Thank you for sharing your most recent video. I may have to watch it again, because I have never calculated reasonable compensation before. If I do have any questions about it, I will then ask you, hoping you will be able to answer my question. Thank you again so much. I look forward to more of your upcoming videos if you will have any.
No - the money in your bank account has practically no impact on your taxes for how people think about it... only take the money out if you want to ... you pay taxes on the net income no matter what (because s-corp is a pass through entity) As I explained nearer the end of this video, the money you take out of the business is only taxed if you exceed your basis. Search my videos for "basis" to learn more.... I have courses that cover every aspect of setting up your s-corp, and a super discounted deal right now that you might want to check out... www.bizschool.coach/myatspecialprogram
How does a Single Member S CORP employee document income via W2 for compensation received from capital gains from trading as a business under a Single Member S CORP/ TTS status
you keep records, just like every business and you'll need to document your reasonable compensation, get setup for payroll and catch up your W-2 filings... I have some videos on youtube, but setting up the s-corp on your own is not recommended as it is a bit complex All is covered in my courses (including this template) and right now I have a special program (will be gone soon!) www.bizschool.coach/myatspecialprogram
Thank you for sharing your most recent video. I may have to watch it again, because I have never calculated reasonable compensation before.
If I do have any questions about it, I will then ask you, hoping you will be able to answer my question. Thank you again so much. I look forward to more of your upcoming videos if you will have any.
Thank you you are an angel
need this rn ty
When is the right time to pay distributions and should we pull out the entire profit of the business at the end of the year?
No - the money in your bank account has practically no impact on your taxes for how people think about it... only take the money out if you want to ... you pay taxes on the net income no matter what (because s-corp is a pass through entity)
As I explained nearer the end of this video, the money you take out of the business is only taxed if you exceed your basis. Search my videos for "basis" to learn more....
I have courses that cover every aspect of setting up your s-corp, and a super discounted deal right now that you might want to check out... www.bizschool.coach/myatspecialprogram
How does a Single Member S CORP employee document income via W2 for compensation received from capital gains from trading as a business under a Single Member S CORP/ TTS status
you keep records, just like every business and you'll need to document your reasonable compensation, get setup for payroll and catch up your W-2 filings... I have some videos on youtube, but setting up the s-corp on your own is not recommended as it is a bit complex
All is covered in my courses (including this template) and right now I have a special program (will be gone soon!) www.bizschool.coach/myatspecialprogram