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TopicsCrypto Deductions Family Irs Llc & S Corp Payroll Personal Taxes Real Estate Retirement Side Hustle Small Business Tax Strategy

Do you need an LLC to be considered a business

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Do you need an LLC to be considered a business

You don't need an LLC or a minimum income threshold to be considered a business for tax purposes.

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You don't need an LLC to be a business

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You don't need an LLC to be a business

Report all business income on Schedule C regardless of amount or LLC status.

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You don't need an LLC to be in business

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You don't need an LLC to be in business

You're in business from dollar one of income, whether or not you've formed an LLC.

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LLC types and when to switch to an S corp

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LLC types and when to switch to an S corp

Single-member LLCs pay self-employment tax on all profits; switching to an S corp can reduce that tax when income grows.

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When switching to an S corp actually saves you money

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When switching to an S corp actually saves you money

An S corp only helps when your profits exceed the salary you need to pay yourself for things like mortgage approval.

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Business structures explained from sole prop to S corp

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Business structures explained from sole prop to S corp

Walks through sole proprietor, LLC, S corp, and partnership structures and when each applies.

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Being an LLC doesn't automatically save you money

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Being an LLC doesn't automatically save you money

Your tax savings depend on your specific situation, income level, and tax form used, not just your business structure.

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The difference between a DBA and an LLC

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The difference between a DBA and an LLC

DBAs and LLCs are often confused, but they serve different purposes for your business.

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Mileage deduction rules for S corps vs sole proprietors

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Mileage deduction rules for S corps vs sole proprietors

S corps can reimburse mileage directly, but sole proprietors must exclude commuting miles from home to first stop.

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You don't need an LLC to be considered a business

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You don't need an LLC to be considered a business

As soon as you start buying or selling, you're a sole proprietor and owe taxes, no LLC required.

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DBA vs LLC: what they actually mean for taxes

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DBA vs LLC: what they actually mean for taxes

A DBA is just a name you operate under, while an LLC must be paired with a tax classification like sole proprietor, partnership, or S corp.

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S corp vs schedule C saved this client $60,000

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S corp vs schedule C saved this client $60,000

High-income business owner with low overhead saved $60k in self-employment tax by using an S corp instead of schedule C.

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When to switch from LLC to S corp

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When to switch from LLC to S corp

There's no magic income number; consider S corp status when you have significant profit to reduce self-employment tax.

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How to check if your tax preparer missed deductions

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How to check if your tax preparer missed deductions

Review your Schedule C or S corp return for mileage, meals, phone, and internet to spot missing deductions.

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You don't need an LLC to be a business

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You don't need an LLC to be a business

You're a sole proprietor the moment you start selling, with or without an LLC.

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You don't need an LLC to be a business

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You don't need an LLC to be a business

You're a sole proprietor the moment you start selling, with or without an LLC filing.

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S corps let you create pension plans that LLCs cannot

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S corps let you create pension plans that LLCs cannot

S corps can set up old-fashioned pension plans to shelter large profits, while LLCs are limited to 401k and SEP options.

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How business owners reduce taxable income

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How business owners reduce taxable income

By taking a lower salary and using legitimate business deductions like mileage, meals, and travel, profits get reduced before taxes.

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How business owners lower taxes with reimbursements

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How business owners lower taxes with reimbursements

By paying yourself a smaller salary and taking legitimate business reimbursements, you reduce taxable profit while keeping more money.

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Why your S corp donations might not transfer to your personal return

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Why your S corp donations might not transfer to your personal return

Large donations made through your S corp may not fully carry over to your individual tax return due to deduction limits.

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How S corp deductions keep money in your pocket

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How S corp deductions keep money in your pocket

Let your S corp pay for meals, travel, and miles so you keep more of your income instead of giving it to the government.

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Qualified business income deduction explained

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Qualified business income deduction explained

The QBI deduction takes up to 20% off your business income, now flowing from partnerships and S corps to your 1040.

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How much income before switching to an S corp

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How much income before switching to an S corp

Addresses the common question of what income level justifies converting to S corp status.

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Single member LLC vs S corp tax differences explained

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Single member LLC vs S corp tax differences explained

When your LLC earns enough, self-employment tax may justify switching to an S corp structure.

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32 videos in this filter