CPA EXPLAINS: How S Corp Taxes Work

Curious about how S Corp taxes work?
In this video, our CPA, Navi Maraj explains how S Corp taxes work, breaking down the complexities of tax filing and obligations for S Corporations.
Don't miss out on this valuable information. Watch as our CPA explains how S Corp taxes work and gain the knowledge you need to handle your taxes with confidence.
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RECOMMENDED VIDEOS
If you enjoyed this video, I invite you to watch the following two:
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I guarantee you will find them valuable.
Disclaimer:
This video was created for informational purposes and it is not to be construed as legal and tax advice specific to your unique situation. Some of the links above are affiliate links which means that if you purchase a product or service with the provided link, I may receive a commission with no additional cost to you.
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[@NaviMarajCPA]

💰Check out our website - navimarajcpa.com/ 💰 Ready to save THOUSANDS in taxes? Enroll in my course here 👉 navimarajcpa.teachable.com/p/smallbusinesstaxessale

[@jaysharif]

Hello Navi, I have sent you an email but never heard back from you so I was wondering how should I contact you or may be I will ask the question here. Can I setup an S corp for my stock brokerage account. The reason being that I do lot of options and generate decent amount of short term capital gain which is taxed at my ordinary income tax. Both I and my wife are W2 high income earners and that puts us at 35 - 37% effective tax rate. I would appreciate if you would respond to my inquiry. If you say yes then let me know how to proceed further.

[@manalosmeanbusiness]

I have a question or if you could make another video 🤷🏽‍♂️ as the owner of a a corp, how do you actually receive the distribution? Is it through your payroll, does your s corp “write a check”, or is as simple as just transferring funds? I look forward to an answer. Thank you for your amazing content!

[@Narski6]

Massive thank you for the breakdown. You are incredibly good at explaining this to someone new. Will for sure check out your website from here!

[@Narski6]

Excited to see your breakdown for the multimember LLC if it differs much at all from the Sole Proprietor one!

[@GabrielYeager]

Incredibly helpful, thank you!

[@NaviMarajCPA]

Thanks for watching!

[@Bormanb23]

Great video can I still keep my SEP IRA and contribute the maximum of 69,000 (2024) each year if I switch from single owner LLC to S Corp.?

[@brentnassaney9768]

Im about to sign up. One quock question. How do i update the irs like 2553 form with the appropriate shsreholder information?

[@Chunsoffun]

Great video! I'm looking forward to the C-Corp one. One question on the S-Corp to make sure I'm understanding everything correctly...If he had put the $56,940 (or whatever amount would be his limit) into a solo 401K then that would lessen his total taxes from $17,207 right? So for example, let's say for simplicity sake that the whole $56,940 was put into a 401K. Then instead of the total tax being $17,207, it would instead be just the $6,120 FICA taxes? Not counting the income taxes he'd have to pay on the $40K salary.

[@NaviMarajCPA]

No, that’s not how it would work. If you established a 401(k), you could defer up to $23,000 (2024) into a Traditional account and so your taxable income would be reduced by $23,000. Additionally, you could do a profit sharing contribution up to 25% of the gross wages you paid yourself. This would be a tax deduction at the S Corp level.

[@salpremiers]

What a great video!! 👍🏼

[@NaviMarajCPA]

Glad you liked it!

[@godricfamilyfarm]

I'm so glad I subscribed

[@NaviMarajCPA]

Same here 😉

[@CarlosDaniel-wj5om]

Great audio. What microphone are you using?

[@NaviMarajCPA]

Thanks. It’s the Rode VideoMic NTG.

[@kiarabenjamin8704]

Question Navi........if we dont deduct all expenses on the 1120s can we deduct them on the Schedule C?

[@NaviMarajCPA]

I would need to know your exact facts and circumstances to properly answer you. In general, I would say no.

[@kiarabenjamin8704]

Thank you for responding I apologize for the late response.......I have utilities, 1099 NEC contactors, postage stamps, supplies

[@kiarabenjamin8704]

I have my office furniture depreciated under the Schedule C

[@sdsd4284]

Greetings Nav i would like to contact you how can i ?

[@NaviMarajCPA]

Contact form on my website is one way to do so.