Tax Tips for Small Business Owners with W-2 Income

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Navi Maraj, CPA

Күн бұрын

Пікірлер: 31

@NaviMarajCPA 9 ай бұрын

Ready to save THOUSANDS in taxes? Enroll in my course here 👇 navimarajcpa.teachable.com/p/smallbusinesstaxessale

@ericalouie4548 6 ай бұрын

thanks for the spreadsheet to demonstrate different scenarios. excellent and thanks a lot!

@Michael-zy9pg 9 ай бұрын

Fantastic video Navi!

@NaviMarajCPA 9 ай бұрын

Thank you!

@johndyr784 8 ай бұрын

In the fifth scenario (W2 + S Corp) Why would John's S Corp pay $3410 in social security tax if the w-2 job already maxed out the social security tax amount, to clarify, why wouldn't the $3410 that the S Corp pays be refunded to John since it's in excess of the social security tax maximum?

@JoWabbie 8 ай бұрын

is there anyway I can download this excel???

@ScottJLetourneau 9 ай бұрын

Great video, Navi! It makes room for the single-member LLC to be disregarded and the late S election later in the year if profits justify filing the 2553.

@zahirkhan778 8 ай бұрын

Maybe even a section for SM LLC with losses for the first year

@JustPhil-yw6bt 9 ай бұрын

Thanks. This is helpful for me.

@NaviMarajCPA 9 ай бұрын

You're welcome. Glad it was helpful.

@BorselinoThadchack 9 ай бұрын

love your videos. The problems with LLCs and S-Corps now is the NEW compliance that you have go through with FINRA. It's insane. Even if you make $30,000 in S corp, you still have to jump through hoops to register for supposed "anti money laundering"

@NaviMarajCPA 9 ай бұрын

Yes, I agree to an extent. Keep in mind that the reporting is a one-time thing (for the most part) and not annual.

@BorselinoThadchack 9 ай бұрын

actually no, you have to update it EVERY YEAR or you go to jail. Look it up@@NaviMarajCPA

@DougBursonCPA 9 ай бұрын

A judge in Alabama ruled against it on behalf of one set of plaintiffs a week ago. Hopefully this trend continues and this goes away soon. I know the AICPA and other business organizations have written letters.

@BorselinoThadchack 9 ай бұрын

Yes I know the Alabama lawsuits, but it would not be enough time to stop it, because we have until Jan 1st 2025 to start. @@DougBursonCPA

@frontierlanddeals1410 7 ай бұрын

What about being taxed as a partnership (llc) vs SCorp

@greenspointtx5656 3 күн бұрын

Hey Navi, new subscriber here. I'd really like to see a S Cop + S Corp example. Can you point me in the right direction?

@enamoradoyessenia 8 ай бұрын

Great video Navi, but question? Does the overall taxes include the distributions? How do the scorp owners report distributions? 1099div for each shareholder? And what is that tax on that?

@tchen129 8 ай бұрын

If married filling jointly, the non business owner spouse’s W2 hit the Social security tax cap, does it still make sense to elect for S corp tax if the business net income is below $250k. Based on your previous video, if the business owner self’s W2 hit the social security tax cap, the business needs to make $250k ish to elect for S corp would make sense. Thank you.

@LaurenRodgersLoMichelle 7 ай бұрын

So helpful! What about 2LLCs under S corp w/ high W2 earner

@jeffreyrimmer6449 4 ай бұрын

Hi, in your vids you *increase revenue for the sole prop/ smllc columns in order to match the w-2 number. But who not work the job as the LLC (1099) then deduct business exp, then have *decrease taxable income?

@user-rv7ph1jl5y 8 ай бұрын

Great Videos! Excellent teaching! Can you make a video about Interest deductions and compound interest re: the EIDL on 1120S? I pay the owner a small W2 (far less than 60k) for admin duties. Can you clarify if one has an S corp that is NOT earning income post Covid nor making a profit- would it make sense to restructure to sole prop even if one has an EIDL What are the options - How does that work ?