DO NOT Open an S-Corp in 2023!

JOIN THE TAX-FREE WEALTH CHALLENGE NOW! OCTOBER 14-18, 2024!

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Are you making the right decision to switch to the s-corporation business model? There are numerous businesses that have ruined themselves by registering as the wrong entity. On today's Taxes Made Simple, we'll be going over if your business is right for this, and the consequences if it isn't!

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*Disclaimer: I am not a financial advisor nor am I an attorney. This information is for entertainment purposes only. It is highly recommended that you speak with a tax professional or tax attorney before performing any of the strategies mentioned in this video. Thank you.

#taxes #taxfreeliving #taxexpert #taxreduction #llc

[peternorth]

The correct title for this video is “if you’re irresponsible don’t start a business”

[WQQKIE]

My best advise as an S-Corp Business Owner is, find an accountant asap, it will cost you money, but this money is 100% deductible and you will save a lot of headaches come tax season.

[charleslaw]

Karlton, this was a way better video concerning s-corp's then another video you have/had on s-corps (You're spouting truth bombs). As CPA's and EA's we just have to realize some tax clients just will not do what it takes to make the s-corp work. I always give the lecture: Hey, you can save some payroll taxes; however, if you do not make the commitment to handle your business my tax filing fees and 941 penalties and interest will eat up any savings. I have about 3-4 clients right now that just do not have what it takes to make the switch. There's nothing more frustrating, after many free hours of training, then having a client not make his/her payroll tax deposits, come in at the end of the quarter and have $thousands$ of dollars in IRS penalty notices UGH!!!! Just stay an LLC!!! We as CPA's and EA's have to keep it real with these clients. Keep doing what your doing brother!

[SuperGreatSphinx]

An S corporation (or S Corp), for United States federal income tax, is a closely held corporation (or, in some cases, a limited liability company (LLC) or a partnership) that makes a valid election to be taxed under Subchapter S of Chapter 1 of the Internal Revenue Code.

In general, S corporations do not pay any income taxes.

Instead, the corporation's income and losses are divided among and passed through to its shareholders.

The shareholders must then report the income or loss on their own individual income tax returns.

[errictpacheco]

I appreciate your videos man I am gonna be opening up a LLC soon and your videos have been a huge help 🙏🏽

[davidcantu]

Love the dexter clip you sneak in there. ;) But anyways, since I've found your channel, my entire world has changed in terms of the way I look at opportunities to take my first steps into being an entrepreneur! Thank you for continuously dropping FREE gems for us to absorb and become smarter business owners!

[spotfinder]

Also, as you mentioned in previous videos, in a holding company scenario, S-corps can't be held by c-corps. LLC's can.

[cassiebrunson]

Thank you Thank YOU! I was doing my research on how I wanted to open my bus structure, at first I was going to choose S Corp, bc I know the benefits of seperating my bus account from person, and actually not scared of the extra paperwork for taxes since it does save so much money, and it comes with a load of write offs. But since I need to just get it going quickly, I'll wait for next year to change my filing to S corp and hiring a cpa rep to ensure my taxes are done correctly. This gives me time to really research a trusting advisor. ❤❤❤ Great vid!!

[givemetruthandpeace]

Serious question for paying yourself through an LLC. Robert Kiyosaki talks a lot about spending debt because it's not taxable. If your LLC has 100k in an account, why not borrow a 100k against your 100k and spend that? Then you get a non taxable 100k to spend, and as long as your business is making money, you can pay off the loan.

[splatterdaynightmares]

I just recently opened a business account and it was the best thing I've ever done. It's not easy to get a business card though. They still look at your personal accounts. They still look at what you're making instead of projected amounts. No one wants to give me one.

[NicKennelty]

You just convinced me to switch to s corp in a 2 year old video you made…. Now this…. What in the world.

[iamshakuri]

Bro, you just got a new subbie. This was incrediby helpful. Slight condescending, but like in a good way. I'm gonna watch everything you put out.

[zeyadabdo]

You are truly a gangsta for hokking the brothers up with this info, great to have watched u speak 👏 much respect

[metalgirl]

If you make a lot of money the S Corp. is worth it …if you’re a tiny ass business it’s not.

[aae]

This was my goal for 2023. I also joined the public conference forum you had. I left so excited to join a S-Corp. Good I keep on top of your vides.

[TirrellMcKnight]

I am beyond frustrated my 80 year old Tax guy says open and s-corp… and the EIN is not needed, the trust attorney says to open two LLC to protect my two rental properties.. I am beyond over this.. PLI is not enough. Urgh

[HankTester]

Nice Click bait title, implying there is something specific with 2023 that would make it bad to open an S-Corp. But you just listed the normal generic cons for them.... 👎

[RayaFlora]

I’m more than happy to discover this channel. I need to thank you for your time for this, particularly a fantastic watch!! I liked every little bit of it and I have subscribed you to look at new posts all the time.

[ILM]

Clear! Well Done, Karlton! Thank you :)

[ShannanThomasTrucking]

Karlton thank u for posting this ! I am sharing it out ..