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

Instructions and Help about 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.

FAQ

How do I fill out the SS-4 form for a new Delaware C-Corp to get an EIN?
You indicate this is a Delaware C Corp so check corporation and you will file Form 1120.Check that you are starting a new corporation.Date business started is the date you actually started the business.  Typically you would look on the paperwork from Delaware and put the date of incorporation.December is the standard closing month for most corporations. Unless you have a significant business reason to pick a different month use Dec.If you plan to pay yourself wages put one.  If you don't know put zero.Unless you are fairly sure you will owe payroll taxes the first year check that you will not have payroll or check that your liability will be less than $1,000. Anything else and the IRS will expect you to file quarterly payroll tax returns.Indicate the type of SaaS services you will offer.
What is the guidance to fill out a W2 form for an S Corp?
You can fill in the W2 form here W-2 Form: Fillable & Printable IRS Template Online | PDFfillerThe W-2 form is one of the most frequently used forms by taxpayers.
Do foreign entrepreneurs that have Startup U.S. corporations need to fill an 83(b) election form?
Only if you have plans to move to the U.S and become an individual taxpayer.If you plan to continue in your country and pay taxes over capital gains in there, you as an individual are only subject to this kind of taxation in your country. If you plan to move to U.S. you should fill the 83b election. In case you dont have an SSN or ITIN, you should fill it with "awaiting ITIN" in the ITIN field.
When should a student fill out the FAFSA?
It is best to file the Free Application for Federal Student Aid (FAFSA) as soon as possible on or after the October 1 start date. The FAFSA becomes available each year on the October 1 before the start of the academic year. (Previously, the FAFSA had a January 1 start date. This changed to October 1, three months earlier, starting with the 2017–2022 FAFSA.)Students who file the FAFSA earlier may qualify for more financial aid.A dozen states award state grants on a first-come, first-served basis, until the money runs out. In most states the funds are depleted within the first 2–3 months.A dozen or so additional states have February or March deadlines for state grants.Students who are applying early action or early decision should file the FAFSA sooner, so that they can get an actual financial aid award letter with the early offer of admission.Some colleges have very early deadlines for their own financial aid funds. Other colleges have two deadlines, and there is a larger pool of funds for students who apply by the priority deadline.Colleges have fixed allocations of campus-based aid funds, such as the Federal Supplemental Educational Opportunity Grant and the Federal Work-Study Program. Students who apply earlier are more likely to be awarded campus-based aid.Most families will have already filed federal income tax returns by the October 1 start date, so filing the FAFSA earlier is easy.
How important is it to file a Section 83 (b) election for an LLC S-Corp?
I concur with Karl Stevens in fact most S Corporations today are LLC's at the legal entity level.  S Corp and LLC are two very different questions. As to the original question about making an 83(b) election, it is very critical that you understand the consequences of making the election for restricted stock in an S Corp, but if you should or should not make the election will depend on the specific circumstances and both the tax impact on the person receiving the grants and the current S Corp shareholders.If you receive a stock grant for an S Corp and make an 83(b) election then you are considered as being an owner of the S Corp.  That means you are required to be allocated a proportionate share of the income of the S Corp each year based on your ownership percentage and if the current shareholders receive a distribution of cash, you have to also receive a proportionate distribution.You also have to take into consideration that making an 83(b) election means the grant recipients by being considered shareholders could terminate the S election if any one of them is a ineligible S Corp shareholder or if adding shareholders puts the number of shareholders over 100.If you do not make the election, then you are not considered a shareholder and thus cannot receive distributions from the corporation and the corporation may be required to accrue any shareholder benefits that would otherwise be due to you during the vesting period.Finally the company needs to be very sure that nothing in the vesting and grant agreements creates a second class of stock that would terminate the S election.You will not know how "important" the 83(b) election is until after it is too late to do anything about it.  You have 30 days from the date you receive the grant to make the 83(b) election, but all the election does is accelerate you recognizing income for the receipt of restricted stock, that you would otherwise not have to report as taxable income.  You do this because if you recognize the value of the stock today as ordinary income, then years from now when you sell the stock  you get capital gain treatment on the appreciation in value between today and that future date.  If there was a substantial increase in value in the future, then making the 83(b) election was very important and will greatly reduce your tax burden.  If instead the value of stock decreases or becomes worthless, then you made the wrong choice as you would have been better off to  have not filed the election.You will often hear people say "you should always file an 83(b) when you receive restricted stock".  That statement is based on the fact that no reasonable person would take payment for work done in the form of stock that they can't sell today, unless they believed that the stock was going to be worth a lot more in the future when they can sell it.  Add to that the fact that the resulting tax liability when you do sell the stock can be 1/2 of what it would be if you did not make the 83(b) election and you get that filing the election is the safe choice.  However, the failure rate of startup companies would tell you that making an 83(b) election is probably the wrong decision just as often as it is the right decision.
Which forms do I fill out for taxes in California? I have a DBA/sole proprietorship company with less than $1000 in profit. How many forms do I fill out? This is really overwhelming. Do I need to fill the Form 1040-ES? Did the deadline pass?
You need to file two tax returns- one Federal Tax Form and another California State income law.My answer to your questions are for Tax Year 2018The limitation date for tax year 15.04.2018Federal Tax return for Individual is Form 1040 . Since you are carrying on proprietorship business, you will need to fill the Schedule C in Form 1040Form 1040 -ES , as the name suggests is for paying estimated tax for the current year. This is not the actual tax return form. Please note that while Form 1040, which is the return form for individuals, relates to the previous year, the estimated tax form (Form 1040-EZ ) calculates taxes for the current year.As far as , the tax return under tax laws of Californa State is concerned, the Schedule CA (540) Form is to be used for filing state income tax return . You use your federal information (forms 1040) to fill out your 540 FormPrashanthttp://irstaxapp.com
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