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Video instructions and help with filling out and completing s corp taxes for dummies

Instructions and Help about 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.

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.
Why don't schools teach children about taxes and bills and things that they will definitely need to know as adults to get by in life?
Departments of education and school districts always have to make decisions about what to include in their curriculum.  There are a lot of life skills that people need that aren't taught in school.  The question is should those skills be taught in schools?I teach high school, so I'll talk about that.  The typical high school curriculum is supposed to give students a broad-based education that prepares them to be citizens in a democracy and to be able to think critically.  For a democracy to work, we need educated, discerning citizens with the ability to make good decisions based on evidence and objective thought.  In theory, people who are well informed about history, culture, science, mathematics, etc., and are capable of critical, unbiased thinking, will have the tools to participate in a democracy and make good decisions for themselves and for society at large.  In addition to that, they should be learning how to be learners, how to do effective, basic research, and collaborate with other people.  If that happens, figuring out how to do procedural tasks in real life should not prmuch of a challenge.  We can't possibly teach every necessary life skill people need, but we can help students become better at knowing how to acquire the skills they need.  Should we teach them how to change a tire when they can easily consult a book or search the internet to find step by step instructions for that?  Should we teach them how to balance a check book or teach them how to think mathematically and make sense of problems so that the simple task of balancing a check book (which requires simple arithmetic and the ability to enter numbers and words in columns and rows in obvious ways) is easy for them to figure out.  If we teach them to be good at critical thinking and have some problem solving skills they will be able to apply those overarching skills to all sorts of every day tasks that shouldn't be difficult for someone with decent cognitive ability  to figure out.  It's analogous to asking why a culinary school didn't teach its students the steps and ingredients to a specific recipe.  The school taught them about more general food preparation and food science skills so that they can figure out how to make a lot of specific recipes without much trouble.  They're also able to create their own recipes.So, do we want citizens with very specific skill sets that they need to get through day to day life or do we want citizens with critical thinking, problem solving, and other overarching cognitive skills that will allow them to easily acquire ANY simple, procedural skill they may come to need at any point in their lives?
How do I fill taxes online?
you can file taxes online by using different online platforms. by using this online platform you can easily submit the income tax returns, optimize your taxes easily.Tachotax provides the most secure, easy and fast way of tax filing.
How do I fill out the income tax for online job payment? Are there any special forms to fill it?
I am answering to your question with the UNDERSTANDING that you are liableas per Income Tax Act 1961 of Republic of IndiaIf you have online source of Income as per agreement as an employer -employee, It will be treated SALARY income and you will file ITR 1 for FY 2017–18If you are rendering professional services outside India with an agreement as professional, in that case you need to prepare Financial Statements ie. Profit and loss Account and Balance sheet for FY 2017–18 , finalize your income and pay taxes accordingly, You will file ITR -3 for FY 2017–1831st Dec.2021 is last due date with minimum penalty, grab that opportunity and file income tax return as earliest
Why is filing for taxes so difficult for the average person to fill out?
It isn’t. Most people in the USA have only one job, no investments, and no itemized deductions. They don’t own a business or own rental property. Their tax form before the Trump administration tax reform was a one pages 1040 EZ. Only about 30% of taxpayers had a situation involving more than 15 minutes of tax preparation. Under the Trump tax reform, more paperwork is required, I went, as a retiree, from 2 pages to 6 pages of forms. It still took less than 15 minutes to file. There is free software online (I use Credit Karma) to make out and file the forms. My state (NH) doesn’t have state income tax so I didn’t have to complete a second set of forms.