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Video instructions and help with filling out and completing Llc taxed as an s corp questions
Instructions and Help about Llc taxed as an s corp questions
LLC s Corp what's the difference how do I tell the difference between an LLC taxes and so proprietorship and an LLC taxes and an S corporation think of an LLC like a luxury car a really nice one inside the luxury car well you have different kinds of interiors you have cloth and you have leather well LLC's operate the same way inside an LLC well you can be taxed as a sole proprietorship I think about that as the cloth interior inside the LLC tax as S corporation I think of that as the leather now the cloth interior it's easier to maintain really easy to clean you don't have to do much same thing happens inside an LLC when it's taxes so proprietorship it's easy to maintain you don't have to file a separate tax return you just included in your Schedule C but when your LLC is taxed as an S corporation well things get a little more complicated it actually have to file a separate tax return and guess what you have to run payroll for yourself that's what gusto comes in one thing to be aware of is when you start your LLC when it's tax as a sole proprietorship you don't have to do anything it's actually the default structure from the Internal Revenue Service but when you want an S corporation you actually have to fill out some paperwork and elect for it so it's not something that you get right away it's like the luxury car when you buy it from the manufacturer yeah you get the cloth interior if you want the nice one you got an upgrade to the leather that's the S corporation when you're an LLC taxes so proprietorship you just take money out of your business and it's called a distribution with LLC's taxed as an S corporation you can also take distributions but another way you can pay yourself as an LLC tax as an S corporation is through payroll LLC tax as a sole proprietorship only one way to pay yourself distributions LLC tax as an S corporation well there's two ways one payroll the other distributions one of the reasons why LLC owners elect S corporation status is to save money on taxes well how is that possible so if you're a small business owner of an LLC tax as a sole proprietorship or an LLC tax as an S corporation you're going to pay Social Security Medicare tax but the biggest difference is when you're an LLC taxes proprietorship the Social Security Medicare tax is on all the net income whereas when you're an LLC taxes an S corporation it's only on payroll wages no matter how big your net income is Music have more small business questions ask us doe and subscribe to the channel.