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Video instructions and help with filling out and completing s corp election deadline

Do any of you have an LLC with an S corp conversion have you thought about converting your LLC to an S corporation well this videos for you I'm gonna break it down and you need to know the basics of this because it's an important tax strategy that can save you thousands Music Applause now my name's mark Kohler I'm a CPA attorney best-selling author radio show host and I love helping my clients save money I love the American Dream I love small business and I've got to go through some important points here and I'm going to use the whiteboard to help you on this LLC S corp thing now I've got other videos on my youtube channel on when to convert an S corp and when to do this and how to manage your S corp several videos you'll find very helpful please get a bowl of popcorn and some diet coke and start working through them but if you have an LLC and considering an S election or doing done it already that's what we need to talk about now first important point never forget this LLC's do not save taxes that's right some of you may have just fallen off your chair some of you might be very upset by this a limited liability company LLC s do not save taxes they give you asset protection now you can get a tax ID number open your bank account start a business with a partner I mean have your S corp own the LLC oh my gosh LLC's are awesome I use them every day for clients around the country but they don't save taxes the only way the LLC will save you taxes is if you convert it to an S corporation and now the benefits of an S corp are the is the ability to save on self-employment tax so let me give a quick example here you've got your LLC you got your S corp let's say you make $100,000 in both examples we bring in a hundred thousand in sales one hundred thousand in sales you spend twenty-five thousand dollars and you net 75 same example in both scenarios two different companies but two different results with self-employment tax you're gonna pay fifteen point three percent almost $10,000 in self-employment tax before you pay federal or state tax ouch with an S corporation we're going to take a salary maybe 25 grand and take a dividend or pass-through income or a k1 of $50,000 I call it different things to make sense for folks this could save you close to $7,500 Wow that's a huge savings now I know some of you accountants out there are like oh my gosh that's way too aggressive of a salary or something you're like well my accountant said I had to take your salary I could never do that it's got to be reasonable and blah blah blah I've been teaching this for