How to Pay Yourself as an LLC in 2024
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- čas přidán 19. 06. 2024
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Switch your LLC to be taxed as a s-corp benefits: deductions and lower self-employed tax. Using the 2553 form.
This was honestly one the most informative videos I've seen yet. You're the man!!!
Hey Karlton! I just wanted to say that I really like the style of this particular video. It was a lot easier to follow than some of your other flashier videos. I'm brand new to learning tax saving strategies and this pace was really good for me. Thanks for your videos and great content!
Brooo. I was needing this information so bad . Thank you
That's why I transfer a percentage off the top of every deposit into a high interest rate savings account for taxes later. And it hurts! Life is so expensive.
What bank do you use for this. What percentage is considered high
@@acartman2 MVB and it's not that high but compared to Chase's 1%, 4 to 5% is much better.
Most important part... thanks for this
Awesome recording.
oh its wraps, preciate the sauce big dawg
Thank you sir!: That made sense!
I appreciate it!
Absolutely outstanding video I really appreciate the fact that you took your time to explain it so well. I am subscribed and I look forward to watching more videos and educating myself thank you
Thank GOD for you and Mark !!!!
I often watch yall dual lives together
Who is Mark?
@@lolabrownphd Mark Kohler
You hit the spot I want to know. Thank you.
Thinking about it.
You're awesome bro straight up😊
Beautiful video!
Awesome
What's the advantage of going as an LLC, why not do the whole structure as an SCorp?
Karlton, thinking about buying VIP.
Question...I paid myself $60k via W2 in an Scorp LLC, and took a $15k distribution in Q4 (the business netted -$2000 in 2023 after ITDA). Should I have taken more or less as W2 or should I have made that Q4 distribution a W2 deductible event?
Can you have two LLC under 1 S-Corp? Are filing Taxes separately better than joint?
What about guaranteed payments paid to partners? How does that work
Doesn’t the 15.3% self employment tax just become the employee and employer portion of payroll tax? Then the corp pays taxes at a higher rate? And I would pay both?
LLC, Scorp is safe when you will divorce? Or need to do something to protect it?
If i am getting paid by W2, then i have to pay fed and state tax too .
Yes, but the amount you have to pay is lower when you file as a s-corp.
So what is the tax percentage on the remaining 60k as an S corporation? I get that the 40k being taken out as “payroll” is taxed at 15.3%, so what’s the remaining 60k tax rate?
Just to clarify, as an LLC my company makes 100K and I take 40K in distribution, I will pay 15.3% SE tax on the 40K AND the 60K remaining that passes through to me.
If I change my status to a S-corp and take that same 40K as a W2, I only pay the employee’s 1/2 of the 15.3% SE tax. Who pays the employers 1/2 and who pays the SE tax on the remaining 60K that passes through?
I had this exact same question
I'm assuming so I think s
TD Ameritrade no longer exists it was bought out
💪🏾🙏🏾
You may get more views from video like this, Back to the Basics !!!
agreed!
I got it yes yes😂
If you're going to say pay yourself as an employee I'm not going to watch.
nobody cares
Why not? What's wrong with that
@@lovedrae4633 it creates a taxable event
And if I am not an American resident/citizen, what is my alternative to the S-corp?
You hit the spot I want to know. Thank you.
You hit the spot I want to know. Thank you.