Tax Differences EXPLAINED: LLC, S Corp, Partnership, Sole Prop

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Title	:	Tax Differences EXPLAINED: LLC, S Corp, Partnership, Sole Prop
Lasting	:	28.06
Date of publication	:
Views	:	148 rb

Great video Thank you!
Comment from : Sam

Thanks for this I will like to know if this is also available for business registered by a non US resident?
Comment from : Jeffrey Kayode

So referring to the example in the video, for the S Corp are you technically allowed to use the $40,000 you paid yourself as a business write off? I feel like it makes sense, but I wouldnt really understand how it plays into the example or what it would change
Comment from : Lopus

Very clear and educational video, thank you
Comment from : Munchkin M

Your explanation is confusing as hell I don't know advice is close to the truth
Comment from : kibomb

It doesn't appear you were changing the filing status in the tool bar when adding your "spouse's" earnings, so, your numbers may be a bit off here
Comment from : Amelia Olson

Thank you so much!! Your video was so helpful in gaining a clear understanding of the different business models, how the taxation flows, and the importance of each part Very Informative, thank you
Comment from : Katie Hoponick

All was good but I have a question related to 60/40 rule I think 60 will be owners compensation and 40 will be shareholder distribution
Comment from : Ammad Shahid

I’m more than happy to discover this channel I need to thank you for your time for this, particularly a fantastic watch!! I liked every little bit of it and I have subscribed you to look at new posts all the time
Comment from : Josephine Bardot

Where can people go to learn to prep taxes in Southern California ??
Comment from : Variedad de pupusas Restaurante estela

Im just starting my small buisness should i file Scorp or sprop?
Comment from : Maria Miramontes

Common Law Trust … TDA Broker account
Comment from : CityGal Melanie Productions

I am an insurance broker and I get 1099 from insurance company Can I set up an S-corp to save taxes?
Comment from : THIEU NGUYEN

what type of corp (S, C, LLC) would be best as I am starting to do more and more day trading
Comment from : Pritesh R Patel

So in summary, get a competent CPA 😢
Comment from : Useresq

The s Corp required to have payroll but itin holders cannot have payroll so they should themself by check and do schedule c?
Comment from : Dayalexa

I'VE WATCHED A LOT OF VIDEOS BUT THIS ONE WAS VERY UNDERSTANDABLE THANKS
Comment from : ISLAND St Maarten

Independent Contractor Truck Driver here, I just happened to come across your video while driving and it made me feel more empowered I’ve created an S-Corp LLC back in 2020 Not certain which direction I was going simply do to the limitations imposed onto me through marriage as my wife didn’t want me to be stuck on the road for weeks; and just drove as an IC for a small fleet owner (5-6 trucks) & good friend to my suegro/ father-in-law It was hard to focus on taxes since my little had young babies; and also wife wasn’t interested in learning budgeting or taxation With my marriage coming to an end and having a clearer head, your articulation of taxes & its percentages made sense I’m behind in taxes but you provided great advice One advice that was mentioned was using Accounting services and my bank that I use for both business and personal provide such employment services Please understand, my marriage partner wasn’t truly a partner that helped me while driving and they were home with kids… it was stress on my part; I’m so freaking happy that your video made actual sense that I will utilize the IRS website for direct payment But one thing you should mention, although W-2 employees has their wages withheld by employers, they still need to be aware that employers don’t have to do that In my case, my former employer back in 2009 did not withhold all my taxes for 2010 and I now realize that I owe $300 or $400 now for my 2010 tax year
Comment from : D Caldwell

I thought the benefit of the S-corp was that it does NOT pay federal taxes?
Comment from : Sara Kohgadai

Thank you for helping with taxes and your visuals were spot on , also keeping taxes interesting
Comment from : Nickoli Wade

Great video, very informative and well explained/structured Only problem is that I need a Canadian version of this channel!
Comment from : Furygasm

can you also make a video on MICHIGAN state sales taxes?
Comment from : my book

new LLC and this is exactly what i need to know, i am going to the s corp after watching this video
Comment from : my book

Will buying into stocks, cd's, ect offset paying taxes for the year for a C corp?
Comment from : Theodore Clark

14:15 am I the only one confused why he added spouse income but never changed the filing from single
Comment from : TomeiFPV

This was so helpful! I’m trying to decide llc or S corp for my business salon in California
Comment from : Julia Lopez

Great info!
Comment from : Vincent Johnson

So basically if I’m a single member LLC, in a state with no state income tax, I should be saving roughly 15 for taxes ?
Comment from : PNWyinzer

So let’s say I’ve made about 25,000 already as a W2 employee If a start a business today and earn an additional 25,000 from the business Would this be an instance where the LLC being taxed as an S Corp be beneficial or does it not matter because the entire 50,000 wasn’t from the business?
Comment from : TBb

I believe you missed to explain that on top of QBID there is the Standard Deduction amount of $13,850 that the tool is deducting
Comment from : Roberto Rivara

You are hired!!!
Comment from : Patrick Sangiovanni

Hi Navi This video is great I have tried to find a video with an expatiation like this one you just did and I have not found anything like this You are great Thank you so much!!!
Comment from : Carlos Garcia

how does this apply to bManufacturing/b business as a new start up? it would seem that a lot of this advice is geared more towards on-line information sales , and perhaps Real estate brI am in the research phase as i have created my first line of products and am sourcing raw materials and equipmentbras the saying goes, Ya Gotta start somewhere
Comment from : Rick Coona

Navi!! I see many videos and feel like yours are the best to learn!! Hope to find you soon and would love to learn more from you
Comment from : riaz gomez

I am interested in filig as a single in S Corp and I still get a W2, do I have to pya into the social security and medicare with the winnings of my S Corp?
Comment from : Credit Repair Venture

What does it cost annually in taxes and fees to keep a C corporation (not an LLC) open that has no revenue in California? My understanding is that there is an annual fee in CA regardless of whether or not the company had any revenue
Comment from : J S

I thought sole prio owners dont pay salary, it must be owner draws, no taxes
Comment from : Marielle

Great video I really liked the visual chart Thank you
Comment from : joser08rodriguez

Thank you so much! Extremely helpful! brbrAs sole owner LLC, are the quarterly payments mandatory?
Comment from : Mike I

Hi Navi! I am very impressed with your teaching style and videos so I'll be investing in your course Do you have an affiliate program for those of us that want to share you course with others? If YES, you can respond here so others know the answer and I will ask again once I locate how to ask questions inside your course Great work!!
Comment from : Master Your Books

We owe King George III a whopper of an apology
Comment from : Jack Aubrey

Thank you so much this is very helpful I am a freelancer and I need to learn more about US taxes
Comment from : Eden Tajas

Forgot to explain why Fed tax is higher for S Corp, maybe I missed it
Comment from : minismom09

HibrCan I have the excel sheet, please?
Comment from : amin zarif

Thank You for explaining these terms so lucidly I hope you make a video on different Corporations ELIGIBILITY criterial as an individual business owner Can a individual file a S corp or C corp by himself managing all the business ?
Comment from : Jatin Ranjan

So if my husband and I formed an LLC And we are both members So you would recommend partnership? Also would we both be 50/50 or can it be that we both own 100 off the LLC?
Comment from : Karla Castaneda

Hi Navi! Great video! Do you mind sharing your excel template! Trying to save some time on re-creating the wheel! Heading to other videos now ;)
Comment from : cpalo73

@navimarajcpa I'm freelancing for a tech company as a Project Managerthey're hiring me as a 1099 instead of a W2 employee I am getting paid hourly and yearly I will be earning $300K working regular a regular 40 hour week What would you recommend I do? this is the first time I'm working as a 1099 contractor any recommendations will be totally appreciated How can I hire you?
Comment from : XFiorentti

Spot on, exactly what I was looking to learn Thank you for your time in helping everyone!brbrI am new to forming an LLC and learned a lot through your videosbrbrAs an S-Corp, when exactly can you withdraw the "distribution" amount (60k in your example) You pay taxes on 88k anyways - is there a reason to leaving that distribution amount there?brbrAt the end of your video, you suggest that over 60k can go to a Roth What about Pre-tax retirement contributions? SEP IRA not an option for S-Corp?
Comment from : Nandakumars

Best video online Please keep up with the visuals of your explanations It helps visual learning a ton
Comment from : Final Flare

Very informative Thank you! How do you switch from an LLC to S Corp?
Comment from : Fabiola Jeanbaptiste

This was very helpful!! Thank you!
Comment from : Margarita Gordon

Would you say that 40 of profit would qualify as a "reasonable salary" form the IRS perspective?
Comment from : Anthony Orsini

Curious how deductions would play into the S Corp about to start a psychiatric outpatient practice
Comment from : Joshua Hilton

This is incredibly helpful! Thanks so much!
Comment from : Triple L Rustic Designs

Hi Navi, can you explain why @9:17 the S-corp contribution for medicare & social security would come from the employee earnings rather than the employer earnings?
Comment from : yvy

Can a partnership be done under an s-corp if so using this does each person each get $40,000
Comment from : Infinitewealth

What about C Corp tho?
Comment from : JamesAutoDude

This was very helpful! Thank you so much!
Comment from : Jay

Is this for the small nations in the South China Seas?
Comment from : Name Removed

What if it's your first year and your LLC isnt profitable? How do you report that to the irs? And do we HAVE to pay quarterly, or is it every January/February like w9s do?
Comment from : Tyler J Lecara

At what income level does S Corp better? If less than 50k should we do S-Corp?
Comment from : DC J

Thank you Very helpful content and well explained
Comment from : Maria Rosales

Thankyou This was a good video
Comment from : Crystal M

Hi Navi, can you please share the tax estimate Excel file template?
Comment from : Budgeting 4u

Thank you so much This knowledge is invaluable and I better understand Sole vs LLC and not as freaked out!
Comment from : Nancy Torres

Great video 🎉 One question - Does single member LLC qualify for the QBI D automatically?
Comment from : Dhanya Kamalakannan

excellent presentation!
Comment from : LVMED

That's alot of money left on the table I got 2 pot holes and 5 homeless people on my streetbrbrHow do I keep it and make the system suffer for failing
Comment from : Battle4Truth

thank you for the video
Comment from : juan wong

greate video am gonna like this video
Comment from : MONEYLIFE TV

This was very helpful It seems like being an S-Corp vs Sole Prop benefits when you get to a certain income bracket We will be transitioning to the S-Corp model soon But you really helped me understand how it is broken down Needless to say, we will be hiring a payroll company haha
Comment from : Preston Christman

This is awesome Thank you from a small business owner!
Comment from : Elemental: Reimagine Wildfire

Could you please share the excel?
Comment from : Raj T

Thank you so much Navi - taxes make that much more sense now I’m sure that every situation varies, but I appreciate you breaking this down!
Comment from : Cathy

This was great I like the way you explain it and tie things together so it's understandable
Comment from : Lyrics Daddy

Very helpful! I wish I found you 5 years ago PS: You should remove that painting behind your head, you’ll be framed better
Comment from : Kevin Marra

Excellent Video! Glad I got an S -Corp!
Comment from : Miles Vaniglia

excellent keep it upby the way I would like to start LLC i need your appointment
Comment from : Scooby Doo

Thanks for informative video Can you explain how to switch from sole proprietorship to S Corp? I do business as Sole Proprietor now and would like to switch to S Corp
Comment from : S Y

This was extremely clear, thank you!
Comment from : Adrian Diaz

As a Uber driver in New York can I open a business account without a LLC or s corporation just by being a sole proprietor???
Comment from : SNLKRD

How do I find out if I filled for my EIN number under a Single member LLC or a Sole Proprietorship? Is there a way to find out? If yes, how? brbrThank you😊
Comment from : A A

Bro, zoom in on the spreadsheet so we an see it!
Comment from : DrJustin Gardner

Taxes should not be this confusing…
Comment from : Cory Brennan

Does your course help people who travel out of the USA? Expats and those who have residency abroad? Digital nomads?
Comment from : Liz CO

Hello! You are so so informative! What do I do if I don't make any profit? What do you recommend?
Comment from : Lisa Roubanis

Your video was really easy to follow thanks so much ! Is there any specific payroll/bookkeeping software that your recommend? I am going to start handling payroll for my husbands S-Corp construction business
Comment from : Angie R

If you’re electing to file as S Corp for your LLC, are you considered a S Corp now or you’re still an LLC, but just filing for S Corp?
Comment from : IceFire C

Thank you for the value of the information you've provided That was an excellent breakdown in how to structure a business for tax purposes 😊
Comment from : Aaron Farnsworth

Amazing!😊
Comment from : YGerman

Great breakdown Thank you for sharing!
Comment from : Artfiend

I registered my company as a corporation, how do I know which form of corporation do I have?
Comment from : Angel1111

I am foreigner from Indonesia, planning build C Corp in US Delaware, how to calculate the Tax, which One Tax should I report, also I have heard tax for C Corp is 30 for 5 years after that years the owner (majority shareholder) don't need pay tax again
Comment from : Nubi Game