S Corporations | S Corps Explained

[@douglasharley2440]

1:41 YAY!...RINGWORM-FREE! lol

[@nonchalantd]

She's probably the happiest attorney I have ever seen.

[@MoneyandLifeTV]

So happy to have found your channel. I produce a lot of videos around taxes as a CPA, and now have a good place to refer people to learn more about entity structures.

[@j.carter3714]

Yesss!!! I was looking everywhere for this ! Perfect thank you!

[@wellnesscoachingwithtita6219]

Thank you for this explanation of an S Corporation and it has helped me make a choice! I appreciate the clear and concise way you teach!!

[@markisrael1714]

Just discovered your videos, Aiden. You make these concepts so simple. Thanks!

[@WillieSublet3]

So happy for your continued growth. I have been watching you for a while. I finally started my LLC and I pulled out my saved videos from All Up in Ya Business. I think it is time to bring back those "high tech" graphics

[@allupinyobiz]

This makes me so happy. 😀 You know, you're not the first person to request my sweet graphics...maybe it is time for them to make a comeback... Best of luck on your new business venture! You got this!!

[@cgreeves1725]

I understood everything! And that says a lot for someone who explains the process as she does. I’m going to watch more and more and more thank you!

[@brianlandis3057]

I watched a bunch of other videos on "LLC vs S-Corp" so I already knew a lot about it, but your explanation and summary was spot on and made it even more clear! I also appreciate the comments you made about when it might NOT be advantageous to elect S-Corp status. Brilliant! Subscribed! (Oh, and I just called and talked to your assistant and told her to pass on to you what a good job you do on your youtube videos!) ;)

[@karinalemus3741]

Thank you so much for making this Video. I have seen so many videos in the past couple weeks about an S corp, and this is by far the best Video and you fully explain it to the extent that I don’t have to look for any more videos to understand exactly how the S corp works. Thank you so much for a clear and informational video.

[@willporter9620]

Great presentation! You get right to the point an s Corp is not a business entity, it is a tax election. Why is it so many youtubers lead you to believe the s Corp is an actual Corp? They always have headlines "s corp vs c corp" which should you choose. Very misleading. I like how you come right out and say its only a tax election.

[@twicethecharmblogger2930]

This was very informative. I've been thinking about starting a business over the past year and I feel this video gave me a good start to doing my research. Thank you!

[@crimbullet]

Hi Aiden, I just want to let you know that I been following you for a year and on my last video, I actually recommended your channel to my viewers with a link in the description. I get a lot of security and investigations company owners asking me about the LLC, Corp, Sole Prop, etc. I am not an attorney and find your channel very helpful for my audience. Thank you! Shaun

[@allupinyobiz]

That’s wonderful, thank you so much for all the support!! You rock 👊

[@michaelb9940]

How do you not have 1,000,000 followers! Solid channel, Solid tips/advice

[@allupinyobiz]

🙌 thank yoouuuu!

[@JavierRodriguez-wn4pc]

You are awesome. Your information is extremely insightful. Thank you.

[@alanmarquez8226]

For a two member LLC taxed as an s-corp in California, both owners would be employees. If both owners would be working on the field, would they need workers comp for themselves? Thanks again for your free informative videos beautiful.

[@RunE076]

No, you only need worker’s compensation if you hire others

[@JJbones88]

I think it's important to note how this pass-through can effect your health insurance? Like what if you're on Covered CA and your W-2 wages are low enough to qualify, you take no owner draw/distribution but the companies net income will show on your return so I wonder if the state considers this your income? Thus effecting health insurance you qualify for

[@allupinyobiz]

That is a REALLY great point, and it is definitely an important consideration. I don't know how it works in CA, but I believe most states would consider it income even if the owner doesn't take a distribution.

[@ascendingwithalana]

I would contact Covered California and see what they say.

[@jaimsish]

Rocky: "My mom is crazy, shes always talking to herself in front of the light."

[@rachelluo6687]

thanks for your explanation!!! it helps me a lot in my taxation class!!!

[@vancewilson5902]

That was an awesome video!! Thank you soooo much 👍👍👍

[@davin397]

Very thorough explanation. Thanks.

[@thecorporategirlplanner]

This was super helpful!!

[@alonziabesweet8141]

Lol When I needed to find you all I could remember is what you say is all up in your business and you pop up😍 Florida

[@allupinyobiz]

Perfect 😁

[@toniaclark1431]

You really make this info so much easier to understand.

[@olivercollins4836]

There are a lot of inaccuracies here. The s corp would come to 38.5. Pass through and other taxes occur. And don't forget payroll and the $1200 fee for the filing form.

[@josephisas3260]

Great overview of S corp, big thanks...

[@stephano714]

Hey! Love your videos. I’m glad you’re uploading again. Thanks for the info

[@Trenell03]

Hey. So in your sec example, She is still paying taxes twice. You said S-corp avoids double taxation. I'm confused about this. Granted she still has 50,000 that as not taxed but still she is paying twice, especially if she is a single-member....right?

[@NiamulArifin]

Yaaay so happy to see your new video. Hope to see some new video series

[@khronos142]

7:18 nice succinct summary

[@algarcia32]

HI Aiden. So other than saving on the self employment tax, are their any other tax savings associated with an S corp.? I ask because I also flip real estate in addition to being a real estate broker.

[@loh1110]

Actually, reasonably speaking, you can file a 2553 even in October or even in November. If you get a response/approval before year end, IRS allows backdating. The reason to use for the 2553 is "Accountant forgot to send the request".

[@BethanyVigilante]

Great video! You explained that very well. Thanks!

[@Xithers]

Great vid, thank you! Side note - Would love to hear your Drew Barrymore impersonation!

[@stainlesslobster]

LOL JUST KIDDING. BUT THE DUALITY OFF RING WORM VS LLC. YOUR AWESOME!!!

[@allupinyobiz]

🤣🤣

[@stainlesslobster]

@@allupinyobiz lol just kidding

[@stainlesslobster]

Of not off.😁

[@msgigi78]

Can the person listed as a shareholder also be on the S corp payroll (NON LLC SCORP)?

[@JupiterCamelz]

Awesome explanation of the 2!

[@allupinyobiz]

Thanks! 😄

[@mansardmanor3869]

I got lost on the *180* vs *all up in your business* Need to catch up on some videos 😙

[@gentrymackins1493]

Hi Aidan, Ms. Colorado, I like your style thanks for the explanation.

[@ellaferguson2011]

This video was so helpful! Thank you!

[@donttread5414]

Question: 1) Im a 1-person s-corp. What is my title? I refer to myself as "managing member". Is this incorrect? 2) For my S-corp Form 2553 I put "100%" for "number of shares or percentage of ownership". The IRS accepted it. Some say my S-Corp is defective as I am required to issue stock. Is this true? How do I remedy this?

[@kevinv2302]

Great explanation, very helpful and informative, enjoy your videos, Thanks..!

[@DZ302-Z28]

Warning : NEVER TRUST your accountant that much. She could easily use an online platform that will do payroll and the whole nine for you without needing to consult with your accountant every single month. Who has time for that?? Bad advise @ 12:40

[@allupinyobiz]

Who said I consult with them every month? It’s one email exchange; inputting info into a payroll program myself would take a lot more time.

[@katboat7841]

What happens if you have an llc as an s corp, but no longer want to work for your own business?

[@Purifiedsams]

You’ve come so far. Very proud of your work. Continue striving to be great🙏🏽 Jesus is God!

[@toniaclark4747]

I was looking at this video. I was a little confused on the calculation for S corp. I dont understand why you included the %25% when its included in the 40.3% just above that. Why isnt the tax liability just $20.400?

[@allupinyobiz]

The point is that the income is split into two pots: 1) the reasonable salary, which in this example is taxed at 40.3% (25+15.3), and 2) member distributions, which is taxed at 25%. The 25% is included in the 40.3 for the salary. But the remainder is only taxed at 25% without the 15.3% self employment tax. (Again, plz remember that is not how tax brackets actually work. In reality, the math is different but the overall concept is the same.)

[@toniaclark1431]

@@allupinyobiz Thanks for the clarification.

[@datfirm]

Hi Aiden, Would you say for a single member LLC making between 80k and 100k should elect to be taxed as an S Corp?

[@judithjoseph6569]

That's my question

[@ThaMidwestBrutha]

Yes....no better yet Hell yeah!!!!

[@M40753]

Thank you very much for the video Aiden - finally this is the information we are looking for -- this is our scenario - were about to start a business or buying an existing construction business, (assets only) and we probably do about 2M-3M gross a year - do you think S-corp is the way to go? or should we wait since the year is almost over - and START next year -- i'm already talking to my CPA but we have not finalized it yet. Again , thank you so much for the video !! and definitely try to join .. Mahalos a bunch !! Bubba

[@robinbongos]

Thank you Aiden. Very helpful.

[@Machenziethemodel]

I understand this. Thank you

[@Kall_Mii_Kemo]

I want to start a comic book company should i incorporate? Any help will help

[@odcsmn6358]

Great information but i am just curious how you got your lips like that?

[@allupinyobiz]

Nature. 🙂 And staying hydrated so they don't get chapped!

[@tinsoldier5317]

Good Advice, Thanks.

[@Trenell03]

You said that you can't have a member that is an LLC taxed as an s-corp. I don't understand. If I'm a single member LLC, Doesn't that make me an LLC, and if I want to be taxed as an s-corp as that single-member LLC, you're saying I can't do that because I'm already an LLC??? OR are you saying that I can't have a company that is an LLC as a member?

[@Madcracka]

So if I did an s Corp, and took this reasonable salary, and get taxed only on that. I can still take a member withdrawal, and get taxed how?

[@allupinyobiz]

That is still taxed at your ordinary income tax rate

[@GreenPastry]

I love this ❤ Thank you.

[@therock1232100]

Great content, Aiden! I like to know what is the difference in using online service to setup a legal entity vs using an attorney to set it up. What do you recommend? Does these entities sectioned from region to national to international?

[@excelcommando9824]

Agreed, that's how I ended up here

[@christopherlynnjohnson2706]

Educational!

[@margaret4106]

Thank you, very helpful.

[@ron6126]

Thank you.

[@user-zh7zj8cw2i]

Wow - so useful! Great job, and thank you!

[@julius.150]

Neighborhood great advice

[@TJ7976]

I love your videos! You make everything so easy to understand. Thank you for all your insight!

[@bleedforhockey96]

Skip to 1:50.

[@luisreviews6412]

Great information 👍

[@Jerseytrucker911]

Thank you, thank you.. great video!

[@allupinyobiz]

You’re welcome! Thanks for watching .

[@Pathfindergreen]

She's so smart and fine too

[@bizDuke]

Hello, I’d love to set up a call with you How can I do that?

[@icosuperstar]

Rocky?? What did you really do to the cats??? 🤣

[@allupinyobiz]

LOL!! Nooo, Rocky would never!

[@DIANADARK76]

What did you use to disinfect your house(ringworms)?

[@come_explore_with_me_IL]

Why does the US Gov make things so complicated, and in such ways which large businesses with top accountants can do so well and the rest of us either pay up, or suffer? Taxes should be fair and simple for all.

[@allupinyobiz]

I answered your question in my recent video! Check it out at kzbin.info/www/bejne/rGTHlZmYo5p6iKc.

[@come_explore_with_me_IL]

@@allupinyobiz Awesome thank you so much and I loved your answer!! You are probably the most fun to work with Lawyer and make these boring topics interesting! Just subbed you!

[@willporter9620]

After watching the entire video why do you assume that the person starting a business has to have a corp or llc? You don't mention that for many small businesses, no entity is necessary. The person can just operate as a sole proprietor with no complicated tax issues and no entity formation costs or state filing costs.

[@jasonmoore4189]

I just love her

[@ThaMidwestBrutha]

I have to do this...😍😍😍🔥

[@Madcracka]

Would I have to give myself a w-2?

[@allupinyobiz]

Yes!

[@le_th_]

...how I long for the days when we had the luxury of worrying about minor inconveniences like ringworm...

[@allupinyobiz]

Tell me about it!! Aaah the good ol' days

[@birdscapingindustries]

LLC’s and S corps are all the same why not explain something different like C Corporations aka Stock Corps

[@allupinyobiz]

They are very much NOT the same! I'm going to make some content on C Corps soon.

[@JJbones88]

LLC's don't have the reasonable salary requirement

[@douglasharley2440]

lol, clearly you haven't watched near enough "all up in yo business", because a more untrue comment has never been posted on youtube!...ever. there a HUGE differences between an LLC and an S-corp son.

[@grittywuzhere]

Why don't you just sit and learn, or move on? They are very much different.

[@birdscapingindustries]

Douglas Harley I watch 180 all the time dude!! I have a Have a C Corp Birdscaping Industries Inc. is her name... what I meant that is LLC’s and S corps are the same is a soul proprietorships Attachment 1040 C corps like mine is a real business total separation DUDE!!!

[@whoarie]

your super good looking..and smart

[@kc5005]

Is it possible to reverse the S-Corp election? Wish I would have found your videos before I elected! lol

[@allupinyobiz]

Yes it is

[@DZ302-Z28]

Actual video starts after 2 minutes

[@stainlesslobster]

0MG NOT RING WORM!!!!

[@ggjindrak]

This was the burning question we all sought the answer to: kzbin.info/www/bejne/mXWlpqamg7GtkM0. Great content that is endlessly helpful. Keep up the great work.

[@stormistory9473]

He is one in a million, best among many, most trusted , I almost gave up on trading then I met him through a friend, Austin is the most trusted trading expert who helped the life of my family and I ,.

[@stormistory9473]

-+/1/5/3/0/4/2/8/5/8/70/W/h/a/t/s/A/p/p/< With> / A/U/s/t/In/.

[@JMusar795]

😘