How To Maximize S Corp Tax Savings

In this video I discuss how to maximize your S Corp tax savings!

🔗Useful Links:

📁 Setup your LLC or Corporation for FREE:

If you learned something from this video, please like and subscribe and follow me on my various social media handles below. If you would like to contact me with a specific question, please visit my website or leave me a comment.

🎬 My Video & Audio Gear List 🎬

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.

#scorp #taxes #healthinsurance #hsa

[O_leeps]

How come you don't mention qbi? How does losing qbi on wages/distributions affect total taxes paid?

[aryanasmith]

Love the quality of your videos and the value you're providing! Thank you very much for your hard work.

[bIackrchId]

on the last example - You save 29% but you need to spend 17.3k in medical/hsa in order to save 29%. Does that break even? ty !

[Foodington]

Great info! Thanks Navi, can you make a video of how to
Properly integrate your healthcare costs into officer payroll?

[CryptoQueen]

Wow, grear explanation. I am now an S Corp, so are my owners distributions taxed. Please do a video on owners distribution. Thanks!!

[MrEnemigo]

Scorp2 saves on tax but you lose 17k in health insurance you weren't paying in scorp1.... or am i missing something?

[SkipperPond]

Great info for those of us who are LLC. Thank you!

[StephenJones]

you're the best ...you are a blessing to others (priceless)

[dragonpower]

For the S corp, can you explain how you got the $15, 000 for federal tax and $5, 000 for state tax?

Also, for the self employed, can you explain how you got that federal income tax rate at 15%? I just want to understand it.

[GS-ufjz]

great video! Could you please make a video on S Corp tax savings with IRA or retirement accounts.

[st-tube]

Very well done and clear. No better way to explain then with numbers side by side in Excel.

[shonnaclark]

What if you don’t take a distribution as an SCorp? Like you had no profit or left your profit in the business for working capital

[bgood]

Which is better - having the company deduct the cost for HSA and healthcare premiums as a business expense or reducing taxable salary?

[EEZYEEEE]

Great video thank you. My s-corp net income is growing a lot more than I expected this year. To reduce my business income tax liability, should I increase my salary/payroll or take bigger draw? What if I want to leave funds in the business to grow it instead of taking money out (draws)? Thanks so much

[melissaellis]

This might be a stupid question, but looking at the purple section, don’t you still have to pay FICA and Medicare for both employee and employer?

[tashyrajackson]

This was incredible, I’ll definitely be watching your other videos.

[Khaled-wlfk]

Another question? Do you take clients for accounting? A medical practice that is LLC taxed as an S Corp

[donnasides]

As a sole proprietor, I can still deduct my health care premiums and my husbands, thus reducing my taxable income. I think you need to also include as a true offset the increase in tax preparation as well as the annual cost of maintaining your llc.

[frankacquarulo]

Navi, wouldn’t you need to add the health insurance premiums and HSA amounts to box 1 W-2 income? I guess you’re not showing this in your example because there would be a deduction in the 1040 for the self-employed health insurance and HSA?

[manavhir]

Sir I think some calculations are wrong. Please correct me if am wrong.
In first example when John is a sole proprietorship . Wouldn't he pay self employed taxes on 92.35% of 100, 000 = 92, 350.
And when he pays 15.3% in total.he would also get a deduction on sch 1 as above the line deduction for half of the self employment taxes??

That means he"ll pay only. 7.65% of 92350 that is = 7, 064?? As the employer share of 7.65 in total would be a deduction on sch 1 of 1040.

Please correct me if I am wrong.
Currently preparing for reg section 🙏🏻