Paying Yourself and Partner as a Multi-member LLC!

JOIN THE TAX-FREE WEALTH CHALLENGE NOW! AUGUST 5-9 2024!
join.taxalchemy.com/join-thec...
Learn the rich's tax secrets with my new book! Click the link below
ebook.taxalchemy.com?
Taking the Next Step:
📞 Book a Professional Tax Strategy Consultation: www.taxalchemy.com/consultati...
Join the Free Tax Strategy Accelerator Community! ▶ www.taxstrategyaccelerator.co...
Watch this FREE Webinar on How to Cut Your Tax Bill in Half as a Real Estate Investor ▶ join.taxalchemy.com/registrat...
Learn How to Grow Your OWN Rental Portfolio & Reduce Taxes Legally! www.taxalchemy.com/consultati...
My Tax Strategy Programs:
Tax Free Living Bundle (47% off): taxfreelivingbundle.com/tfloptin
🏡 Buy Tax Alchemy Rental Loss Program Now: app.taxreductioncompany.com/t...
Book a Discovery Call to Learn More About Tax Alchemy: www.taxalchemy.com/consultati...
Check out these links Below!
Learn How to Self Direct Your IRA or 401k: directedira.com/karltondennis/
*Disclaimer: I am not a financial advisor nor am I an attorney. This information is for entertainment purposes only. It is highly recommended that you speak with a tax professional or tax attorney before performing any of the strategies mentioned in this video. Thank you.
#taxes #taxfreeliving #taxexpert #taxreduction #llc

[@richhands5269]

My three favorite channels: Karlton Dennis, Stock Brotha, & ClearValue Tax. Make my week complete!

[@christopherxgordon]

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

[@TroySwezey]

One of the best and most informative videos I have seen in a while. And Karlton gave this to us for free. Thanks, Karlton!

[@robyn3575]

Came across your videos and so glad I did. You are very informative-thank you!!

[@G_Back2Basics]

My wife and I were talking about this the other day! Great timing!!

[@knightrider54]

I couldn't have found a better video for the questions I've had. Thank you!

[@serenitycare9180]

Well put and easily understood. TY !!!

[@dinerotheshoota1]

I watch majority of your videos! Thank you for all of this important information!

[@melissad159]

Thank you for providing this great information.

[@horbolhomestead4896]

Great information! I've been watching over and over to make sure I didn't miss anything. Thank you, Karlton!

[@eddfiegarcia8888]

Thank you so much Karlton! You’ve helped me build and structure my business to a T

[@bettersaynow]

Excellent content and well explained.

[@peacefulishwarrior]

Great Video! Thank you so much

[@falseflag21]

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.

[@VibeWithMe_321]

Thank you for this information 🙌✨

[@bridgetturner7812]

Great information! Thanks!

[@jameswiggs9655]

Karlton with more wise info. Thank you sir!

[@dcat3510]

This is a fantastic bit of valuable info! Thank you. Well done

[@AlexLivesAtHome]

Fire video. Explained everything extremely well.

[@imdoc7872]

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?

[@renardanthony5424]

Excellent information and details (from one accountant to another).

[@favoroceanloy6440]

Very very helpful video. God bless.

[@DEHDON13]

EXCELLENT content my brother. I wish I had you as my tax adviser for my small business.

[@niahvitadreams7958]

Needed

[@taugempie]

Love it 😊

[@deesean973]

Does this apply to S-Corp too? Is there a "Multi S-Corp " ? Are the rules different?

[@user-fc4ox5ms7v]

What about return of investment capital, doesn't it come before owners payments? And if the company remains in the break even?

[@juandbarber5212]

Can you do this for SCorp or do you already have one?

[@aesthetics4days]

12:03 Yeah i was wondering this too

[@Glow0110]

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!

[@germylicious]

Looking for this answer as well.

[@andrewhankinson4096]

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.

[@sherlynlarios4328]

Distribution !!! can PAYROLL be done ?? getting paid with a w2, if members physically work

[@GisellesCurls]

Excellent

[@closeconceptz1545]

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]

Not exactly sure what that means lol email?

[@geraldjohnfernandez]

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.

[@xbellabutterflyx]

When I register for an ein how do I do it if I have a multi member LLC (2 member managed.)

[@renyarhoj4154]

04/29/2023 - 4 Months later Do you still recommend a NorthOne business account?

[@kentvincentcanedo7709]

Does northone will work in the Philippines?

[@jesuslimon3885]

KD the mf goat! Nobody delivers information as good as this channel!!!!

[@Imhere12345]

So if you leave money in your business account and gets taxed. when you withdraw it, it gets taxed again?

[@kennethwright5157]

Thank you best friend!

[@SensePG]

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?

[@rayyanimtiaz3792]

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

[@avisayag]

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)

[@seymoreprofits]

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.

[@user-or4zp4vy3s]

Can a member of the LLC get 1099-NEC if working as passive?

[@dreamer8432]

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]

We’re still looking for a trustworthy bookkeeper

[@The_Devil1980]

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

[@forcadesignllc5611]

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.

[@raegan_price]

With the $ you keep in, how is it taxed? Does an LLC file seperately and pay at that point?

[@renardanthony5424]

Pass-through entities are taxed on all income annually, regardless if you take it out of the business.

[@johnnytudor3626]

Hi, how can I contact you. And what about if I wanna pay myself via ADP as a single member llc ?

[@renardanthony5424]

Single member llc's cannot pay themselves

[@mahinaamion3134]

For Business Meetings once a year (multi-members) can I write this off as a tax deduction?

[@soullessdevice]

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.

[@yonchungrealtor]

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.

[@donaldmaute9446]

This is the question I have too. Did you find the correct answer?

[@7MohanRaj]

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. 🙏🙏

[@forcadesignllc5611]

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.

[@user-ic6kq4vt9t]

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!!

[@seymoreprofits]

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. 💪🏾

[@claudemoss1005]

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.

[@9966666260]

would have been better , if its shown with an example of numbers