Does an LLC Cost You More in Taxes?
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- Äas pĆidĂĄn 19. 05. 2024
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ABOUT JASMINE DILUCCI, JD, CPA, EA
Jasmine DiLucci has specialized in tax since high school when she first became licensed to represent taxpayers before the IRS.
Now as a tax attorney and CPA, she works with individuals and business owners across the nation to on Tax Planning, CFO Advisory, and IRS Tax Resolution
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Disclaimer: This information on this channel is for educational purposes only and does not constitute professional legal or tax advice.
# #jasminedilucci
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You are so knowledgeable and I am just really getting a kick out of these videos. I'm learning so much. I've been a bookkeeper for 20 years and have really focused on just getting data in and double entry accounting. Moving into more advisory position has been scary because I don't want to lead anybody wrong. As a bookkeeper when someone comes to me with a tax question I generally give them resources instead of advice or connect them to a tax professional.
One minute vid sums up like this :
đ LLC is legal entity not a tax entity
đ Under LLC your tax entity could be sole proprietorship, partnership,s-corp or c-corp.
However, tax entity has to be picked first , because you need to choose one when forming LLC.
The last part is incorrect.
Wife and I are partners in our multiple member LLC, 4 years lasted after forming the LLC we elected with the IRS to be taxed as a S-Corp.
You can actually change how your LLC is taxed again as wellâŠ
@@mike2959 I think you needed to choose tax entity type when you formed your llc with state on LLC article of filing. Was I wrong? đ
Your not wrong when you get ein number from the irs you have to select a tax entity. While it can be changed later (such as late s corp election form 2553) you still need to know what your choosing.
One thing to note, an LLC cannot be a partnership if thereâs only one member, maybe obvious
Lol, you'd think.
This!
I prep K1s at my job and this year we aren't allowed to just classify LLC recipients as LLCs anymore. We had to ask our clients to specify the tax type.
Awesome to know, Iâm so glad I started following you.
Thank you so much for your wisdom on this subject you are so much help.
Great video again!
So many people say they are going to form a S-Corp, and it makes my head spin.
S-Corp is a good option for plenty of business models
What would be the best way to setup an LLC/trust or whatever if your income is from capital gains?
U r the best
Everyoneâs wrong every video lol shits hilarious
I think what he said was 100% true. Just creating an LLC without knowing what someone is doing can cause more harm than good.
I had one of those this year. He was like, "and me and my partner started this LLC. We used legal zoom!"
Dont forget to warn people about FINCEN BOI
Good lord yes. I was just thinking that. Especially if your LLC wasn't established in 2023. If you establish it this year, you have 90 days to get the paperwork done. The penalty for not meeting the deadline is insane.
Really random question, how do you like that vertical mouse? Thinking about getting one
Cool!!
I want to know how you hire this lady?
What would be the best tax entity?
Hire "yourself" to your company. That way they can't tax your capital gains and if you get sued they cannot go after your "employer" which would be "you" lol.
â@@bryrye4545which means one man company?
can you explain what is a tax entity and which to choose
Tax entity: how the business gets taxed
* Sole Prop: 1040 w Schedule C
* LLC: Not taxed/Pass-through, 1040, Schedule C, Separate EIN for state filing
* S-Corp: Not taxed/Pass-through, owner income either as W2 or distributions on K1 Statement, owner declares income on 1040 business income.
* C-Corp: Taxed. Owner income as W2 or distribution on K1. Owner declares income on 1040 as business income from K1
This is kind of educationally hot.
The problem comes when a client doesn't get advice from a tax attorney or professional and chooses the wrong tax entity. That *can* really cost you, and I suspect that is what he means. You should hear my inner crying when my clients come in and tell me that they created a new LLC using legal zoom đ
So Iâm looking to open a forex trading business next year (currently just taking profits as short term investment income). Does a currency trading business have any restrictions when creating an LLC for it? Thanks!
Forex trading is not something I handle day to day, but whether the activity is in an entity typically doesn't change the character of the income, so the taxation should remain the same (with the exception likely being a C-Corp since there are no capital gain rates for C-Corps)
I knew he was wrong, because of his hat. đ
Marry me so I can get my taxes done right every year please
Lol probably the most valuable question out of any comment section on this channel. She's a gem for real. Smart and pretty! I believe she has a wedding ring on though, maybe she has friends lol
@@windchimesilo9623 never give up hope lol
Imagine how this guy does business. He spews tons of nonsense for âcontentâ to bring people into his sales funnel. Most of what he says is blatantly false. Why not spend 5 minutes reviewing something before putting it out there and gain some credibility. Heâs a con man.
She charges $500 for a question
That is insane, especially in times like these were. Everything is expensive and the cost-of-living going crazy
Whereâd you see that?
I answer questions for free on CZcamsâŠwhatâs your question?
Ugh tax attorney, any type of attorney youâre gonna be paying haha
If you had a 5 million dollar annual gross revenue company $500 is cheap to get solid advice that could save 10x as much in taxes.
But for W2 shlubs like you and me she also puts out these genius responses on CZcams for FREE!
What a maroon (as Bugs Bunny would say).
â@@taxleveragedo you ever do any live shows here on youtube? Many people do use the Super Chat feature to pay per character four questions.
This particular video is not helpful to the layman and most likely this topic warrants a much longer explanation.
The topic could be a 10 hour class