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Video instructions and help with filling out and completing s corp taxes for dummies
Hey there Jim Hart here from Hakon law and today I want to talk to you about the differences between an LLC and S corporation for purposes of taxes at what point should you start to transition into an S corporation or should you start to transition to an S corporation because that is definitely not the route that everyone needs to go but it is an option for you if you're making a considerable amount of money from your business each month my goal here is to help you understand the nuances of these very somewhat complex legal terms in a way that pretty much anybody can understand that's the whole goal of everything I do here with Hawthorn all right so before we go any further I just want to ask you to subscribe to the channel if you haven't already subscribed and make sure you leave a comment below if you like what I'm talking about here today and as always hit the little bell there's a little Belle theme after this subscribe button that'll notify you whenever I post new videos usually I'm posting about one to two videos a week usually one of the beginning of the week and usually one somewhere around Friday like today alright so let's do it into today's video so an LLC I've talked about what an LLC is I've talked about how to start an LLC in Prior videos I'll try and leave a link to that up there in the little little box you know you all know the benefits of starting an LLC but at what point should you start to think about forming an S corporation an S corporation a lot of people think that an LLC is one thing an S corporation is something completely different that's only partially true S corporation is actually is a taxing status so when you say you want to become an S corporation what you're really telling the IRS is that you want to be taxed like an S corporation and an S corporation is basically a taxing status where you get the income from your LLC flows through to you and that explains well let's go back to basics okay when you form your LLC basically what you do is you you become what's called a disregarded entity if you do nothing else and that means that you've got this this legal entity that's going to protect you from liability and you file your taxes you were going to file what's called a Schedule C and you're going to have all your business income and losses on that schedule and that's going to flow through under your personal tax return if you have just an LLC you haven't done anything else you don't have to file a separate tax return for that you don't have to file a corporate tax return or anything like that you just have your regular 1040 that you're going to file and.