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QBID: SAVE ON TAXES AS AN S CORP NOW
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QBID is a great way to save on taxes now as an S corporation. This video will show you how S corporation stacks up against the LLC for maximizing QBID tax savings.
Please keep in mind that all situations are different, and what applies to one individual may not necessarily apply to the next. This video goes into one specific topic and case; it will not serve others in different situations. Always consult with your tax professional before making any decisions that may impact your tax situation.
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Chapters
00:00 Start as an LLC
02:08 What is the QBID
02:38 How much is the QBID
03:15 Exceptions to QBID and who it benefits most
04:25 Phaseout limitations
06:25 Calculating QBID for S corp
08:05 FICA Tax
10:22 QBID comparisons
DISCLAIMER: All Freyman CPA, P.C. videos are provided for general informational purposes only and deal with dynamic, time-sensitive, complex matters that may not apply to particular facts and circumstances. Information provided here should not be relied upon as a substitute for professional advice in connection with any particular matter.
We try to ensure accuracy, however, all information provided to you is provided “as is”, with no guarantee of completeness, accuracy, timeliness, or of the results obtained from the use of this information, and without warranty of any kind, express or implied.
Any information provided to you is not a substitute for professional legal, tax, or accounting advice.
Laws, rules, policies, and regulations change from time to time and the application and impact of laws can vary widely based on the specific facts involved. Accordingly, before making any decision or taking any action, you should consult a professional advisor.
#TaxAdvice #TaxExtension
Please keep in mind that all situations are different, and what applies to one individual may not necessarily apply to the next. This video goes into one specific topic and case; it will not serve others in different situations. Always consult with your tax professional before making any decisions that may impact your tax situation.
--
Chapters
00:00 Start as an LLC
02:08 What is the QBID
02:38 How much is the QBID
03:15 Exceptions to QBID and who it benefits most
04:25 Phaseout limitations
06:25 Calculating QBID for S corp
08:05 FICA Tax
10:22 QBID comparisons
DISCLAIMER: All Freyman CPA, P.C. videos are provided for general informational purposes only and deal with dynamic, time-sensitive, complex matters that may not apply to particular facts and circumstances. Information provided here should not be relied upon as a substitute for professional advice in connection with any particular matter.
We try to ensure accuracy, however, all information provided to you is provided “as is”, with no guarantee of completeness, accuracy, timeliness, or of the results obtained from the use of this information, and without warranty of any kind, express or implied.
Any information provided to you is not a substitute for professional legal, tax, or accounting advice.
Laws, rules, policies, and regulations change from time to time and the application and impact of laws can vary widely based on the specific facts involved. Accordingly, before making any decision or taking any action, you should consult a professional advisor.
#TaxAdvice #TaxExtension