My three favorite channels: Karlton Dennis, Stock Brotha, & ClearValue Tax. Make my week complete!
@TroySwezey Жыл бұрын
One of the best and most informative videos I have seen in a while. And Karlton gave this to us for free. Thanks, Karlton!
@christopherxgordon Жыл бұрын
Thank you for this video. I just started a multi member LLC and this answered a lot of my questions and gave me a good foundation of where to start
@falseflag21 Жыл бұрын
Hey Karlton, how about a video for S corp owners that want deduction but still need a high AGI to qualify for loans/mortgage. I know some depreciation can be added back. I think a video of this would be great. Thanks in advance.
@horbolhomestead48966 ай бұрын
Great information! I've been watching over and over to make sure I didn't miss anything. Thank you, Karlton!
@G_Back2Basics Жыл бұрын
My wife and I were talking about this the other day! Great timing!!
@TheNewAgentAcademy21 күн бұрын
This is Gold thank you. I have 3 busines one of them is a multi member LLC.
@knightrider54 Жыл бұрын
I couldn't have found a better video for the questions I've had. Thank you!
@andrewhankinson4096 Жыл бұрын
So if I leave profit in the LLC and it gets taxed and then I draw it out the following year or however long it may be. Wouldn’t that mean it’s being taxed twice? What’s the benefit of keeping it in there besides not bumping yourself into another tax bracket by taking the income as personal.
@dismahusername8309Ай бұрын
12:50 When would the IRS tax you? If you leave the money in the bank account, is there a certain time limit in how long it can be in there until it gets taxed?
@eddfiegarcia8888 Жыл бұрын
Thank you so much Karlton! You’ve helped me build and structure my business to a T
@dinerotheshoota1 Жыл бұрын
I watch majority of your videos! Thank you for all of this important information!
@serenitycare9180 Жыл бұрын
Well put and easily understood. TY !!!
@Glow0110 Жыл бұрын
Can you go into more detail about how to "use" the money in your business bank account so that it is not taxed? Thanks so much!
@germylicious8 ай бұрын
Looking for this answer as well.
@SensePG Жыл бұрын
Thanks for the information, just to make sure , under no circumstances should the partner withdraw more than their percentage ownership in the LLC? Can the percentage ownership percentage be changed by updating the operating agreement? what will happen if they take more?
@rayyanimtiaz37923 ай бұрын
If you have an operating agreement, it should be adhered to. However, without an operating agreement you have liberty to split however you want with your members, or have different splits annually
@TRIMARTheatresАй бұрын
Wait. Individuals don’t pay tax on Distributions, right? The LLC is taxed on its income instead, right? Then, how are members taxed on their income/distributions?
@robyn3575 Жыл бұрын
Came across your videos and so glad I did. You are very informative-thank you!!
@closeconceptz1545 Жыл бұрын
So it looks like I'm going to be watching a lot of your videos in the next few months. Medically retiring from the army and starting a small business with 3 employees. I have alot of experience in the buisness and advertising, but I've never had a buisness before so I know nothing about starting an LLC or even taxes or payroll, I plan to get my business license when I get to Missouri in March. I have everything prepped to start working and producing income. I really need help finding out how to save money and even what type of business I should be...LLC S-corp
@closeconceptz1545 Жыл бұрын
Not exactly sure what that means lol email?
@melissad159 Жыл бұрын
Thank you for providing this great information.
@imdoc7872 Жыл бұрын
Great video. I’ve been watching your videos and they are awesome. Quick question. If I choose to leave all my profits in the LLC but invest them say in stocks/ETFs, am I still taxed on that money even though I’ve only invested that money without cashing it? Would I be taxed on profits that I distribute to myself if I choose to put them in a mega roth ira?
@jameswiggs9655 Жыл бұрын
Karlton with more wise info. Thank you sir!
@raegan_price Жыл бұрын
With the $ you keep in, how is it taxed? Does an LLC file seperately and pay at that point?
@renardanthony5424 Жыл бұрын
Pass-through entities are taxed on all income annually, regardless if you take it out of the business.
@AlexLivesAtHome10 ай бұрын
Fire video. Explained everything extremely well.
@yonchungrealtor Жыл бұрын
Why would your distribution be taxed? You are already being taxed on the net income. Distribution from owners equity already had its taxable consequences. It's the amount after net income has been calculated. Same goes for the owners equity that you leave. That's after the taxes have been calculated on the net income. You would not be taxed on the owners equity.
@donaldmaute94467 ай бұрын
This is the question I have too. Did you find the correct answer?
@IzabelSilva-f3x Жыл бұрын
What about return of investment capital, doesn't it come before owners payments? And if the company remains in the break even?
@DEHDON13 Жыл бұрын
EXCELLENT content my brother. I wish I had you as my tax adviser for my small business.
@bettersaynow Жыл бұрын
Excellent content and well explained.
@Imhere123456 ай бұрын
So if you leave money in your business account and gets taxed. when you withdraw it, it gets taxed again?
@peacefulishwarrior Жыл бұрын
Great Video! Thank you so much
@dcat3510 Жыл бұрын
This is a fantastic bit of valuable info! Thank you. Well done
@The_Devil19808 ай бұрын
Hey Karlton. Quick question as a 1099 business owner Would it be suitable for one to use a company like paychex to pay yourself and they hold taxes out. That way it's easier at the end of the year or would i be losing out on write-offs
@forcadesignllc56118 ай бұрын
don't take advice form an internet personality. his background is in health and science. you're better off brushing up on the latest tax codes that were revised.
@deesean973 Жыл бұрын
Does this apply to S-Corp too? Is there a "Multi S-Corp " ? Are the rules different?
@avisayag Жыл бұрын
Hi, love your videos very much. I have a question: I am a foreigner who opened an LLC in Wyoming, can I buy property in another state? (New York for example)
@seymoreprofits4 ай бұрын
From my experience I’ve learned that you can technically purchase property anywhere with your LLC but when it comes to managing that property it has to be done by a company that has right to operate in that state. Your Wyoming LLC would act as a holding company. It’s best to consult a lawyer within the state you’re planning on purchasing any property.
@sherlynlarios4328 Жыл бұрын
Distribution !!! can PAYROLL be done ?? getting paid with a w2, if members physically work
@renardanthony5424 Жыл бұрын
Excellent information and details (from one accountant to another).
@favoroceanloy64407 ай бұрын
Very very helpful video. God bless.
@kentvincentcanedo77099 ай бұрын
Does northone will work in the Philippines?
@ACCOUNTAMI607 ай бұрын
Can a member of the LLC get 1099-NEC if working as passive?
@dreamer8432 Жыл бұрын
I start my business in November with my best friend we splitting everything 50/50 but we havnt touch any of the money yet is there a requirement w-2 o something we need before we take a owners payment?
@dreamer8432 Жыл бұрын
We’re still looking for a trustworthy bookkeeper
@geraldjohnfernandez Жыл бұрын
hmm... interesting. Do you have a client that is a trader with an LLC? I'm a trader and thinking of getting an LLC this year.
@VibeWithMe_321 Жыл бұрын
Thank you for this information 🙌✨
@xbellabutterflyx11 ай бұрын
When I register for an ein how do I do it if I have a multi member LLC (2 member managed.)
@renyarhoj4154 Жыл бұрын
04/29/2023 - 4 Months later Do you still recommend a NorthOne business account?
@jesuslimon3885 Жыл бұрын
KD the mf goat! Nobody delivers information as good as this channel!!!!
@bridgetturner7812 Жыл бұрын
Great information! Thanks!
@amionthis_adventure11 ай бұрын
For Business Meetings once a year (multi-members) can I write this off as a tax deduction?
@soullessdevice9 ай бұрын
Yes, the expenses of the meeting should be written off. Remember to have your meeting minutes detailed out and filed away to back up the write off in case of an audit.
@juandbarber5212 Жыл бұрын
Can you do this for SCorp or do you already have one?
@aesthetics4days Жыл бұрын
12:03 Yeah i was wondering this too
@niahvitadreams7958 Жыл бұрын
Needed
@johnnytudor3626 Жыл бұрын
Hi, how can I contact you. And what about if I wanna pay myself via ADP as a single member llc ?
@renardanthony5424 Жыл бұрын
Single member llc's cannot pay themselves
@kennethwright5157 Жыл бұрын
Thank you best friend!
@GisellesCurls Жыл бұрын
Excellent
@taugempie Жыл бұрын
Love it 😊
@algeriennesaffaires70173 ай бұрын
Music background its so annoying sadly ruined the valuable video
@7MohanRaj11 ай бұрын
Being business partners with husband / wife... Good luck 😂😂😂 It works when the times are good.God bless you. Don't tell me I didn't give you heads up. Thank me later. 🙏🙏
@forcadesignllc56118 ай бұрын
whata your background education? we're guessing BAS PUBLIC HEALTH EDUCATION AND PROMOTION. OR BACH IN KINESIOLOGY AND EXCERCISE SCIENCE. find it alarming you're speaking on a topic your not well versed in. But continue to give financial advice youre not equppied to give.
@JEM-p2p Жыл бұрын
There are a lot of "half truth's" in this video - for example, you mention that distributions must be proportionate - not true. Sub K requires that capital accounts be maintained (if your LLC is a partnership). There is no requirement for proportionate distributions. You mention here that LOSSES can be claimed - you do not have any discussion about tax basis/Sec 752 debt allocation, etc. Lastly, you start out by saying your LLC can have 100+ members then at the end you state you can "upgrade" to S corp status - I think you know better that S-corps have ownership requirements/single class of stock, etc. etc. - As a CPA Tax professional with decades of experience, it amazes me how much incomplete tax advice is on youtube! Buyer beware folks!!
@seymoreprofits4 ай бұрын
I think he means well but leaves out valuable information by trying to make is easier to understand for the layman. Good thing I don’t solely rely on these KZbin videos. When it comes to taxes & such legal information I usually follow what is listed on the official websites. I just read something about the Sub K & I ended up here after looking for more info. 🤷🏽♂️ my real concern is about whether a majority owned LLP can be taxed as an LLC ? Since I don’t want to list anywhere as a partnership but preferably LLC. Would be great if you could help. 💪🏾
@huethedev6537Ай бұрын
kzbin.info/www/bejne/fHuZeKl5r5p4erM
@claudemoss1005 Жыл бұрын
I looking to form a corporation. I'm considering forming an S-corp then and LLC under that for one of my businesses. The thing is I'm a sole owner/ operator. I need a lot of advice on my strategy. Any advice would be welcome.
@99666662604 ай бұрын
would have been better , if its shown with an example of numbers