipher.. Congratulations to you and please never stop making these tax videos. You are so awesome!!!
I'm so glad you exist!! I was literally just about to TH-cam searche this, but this video showed in my feed right on time. Great information! Thank you!
These videos are very helpful and the way you use the graphics and break down the meaning of the tax codes help me understand it very well. It shows you really understand and know what you are talking about.
Karlton, Looooved the video! The information was great, the video was easy to watch, animations were great and the comedic cut scenes will have me watching more of your videos. 🔥 Subscribed
If you need an accountant or tax strategist feel free to reach out. I’m located in the St Pete, FL area but can assist from anywhere. Good luck to you and your business 🤑
Amazing video! This definitely answer all of my questions and concerns in trying to understand when to make the transition and benefits of s-corp! Just subscribed to see more.
I've just spent the last hour watching boring, worthless, or poorly executed videos....till I found YOURS. Wow! You explained it 10 times better, were 10 times more interesting, and gave very practical advice in easy to understand terms. Well done!!!! I'll be returning for more videos.
Great content your videos are very educational and easy to follow. You deserve more subcribers. You should go live and do Q and A's to help your channel grow while you educate. Knowledge is power. Thanks for your videos.
@@karltondennis ive been watching your vids to really try to educate myself on all of the shortcomings and blind spots I have not understanding how things work tax wise. I know in a previous vid you mentioned "you're not the person to talk to until thw taxes are done up to date." BUT, what if none of the taxes have been done at all, do you guys offee tax services which can assist in filing the taxes and while doing that "we can" draft up the best strategy (I guess) retroactively? Im genuinely interested in communicating with you and hope you read this comment. Please provide your email or contact info so that we can go into more detail. I lookf forward to communicating with you.
thank you so much, you are a very smart guy, I am going to have the video a couple of times to really digest everything you said. I started my own practice 2 years ago and my accountant told me that Scorp is too much work and I should just stay as a solo owner. my practice has grown more than what I had initially expected and I am not good with numbers so I do feel a bit confuse on what I should do. I now have to pay a really good chuck of change to the IRS and to the state. I just know there has to be another way to manage my business. Thank you for the video.
When you elect S Corp status for your clients, do you like at items such as 357(c), distributions in excess of basis analysis, and if it actually saves them money to do so? Due to the QBID and not getting to include those wages for QBI, that 20% can make a difference. Can also have implications if the business is a SSTB or not...
Phenomenal presentation and your energy is infectious! One word, if I may, please consider another more professional introduction besides "showing off" your Porsche. Our folks need to move away from money as a means of buying material things to money as an instrument to help transform our lives and our communities. And might I suggest communicating your professional credentials🤗. I've already subscribed, so I look forward to becoming tax-intelligent. Many thanks for your work!!
QUESTION: How can I structure a startup cost like flight training ($50k), to start a flight instructor business; so that there is a write-off or way to recover that upfront training cost?
I was under the impression that LLC was just a legal status and that it could file as a partnership or S Corp (or Sch C/E/F on 1040) for tax purposes -- I think the "LLC" discussed in this video is really thinking about partnerships or Sch Cs (or similar) that have self-employment tax rather than LLCs which can file as an S Corp for tax purposes and have no SE tax. Let me know if I'm off on something here!
Top 5 strategies: ❤QBI deduction: 20% ❤ Bonus depreciation (100% of an item) ❤ Cash balance plan: retirement planning maximizing ❤Augusta Rule: Host a meeting in our house. Charge the company rent. Reasonable rent fees. ❤ Management Company
For the Augusta rule, can the house already be in business purpose? The subtitles say "can" but I feel like I'm hearing you say "can't". Thanks for the clarification and the rest of the info in the video!
I am thinking of converting my dba to an LLC and start operating as an LLC on Jan 1st 2024. Can I start a process now and put the LLC starting date on Jan 1st 2024? Is there an option for that on the Incfile website?
I’m currently renting a house. I don’t own my own. I pay $3200 a month. I also have an LLC and I pay around 6k-8k in quarterly taxes. I’m in WA state and considering switching to an S Corp. what do you recommend?
very well done mr. dennis, plain straightforward explanations that everyone can understand, not easy to do when it comes to taxes and corp structures!
VERY eloquent and great speaker you are Mr. Dennis... You made this learning video about LLC and S corp fun, interesting and easy to understand, where the other You tube videos made it so boring and difficult to decipher..
Congratulations to you and please never stop making these tax videos. You are so awesome!!!
I'm so glad you exist!! I was literally just about to TH-cam searche this, but this video showed in my feed right on time. Great information! Thank you!
Love your work buddy,! Thanks!
This is my second video. Great information. Presentation is excellent!
These videos are very helpful and the way you use the graphics and break down the meaning of the tax codes help me understand it very well. It shows you really understand and know what you are talking about.
Love these videos, very informative and understandable 👍 👌 👏
Karlton,
Looooved the video! The information was great, the video was easy to watch, animations were great and the comedic cut scenes will have me watching more of your videos. 🔥 Subscribed
Thanks for this! I have all this inspiration and I'm trying to understand business. You're doing a great job!
Great info, I appreciate your channel!!!
This was extremely informative and easily digestible for me. Thank you very much!
Love the content. Thanks for bringing this information into the light.
I luv what you do for us in the small business world. I also luv your presentation, very professional in my opinion.
Best explanation by far. Thanks for keeping it so simple.
Great information, Karlton! Thanks for this. I’m in my 2nd year with an S. Corp and looking forward to refining my tax strategy.
If you need an accountant or tax strategist feel free to reach out. I’m located in the St Pete, FL area but can assist from anywhere. Good luck to you and your business 🤑
Bro this video was 🔥 🔥🔥🔥so much free game def gotta tap in with u!! Keep up the great work !
Thank you for sharing this information. I found it to be easily understandable and relatable to parts of my business.
Karlton--- this is the best information I have ever heard and thank you for teaching it so well....
Amazing video! This definitely answer all of my questions and concerns in trying to understand when to make the transition and benefits of s-corp! Just subscribed to see more.
Gonna make sure this channel grows
I am a relatively new subscriber.
Thank you. You bring great information, perspectives, and insights.
Thank you James! 👊🏾
Awesome information man!!
Thank You Great Brotha, this is awesome information!
this was a great video very informative
Amazing. Thank you for the great content
Man, you're good, thumbed up and subscribed!
Amazing video. I just created my s-corp and lcc. This video taught me so much. Thank you!
Great explanations! Subbed
Excelling information. Thanks!
I've just spent the last hour watching boring, worthless, or poorly executed videos....till I found YOURS. Wow! You explained it 10 times better, were 10 times more interesting, and gave very practical advice in easy to understand terms. Well done!!!! I'll be returning for more videos.
Wow 🤩 you killed it!!! So grateful 😇 for you thank you 🙏 for sharing your knowledge so we can create Financial literacy!! Congratulations 🎉🍾
Good stuff love the info
Great work Bro 👏 👍🏾 👌🏾 💪🏽
Well explained, Thank you. Keep doing. All the best. And also please show me how to file the return as well.
Useful video. Thank you 🙏
Great content your videos are very educational and easy to follow. You deserve more subcribers. You should go live and do Q and A's to help your channel grow while you educate. Knowledge is power. Thanks for your videos.
Great video, commenting for the algorithm - more people should see this. Thank you!
Thank you Jeremy! 🔥👊🏾
@@karltondennis ive been watching your vids to really try to educate myself on all of the shortcomings and blind spots I have not understanding how things work tax wise. I know in a previous vid you mentioned "you're not the person to talk to until thw taxes are done up to date." BUT, what if none of the taxes have been done at all, do you guys offee tax services which can assist in filing the taxes and while doing that "we can" draft up the best strategy (I guess) retroactively? Im genuinely interested in communicating with you and hope you read this comment. Please provide your email or contact info so that we can go into more detail. I lookf forward to communicating with you.
Great content! Thanks
Outstanding info!
Thank you very valuable information
Subbed, great info!
Your a legend! Thanks for the info, I will keep my eye on this channel into the future
Excellent video!! 💥 🇺🇲💁🏾💁🏾🇺🇲💁🏾👍🏿💁🏾👍🏿💁🏾💁🏾❤️💥💥💥💥🩶💁🏾💁🏾💙💁🏾🇺🇲💁🏾❤️💁🏾👍🏿Thank you!!💥💥🔥🔥
Great vid and great tips!! Off topic: I love the office view in the background - what city is it?
Thanks for the info! Currently LLC, planning to change to S. Corp. Never heard of the Augusta Rule, interesting! Thanks :)
Amazing. Thank you bro
Super helpful video.
thank you so much, you are a very smart guy, I am going to have the video a couple of times to really digest everything you said. I started my own practice 2 years ago and my accountant told me that Scorp is too much work and I should just stay as a solo owner. my practice has grown more than what I had initially expected and I am not good with numbers so I do feel a bit confuse on what I should do. I now have to pay a really good chuck of change to the IRS and to the state. I just know there has to be another way to manage my business. Thank you for the video.
@@armannikman4487 Oh really? Even if I am not on the payroll?
excellent video!
Amazing Video !!!!
Amazing God bless and all u touch
When you elect S Corp status for your clients, do you like at items such as 357(c), distributions in excess of basis analysis, and if it actually saves them money to do so? Due to the QBID and not getting to include those wages for QBI, that 20% can make a difference. Can also have implications if the business is a SSTB or not...
informative video, ty
excellent content! thanks for sharing...@ 1:44 your popup says LCC instead of LLC..
Great video
Great job...appreciate the professionalism..
Thank you
@@karltondennis your welcome, have a nice day
I can't afford your service but it seems I can't afford "not" to have your services... a Very well-put-together video my friend. God bless.
Thank you🙏
You're the ish brother keep it up 💪💪💪
Can you do, or do you have vídeo talking about Holding companies?
a lot of people charge a lot of money for this kind of information. Thank you sir!
Thanks!
Do you have a video exclusively on setting up a management company?
thank you very much
Thank you
clear explanation
Phenomenal presentation and your energy is infectious! One word, if I may, please consider another more professional introduction besides "showing off" your Porsche. Our folks need to move away from money as a means of buying material things to money as an instrument to help transform our lives and our communities. And might I suggest communicating your professional credentials🤗. I've already subscribed, so I look forward to becoming tax-intelligent. Many thanks for your work!!
you made it look easy
Do you do business with Canadian clients? If not is there a Tax Strategist in Canada you would recommend?
Thanks
What would be better for a truck diver starting his own company? LLC, S- CORP, OR C- CORP?
QUESTION: How can I structure a startup cost like flight training ($50k), to start a flight instructor business; so that there is a write-off or way to recover that upfront training cost?
I was under the impression that LLC was just a legal status and that it could file as a partnership or S Corp (or Sch C/E/F on 1040) for tax purposes -- I think the "LLC" discussed in this video is really thinking about partnerships or Sch Cs (or similar) that have self-employment tax rather than LLCs which can file as an S Corp for tax purposes and have no SE tax. Let me know if I'm off on something here!
My tax pro had me start off as both an LLC and an S-corp. lol
thanks a lot
Top 5 strategies:
❤QBI deduction: 20%
❤ Bonus depreciation (100% of an item)
❤ Cash balance plan: retirement planning maximizing
❤Augusta Rule: Host a meeting in our house. Charge the company rent. Reasonable rent fees.
❤ Management Company
For the Augusta rule, can the house already be in business purpose? The subtitles say "can" but I feel like I'm hearing you say "can't". Thanks for the clarification and the rest of the info in the video!
How do you use your LLC to pay your mortgage if the business residence is at your home?
im sure this video is loaded w/ amazing information but damn we're still doing 30 second intros in 2022? wilddddddd
What would happen if you have more than one S-Corp? How would that effect taxes and subsidiaries structures?
You can have an LLC & be taxed as an s corp.
serious content
Looking into starting my own business and tax strategizing , looking for all the support I can get 😅
Carlton, what do I do if my company is all subcontracted employees? We are considering this switch but we don’t have employees
You can switch even with subcontractors... you (the shareholder) will take a W2 salary from the company.
Ty sir
Hope you enjoyed the video.
I have 2 members in s - corp. does both member has to take a salary or only the active memeber has to take a salary?
I am a LLC electing to be an scorp. In the irs form 8832, do I choose to be classified as an association taxable as a corporation?
If I have a bookkeeping business can I charge myself in another company for bookkeeping or is that a no no
Do you mind sharing your video editor info Karlton?
I am thinking of converting my dba to an LLC and start operating as an LLC on Jan 1st 2024. Can I start a process now and put the LLC starting date on Jan 1st 2024? Is there an option for that on the Incfile website?
Damn!!! how much to get you on retainer?
So is an S-corp an entity or a tax strategy?
I seem to be getting conflicting answers from different videos
Can you not take your distributions and reinvest some of it back into your business?
do youhandle trucker taxes
s corp can you pay for employees living expenses and write it off for the company?
You didn't talk about the QBI affect for S-Corps
So does this mean I don't have to a payroll taxed as an S-Corp if I don't want to?
I’m creating an S-Corp for my transport/Hot shot business.. I hope that’s better than LLC .
Hey bro I am in California I own a s corp will I b able to depreciate my Tesla y model that’s under the business? It’s 100 percent business use
I have a marketing company, can I but a income producing blog and write that off 100% in the first year or no because it’s a digital asset?
I’m currently renting a house. I don’t own my own. I pay $3200 a month. I also have an LLC and I pay around 6k-8k in quarterly taxes. I’m in WA state and considering switching to an S Corp. what do you recommend?
That was great when Trump did that. I bought a lot of equipment those years.