Navi Maraj, CPA
Navi Maraj, CPA
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When To Switch From LLC To S Corp
Are you wondering when to switch from LLC to S Corp? Understanding the right time to make this transition can significantly impact your business's tax benefits and overall structure.
In this video, Navi Maraj will discuss when to switch from LLC to S Corp, outlining the key factors of making this change.
💰Check out our website - navimarajcpa.com/
💰 Ready to save THOUSANDS in taxes? Enroll in my course here 👉
navimarajcpa.teachable.com/p/smallbusinesstaxessale
📁 Setup your LLC or Corporation for FREE 📁
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ABOUT ME
I help entrepreneurs save thousands of dollars in taxes! I accomplish this in two ways:
1. Course
I've created a course designed to convert business owners into tax-savvy entrepreneurs who confidently implement strategies that save them thousands of dollars in taxes each year.
2. Full-Service Accounting & Tax Firm
We help entrepreneurs with their tax preparation, tax planning & implementation of strategies, bookkeeping, payroll, and wealth creation via our full-service CPA firm.
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RECOMMENDED VIDEOS
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I guarantee you will find them valuable.
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Disclaimer:
This video was created for informational purposes and it is not to be construed as legal and tax advice specific to your unique situation. Some of the links above are affiliate links which means that if you purchase a product or service with the provided link, I may receive a commission with no additional cost to you.
© Navi Maraj CPA PLLC. All rights reserved.
#LLCtoSCorp #BusinessStructure #TaxBenefits #SmallBusinessTips #BusinessAdvice #Incorporation #BusinessTaxes #LLC #SCorp #BusinessGrowth
Переглядів: 1 147

Відео

Should you Buy or Lease a Business Vehicle?
Переглядів 3,9 тис.28 днів тому
💰 Ready to save THOUSANDS in taxes? Enroll in my course here 👉 navimarajcpa.teachable.com/p/smallbusinesstaxessale In this video, Navi will discuss the tax deductions and tax savings when leasing and purchasing a vehicle using both the standard mileage rate method and the actual expense method. Which option do you think is best-buying or leasing? Let's find out! 💰Check out our website - navimar...
Sole Proprietorship vs S Corp| Solo 401K | Funding Options
Переглядів 1,4 тис.Місяць тому
💰 Ready to save THOUSANDS in taxes? Enroll in my course here 👉 navimarajcpa.teachable.com/p/smallbusinesstaxessale In this video, Navi will compare the funding options for a solo 401(k) retirement account based on whether your business is taxed as a Sole Proprietorship or as an S Corporation. So tune in and learn more! 💰Check out our website - navimarajcpa.com/ 📁 Setup your LLC or Corporation f...
Vehicle Tax Strategies Your CPA is Missing
Переглядів 1,5 тис.Місяць тому
💰 Ready to save THOUSANDS in taxes? Enroll in my course here 👉 navimarajcpa.teachable.com/p/smallbusinesstaxessale Join Navi in this insightful masterclass video as he reveals the secrets to maximizing your business vehicle deductions in 2024. Discover the two critical mistakes your CPA or tax professional may be making that could be significantly impacting your vehicle deduction. Don't miss ou...
FREE MASTERCLASS: How to Deduct a Business Vehicle
Переглядів 3,3 тис.Місяць тому
💰 Ready to save THOUSANDS in taxes? Enroll in my course here 👉 navimarajcpa.teachable.com/p/smallbusinesstaxessale Discover effective tax deduction strategies for your business vehicle! In this video, Navi will show you how to maximize your car expenses and navigate tax laws like a pro. Learn essential tips on deducting your car for business purposes, including mileage tracking and expense opti...
IRS Penalties: Smart Strategies on How to Avoid Them!
Переглядів 9922 місяці тому
💰 Ready to save THOUSANDS in taxes? Enroll in my course here 👉 navimarajcpa.teachable.com/p/smallbusinesstaxessale In this video, Navi will discuss the 3 most common IRS penalties that individuals and businesses may face, and provide you with easy-to-follow tips on how to avoid them. By understanding the IRS penalty system and implementing these simple strategies, you can protect yourself from ...
The HRA (Health Reimbursement Arrangement) Strategy: Deducting Medical Expenses
Переглядів 1,6 тис.2 місяці тому
💰 Ready to save THOUSANDS in taxes? Enroll in my course here 👉 navimarajcpa.teachable.com/p/smallbusinesstaxessale Join Navi in this video and discover effective ways to save on healthcare costs and maximize your tax benefits. Dive into this essential guide to optimizing your healthcare finances with HRAs (Health Reimbursement Arrangement). Don't miss out on this valuable information - watch no...
Tax Tips for Small Business Owners with W-2 Income
Переглядів 3,9 тис.3 місяці тому
Tax Tips for Small Business Owners with W-2 Income
When is the Right Time to Use a C Corp?
Переглядів 1,2 тис.3 місяці тому
When is the Right Time to Use a C Corp?
Strategic Tax Planning: Legitimate Ways To Minimize Tax Liabilities
Переглядів 2,4 тис.3 місяці тому
Strategic Tax Planning: Legitimate Ways To Minimize Tax Liabilities
Employee vs Independent Contractor: What You NEED To Know
Переглядів 1,4 тис.4 місяці тому
Employee vs Independent Contractor: What You NEED To Know
Do You Need to Issue a 1099? 1099-NEC & 1099-MISC Explained
Переглядів 13 тис.5 місяців тому
Do You Need to Issue a 1099? 1099-NEC & 1099-MISC Explained
The 2 Most Important Financial Reports Every Entrepreneur Must Master
Переглядів 2,8 тис.5 місяців тому
The 2 Most Important Financial Reports Every Entrepreneur Must Master
Strategic Ways to Maximizing Health Savings Accounts (HSA): A Guide to Writing Off Medical Expenses
Переглядів 2,6 тис.5 місяців тому
Strategic Ways to Maximizing Health Savings Accounts (HSA): A Guide to Writing Off Medical Expenses
When NOT to Choose S Corp Taxation for Your Business
Переглядів 6 тис.5 місяців тому
When NOT to Choose S Corp Taxation for Your Business
Comparing Solo 401k and Safe Harbor 401k: Which Retirement Plan is Right for You?
Переглядів 1,6 тис.6 місяців тому
Comparing Solo 401k and Safe Harbor 401k: Which Retirement Plan is Right for You?
Pros and Cons of Adding Your Spouse to Your Business
Переглядів 2,3 тис.6 місяців тому
Pros and Cons of Adding Your Spouse to Your Business
Tax Strategy: Board of Directors
Переглядів 1,5 тис.7 місяців тому
Tax Strategy: Board of Directors
CPA EXPLAINS Tax Differences: LLC, S Corp, C Corp, Partnership, Sole Prop
Переглядів 106 тис.8 місяців тому
CPA EXPLAINS Tax Differences: LLC, S Corp, C Corp, Partnership, Sole Prop
Sole Prop, LLC, S Corp, C Corp & Partnership | Legal & Tax Differences EXPLAINED
Переглядів 19 тис.9 місяців тому
Sole Prop, LLC, S Corp, C Corp & Partnership | Legal & Tax Differences EXPLAINED
S Corp vs. C Corp Tax Differences EXPLAINED
Переглядів 21 тис.10 місяців тому
S Corp vs. C Corp Tax Differences EXPLAINED
CPA EXPLAINS: Mega Backdoor Roth Strategy
Переглядів 46 тис.11 місяців тому
CPA EXPLAINS: Mega Backdoor Roth Strategy
The TRUTH About Writing Off Your Vehicle
Переглядів 3,9 тис.11 місяців тому
The TRUTH About Writing Off Your Vehicle
Write Off Your Vacation | Weekend Loophole Strategy Explained
Переглядів 1,9 тис.11 місяців тому
Write Off Your Vacation | Weekend Loophole Strategy Explained
Dine and Deduct: Business Meal Taxes Explained
Переглядів 8 тис.Рік тому
Dine and Deduct: Business Meal Taxes Explained
How to Check Tax Extension Status | Complete Instructions
Переглядів 6 тис.Рік тому
How to Check Tax Extension Status | Complete Instructions
How to File a (FREE) Tax Extension Form 4868 | Complete Instructions
Переглядів 61 тис.Рік тому
How to File a (FREE) Tax Extension Form 4868 | Complete Instructions
LLC Tax Insurance!?
Переглядів 1 тис.Рік тому
LLC Tax Insurance!?
5 Reasons Why You Should File a Tax Extension
Переглядів 3,6 тис.Рік тому
5 Reasons Why You Should File a Tax Extension
S Corp Basis Explanation | Distributions in EXCESS of Basis
Переглядів 24 тис.Рік тому
S Corp Basis Explanation | Distributions in EXCESS of Basis

КОМЕНТАРІ

  • @briemalagarie223
    @briemalagarie223 5 годин тому

    Great job explaining this! I have used this video to help so many people understand these differences!

  • @blew3749
    @blew3749 9 годин тому

    Can you please explain in simple terms. This is very confusing. Thank you. Maybe show the breakdown.

  • @lenardob.youmans8949
    @lenardob.youmans8949 День тому

    Would it make sense for a single member holding company LLC that holds rental real estate to elect for S Corp or C Corp taxation?

  • @elegancebydestiny
    @elegancebydestiny День тому

    This so very helpful. I am glad that I found your video. 😊

  • @salpremiers
    @salpremiers 3 дні тому

    You nailed it!! I loved this comparison it’s very easy to understand. What happens to owners draws how are they reported? are they counted in the K1? Thank you Navi for the answer.

    • @NaviMarajCPA
      @NaviMarajCPA 3 дні тому

      Thank you. S Corporation shareholder distributions are reported in a few different places on Form 1120S, one of which is the K-1. They are taxed at ordinary income tax rates and are not subject to social security and Medicare taxes.

  • @Hassanff3651
    @Hassanff3651 3 дні тому

    Thanks brother for making this valuable content. More power to you.

  • @toriparis3370
    @toriparis3370 3 дні тому

    Thank you so much for this. Extremely helpful video that is clear and easy to understand!!! You have saved me hours of scouring the internet reading useless articles.

  • @SkS13003
    @SkS13003 3 дні тому

    Briefly got the gist of it but for me specifically, if my W2 is about 110k and starting a new business, no revenue yet no knowing how much it’ll profit.. would you say to stay sole prop and write off losses for startup? Or can I switch to scorp once I pass the 40k profit?

  • @RachaelBarlevav
    @RachaelBarlevav 4 дні тому

    Hey there! Can I use my Registered Agent address when filing for an S-Corp Election?

  • @VideoKike
    @VideoKike 4 дні тому

    Navy, thanks for another great video. I recently got interested on becoming a SB Owner, and looking for info on this matter I came across some of your videos. They had been a great source of information. So thanks for the incredible help you have become to me. I was wondering where could I get acces to the spreadsheet where you compare the taxes due between the diferent tax clasification you could set for your entity. In advance thank you for the help again and for you great work

    • @NaviMarajCPA
      @NaviMarajCPA 4 дні тому

      Thank you for the feedback. The spreadsheet is not available because it’s not 100% formula based and there are some hard keyed numbers.

  • @svrdlinj4730
    @svrdlinj4730 4 дні тому

    Is payroll only if I have employees?

    • @NaviMarajCPA
      @NaviMarajCPA 4 дні тому

      When you’re a sole proprietorship or partner in a partnership, payroll is for W-2 employees (not the sole proprietor or partner). When you’re taxed as an S Corp or C Corp, the owners themselves are typically on payroll (in addition to non-owner employees who are on payroll).

  • @mohinder4chd
    @mohinder4chd 5 днів тому

    Great presentation with simplicity

  • @anthonyvazquez8742
    @anthonyvazquez8742 5 днів тому

    I love how you use actual scenarios with real numbers and walk the viewer through the calculations. Your explanation and emphasis on the key drivers are great. Thank you!

    • @NaviMarajCPA
      @NaviMarajCPA 5 днів тому

      You’re welcome and thank you for the feedback!

  • @enamoradoyessenia
    @enamoradoyessenia 5 днів тому

    How about the distribution from the s corp. how is that taxed on the personal taxes? At what tax rate?

    • @NaviMarajCPA
      @NaviMarajCPA 5 днів тому

      The distribution is accounted for in my examples. To answer your question more specifically though, distributions from an S Corp are taxed at ordinary income tax rates.

    • @enamoradoyessenia
      @enamoradoyessenia 5 днів тому

      @@NaviMarajCPA thank you. I love your videos

  • @NaviMarajCPA
    @NaviMarajCPA 5 днів тому

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

  • @JazzSa
    @JazzSa 6 днів тому

    Thank you for the video, it clarified a lot for me. I was never advised by my accountant about payroll. Now I have another question regarding the Solo 401k. Since I did not do W2 for 2023 how can I claim the employer portion that I already paid into Fidelity for 2023 at the end of the year. If I cannot claim what are the consequences for overpaying? Thank you so much.

  • @user-ze5ke9dp5v
    @user-ze5ke9dp5v 6 днів тому

    Do you know of anyone or way I can expedite processing? This is holding me up in escrow. Willing to pay out of pocket too for assistance.

  • @JuanLuna-kc6fc
    @JuanLuna-kc6fc 6 днів тому

    Great explanation in mi opinion! I have a question I lived in my primary residence for 14 years. I bought 2nd house and I’m been living in it for 10 months now. I’m planning on selling my first home so I still qualify for the tax exclusion?

  • @yanamiakshyla8498
    @yanamiakshyla8498 6 днів тому

    Thank you so much, Navi! This video is GOLDEN!!!

  • @yanamiakshyla8498
    @yanamiakshyla8498 6 днів тому

    Thank you for this clear explanation! Finally!!

  • @MarPF
    @MarPF 7 днів тому

    Thanks for the video. I don't see how a loan would help resolve the issue as it will be recorded as a liability and not increase basis.

  • @lihebi
    @lihebi 9 днів тому

    Thanks for the video! In the purchase scenario, if you do NOT sell the vehicle after 3 years (say you keep it for another 2 years for personal use only and then sell it in year 5), will there be "depreciation recapture" on year 5?

  • @lihebi
    @lihebi 9 днів тому

    Thanks for the video!

  • @marinascott-mw9ut
    @marinascott-mw9ut 11 днів тому

    I just sold land I inherited for 170k. I am not working and single. I have no income so does that I do not have to pay capital gains?

  • @andylee9973
    @andylee9973 11 днів тому

    Hi, Can I deduct my health insurance premiums with Cover California from my S Corporation payroll taxes?

  • @durrellharley2497
    @durrellharley2497 11 днів тому

    Is there a way to obtain a copy of your excel template?

  • @joshua3196
    @joshua3196 12 днів тому

    Do you have a video for persons with high W2 income and small business with >$300k profit? I'm curious about when s-corp makes sense for them.

  • @pkd6369
    @pkd6369 12 днів тому

    if you own commercial property and used personally and approaching retirement googgle 'A.T.O 15year exemption, advisers wont always be aware of this and the A.T.Ois clear and simple ,i have used it and then you can transfere the sale monies anywhere you wish. please check its easy as .

  • @Terra_Cognita
    @Terra_Cognita 12 днів тому

    Do you offer the spreadsheet so I can calculate with my lease terms and mileage drive and tax bracket what would be best for me?

  • @Connie-ss6ht
    @Connie-ss6ht 12 днів тому

    Where can I find a copy of the spreadsheet

  • @jahmenj
    @jahmenj 13 днів тому

    THANK YOU THANK YOU VERY MUCH… 🙏🏽 I just subscribed 👌🏽👍🏽

  • @MarinaWaveRider
    @MarinaWaveRider 13 днів тому

    Why would a single owner opt for an LLC over S Corp if the tax savings are so significant with the S Corp?

  • @ericalouie4548
    @ericalouie4548 14 днів тому

    Another excellent video and I am learning a lot from you. Thanks much!

  • @ericalouie4548
    @ericalouie4548 14 днів тому

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

  • @ericalouie4548
    @ericalouie4548 14 днів тому

    Helpful, amazing, enlightening, amazing, thanks much!

  • @ericalouie4548
    @ericalouie4548 14 днів тому

    the way you walked through from the S Corp tax return to 1040 makes everything clear. your video is very helpful. thanks so much!

  • @Terra_Cognita
    @Terra_Cognita 14 днів тому

    Nice video

  • @SelectiveLabs
    @SelectiveLabs 14 днів тому

    On form 2553. It says when using a PO Box to see Instructions, what are those instructions?

  • @nawafalmatruk297
    @nawafalmatruk297 14 днів тому

    Hey Mr. Navi Do you recommend tax or audit for a fresh graduate.

  • @irisgsantoscounseling
    @irisgsantoscounseling 15 днів тому

    Thank you so much. This was really good.

  • @PreetiDeshwal-vv8ox
    @PreetiDeshwal-vv8ox 15 днів тому

    hi i need someone who would help to set up a real state brokerage do you know anyone who could help as i want to make sure i am covered with everything

  • @04motu
    @04motu 15 днів тому

    hi do you anyone who helps to set up a real estate brokerage

  • @RoxanaLuna-bm4hh
    @RoxanaLuna-bm4hh 15 днів тому

    thank you!

  • @RoxanaLuna-bm4hh
    @RoxanaLuna-bm4hh 15 днів тому

    thank you!!

  • @huguisimomusic
    @huguisimomusic 15 днів тому

    Wow, just a fantastic explanation.

  • @RoxanaLuna-bm4hh
    @RoxanaLuna-bm4hh 15 днів тому

    THANK YOU!!

  • @RoxanaLuna-bm4hh
    @RoxanaLuna-bm4hh 15 днів тому

    THANK YOU! WOULD BE GREAT IF YOUD TALK MORE ABOUT PART III OR AT LEAST EXPLAIN WHY YOU DONT WANT TO GO IN DEEP ON THIS PART! THANK YOU AGAIN!

  • @romanroyce705
    @romanroyce705 16 днів тому

    Very helpful!

  • @sureshchoudhary8089
    @sureshchoudhary8089 17 днів тому

    Good

  • @RossNocera
    @RossNocera 17 днів тому

    If I am a brand new corporation that wants to be taxed as an S Corp, do I pick corporation or S Corp when filing for my EIN?