The Step-By-Step "Zero-Tax" Blueprint For Business Owners

[@WesterElias]

I always feel a little bit lost when folks talk about taxes and write-offs, but Mark makes everything make so much sense.

[@KimikoMaui]

Totally

[@ScottJLetourneau]

Great video, Mark! He is speaking about US residents. Taxing an LLC as an S corporation is one of the best options when your profits are $40K to $50K or more. Non-residents don't have this option, and the rules are more complex.

[@bryanbradford2742]

Another awesome video!! Thank you 🙏🏻😊 I just started my LLC and I'm looking forward to learning more!!

[@Newdaypestcontrol]

great video

[@THEtaxstrategists]

Hey Mark. Has IRC Sec 274(m)(3) been repealed? You seem to ignore this code section, related regs and court cases when you suggest the family board meeting strategy

[@stephencurry6244]

How does taking distributions get arranged with a multi member llc?

[@PaulVazquezJD]

Mark has a great strategy for that. If LLC is tax as an S-crop, then each owner could have their personal LLC S-corp, so they can manage their deductions on their share of distributions. Or are you asking something else?

[@JeffGammon]

Trying to wrap my head around paying my kids and family members via a 1099 and how that would help reduce my taxable income. Mark, do you have a video specifically on this topic?

[@MarkPiresTaxCoach]

It's simple, it's just like paying anyone else which is a tax deduction however, the tax advantages to your kids under 18 are more favorable than a contractor.

[@JeffGammon]

@@MarkPiresTaxCoach Sure. I get that. I guess I am just looking for the "why" it is more beneficial via my kids rather than a normal contractor. Is it partly due to my kids income not fully counting towards my own when I claim them? I think that is right anyway. :)

[@MarkPiresTaxCoach]

@JeffGammon The biggest advantage is if they're under 18 they don't pay FICA which is a 15% tax savings vs. what an adult or none child would have to pay on top of Federal and State taxes.

[@MarkPiresTaxCoach]

@JeffGammon Also, the child first $14,600 is tax free to them and, tax free to you because you can deduct it from your income

[@JeffGammon]

​@@MarkPiresTaxCoach does the dependent child, who for example receives a 1099 for $2k or perhaps other income from like mowing a lawn, have to file a separate tax return, even when I am claiming them on my own? Or can I just not mess with putting that info on my return since it is under $14k.

[@THEtaxstrategists]

Sometimes silence speaks volumes

[@THEtaxstrategists]

I think your friend Karlton D suggests an "off year" C corp strategy. I have criticized him but he now blocks me. You seem to agree that this "off yr C corp strategy" is unwise but you promote Karlton. Lastly, he seems to ignore rhe PSC rules. Thoughts?

[@ChristianRoman-f9g]

If your car weighs 6K lbs you can write it off.

[@ReenaNation]

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