Tax Differences EXPLAINED: LLC, S Corp, Partnership, Sole Prop
Summary
TLDREl video ofrece una visión detallada de cómo las diferentes estructuras de negocios, como la propiedad única, la LLC, la S Corporation o la asociación, afectan el cálculo de impuestos y los pagos correspondientes. Navi Mirage, una CPA y educadora para emprendedores, explica cómo se calculan los impuestos sobre la renta, incluyendo el impuesto federal, el impuesto a la renta estatal y los impuestos de seguridad social y de Medicare. Destaca la importancia de hacer pagos trimestrales y proporciona estrategias para reducir la carga fiscal, como la deducción de ingresos empresariales cualificados. Además, ofrece recursos en línea para calcular las tarifas de impuestos federales y estatales, y sugiere el uso de sistemas como Direct Pay y EFTPS para realizar pagos de impuestos. Finalmente, Mirage recomienda contratar una empresa de nómina para gestionar los pagos y reportes fiscales si se trata de una S Corporation, permitiendo así que los empresarios se centren en actividades rentables en lugar de en tareas administrativas.
Takeaways
- 📚 El video explica cómo calcular y pagar los impuestos para diferentes tipos de entidades empresariales, incluyendo la propiedad única, la LLC, la S Corporation y las asociaciones.
- 👩💼 Navi Mirage, CPA, ofrece estrategias de ahorro fiscal en sus cursos y en las redes sociales para ayudar a los empresarios a economizar miles de dólares en impuestos.
- 💰 Los propietarios de negocios deben estimar y pagar sus propios impuestos trimestralmente, a diferencia de los empleados cuyos impuestos son retenidos por su empleador.
- 🤔 Una única propiedad o una LLC con un solo miembro generalmente se grava como tal, mientras que una S Corporation requiere una elección formal con el IRS mediante el formulario 2553.
- 📊 Los propietarios de una propiedad única pagan impuestos de autopatronal (seguridad social y Medicare) además del impuesto federal sobre la renta.
- 💼 En una S Corporation, los dueños pagan una compensación razonable por sus servicios y el resto de la ganancia puede distribuirse sin pagar impuestos adicionales a nivel de la empresa.
- 🤝 En una asociación, los socios comparten la ganancia y pagan impuestos de autopatronal y de renta federal sobre su parte de la ganancia.
- 📉 La deducción de ingresos empresariales cualificados (QBID) reduce la base imponible para las ganancias de negocios de propiedad única y asociaciones, lo que puede resultar en ahorros fiscales significativos.
- 📅 Los pagos de impuestos para los negocios se realizan trimestralmente, con fechas límite específicas para cada trimestre.
- 🌐 Para pagar impuestos federales, se pueden usar sistemas como Direct Pay o EFTPS, dependiendo del tipo de entidad y los tipos de impuestos que se deben.
- 📋 Se recomienda contratar una empresa de nómina para manejar los informes y pagos de impuestos si se trata de una S Corporation, permitiendo al dueño de la empresa concentrarse en actividades rentables.
- 📝 Navi Mirage ofrece cursos más detallados que cubren estrategias fiscales adicionales, como la deducción de gastos como oficinas en casa, primas de seguro de salud y la contratación de familiares.
Q & A
¿Qué tipo de estructuras empresariales se discuten en el video?
-El video aborda la estructura fiscal de una empresa en diferentes formatos, incluyendo la propiedad única (sole proprietorship), la sociedad limitada (LLC), la corporación S (S corporation) y las asociaciones (partnerships).
¿Qué impuestos son responsabilidad de un propietario de negocios como empleado y empleador?
-Un propietario de negocios debe pagar impuestos de seguridad social y de Medicare tanto como empleado como empleador, además de los impuestos sobre la renta federal e impuestos estatales si corresponde.
¿Cómo se calculan los impuestos de seguridad social y de Medicare para un propietario de negocios?
-Para un propietario de negocios, se calculan aplicando el porcentaje correspondiente tanto al empleado como al empleador sobre la ganancia o ingresos obtenidos, usualmente el 12.4% para la seguridad social y el 2.9% para el Medicare.
¿Qué es la estrategia fiscal utilizada por las S Corporations para reducir los impuestos?
-Las S Corporations pagan un salario razonable al propietario por sus servicios y el resto de la ganancia puede quedar en la empresa o distribuirse como dividendos. Esto permite que el propietario pague impuestos de seguridad social y de Medicare solo sobre el salario y no sobre toda la ganancia de la empresa.
¿Cómo afecta la deducción de ingresos brutos cualificados a los impuestos que deben pagar las estructuras de negocio?
-La deducción de ingresos brutos cualificados permite a las estructuras de negocio, como las propiedades únicas y las asociaciones, deducir un 20% de sus ingresos antes de calcular los impuestos, lo que puede reducir significativamente la carga fiscal.
¿Cuándo vencen los pagos trimestrales de impuestos para los negocios en Estados Unidos?
-Los pagos trimestrales de impuestos para los negocios en Estados Unidos vencen el 15 de marzo (Q1), 15 de junio (Q2), 15 de septiembre (Q3) y el 15 de enero del año siguiente (Q4).
¿Cómo se pueden pagar los impuestos federales en línea?
-Los impuestos federales se pueden pagar en línea a través del servicio Direct Pay en el sitio web del IRS (irs.gov/payments) o utilizando el sistema EFTPS (eftps.gov).
¿Por qué podría un propietario de una S Corporation considerar contratar a una empresa de nómina?
-Un propietario de una S Corporation podría considerar contratar a una empresa de nómina para manejar los informes de nómina y los pagos de impuestos, ya que estos procesos pueden ser complicados y tomar mucho tiempo. De esta manera, el propietario puede concentrarse en actividades de generación de ingresos para su negocio.
¿Qué tipo de información adicional se proporciona en el curso mencionado por Navi Mirage?
-El curso mencionado por Navi Mirage proporciona información adicional sobre estrategias fiscales, incluyendo cómo deducir primas de seguro de salud, establecer cuentas de ahorros de salud, deducir gastos de oficina en casa, teléfonos móviles e internet, contratar familiares, establecer cuentas de jubilación y más.
¿Cómo afecta la deducción de ingresos brutos cualificados la cantidad de impuestos que un negocio debe pagar?
-La deducción de ingresos brutos cualificados reduce la base sobre la cual se calculan los impuestos, permitiendo que el negocio pague menos impuestos al disminuir la cantidad de ingresos que se ven afectados por el impuesto.
¿Por qué es importante hacer pagos trimestrales de impuestos?
-Los pagos trimestrales de impuestos son importantes para evitar penalidades por pagos tardíos y para asegurar que el negocio esté al día con sus obligaciones fiscales, lo que ayuda a mantener una buena relación con las autoridades fiscales.
¿Qué consejo final da Navi Mirage para los empresarios que están tratando de manejar sus propios impuestos?
-Navi Mirage aconseja a los empresarios que, si están tratando de manejar sus propios impuestos, tengan al menos una comprensión de alto nivel de lo que está sucediendo, pero no se sumergan demasiado en los detalles para no distraerse de las actividades principales de generación de ingresos.
Outlines
😀 Introducción a la gestión de impuestos para diferentes tipos de empresas
En el primer párrafo, Navi Mirage, un contador certificado (CPA), presenta el tema del video, que es mostrar a los empresarios cómo calcular y pagar los impuestos correspondientes, independientemente del tipo de estructura de su negocio. Navi aclara que su enfoque es aplicable a cualquier forma de negocio, como una empresa de propiedad única, una LLC, una S Corporation o una asociación. Además, ofrece una perspectiva sobre la responsabilidad de los propietarios de negocios en la gestión de impuestos, en contraste con la situación de un empleado tradicional. Finalmente, Navi invita a los espectadores a suscribirse y a compartir el contenido si encuentran valor en la información proporcionada.
🤔 Análisis de los impuestos para una empresa de propiedad única
Este párrafo se enfoca en las obligaciones fiscales de una persona que opera como una empresa de propiedad única o una LLC de un solo miembro, que legalmente se tratan de la misma manera. Se explica que, a diferencia de los empleados, los propietarios de negocios deben estimar y pagar sus propios impuestos trimestralmente. Se detalla el cálculo de impuestos a la seguridad social y a Medicare, así como los impuestos federales y estatales sobre la renta, proporcionando ejemplos numéricos para ilustrar el proceso de pago de impuestos.
💼 Estrategias fiscales para una S Corporation
El tercer párrafo explora las ventajas fiscales de estructurar un negocio como una S Corporation, que permite a los propietarios pagar impuestos solo en una parte de las ganancias como compensación razonable, y retiene el resto en la empresa como distribución. Esto conlleva a una disminución en el pago de impuestos a la seguridad social y a Medicare, ya que solo se tributan en la compensación y no en la totalidad de las ganancias. Además, se discute la diferencia en la tasa de impuestos federales y estatales que podría aplicarse a la distribución no salarial.
🤝 Implicaciones fiscales de las asociaciones de negocios
Este segmento compara las responsabilidades fiscales entre asociados en una estructura de negocio de asociación, que es similar a la de una empresa de propiedad única, pero con la diferencia de que los ingresos y los impuestos correspondientes se分配 (分配) entre los asociados. Se muestra cómo calcular los impuestos a la seguridad social y a Medicare, así como los impuestos federales y estatales sobre la renta, para cada asociado, utilizando porcentajes estandarizados.
📊 Utilización de herramientas en línea para la estimación de impuestos
En el quinto párrafo, Navi Mirage sugiere el uso de herramientas en línea para calcular las estimaciones de impuestos federales y estatales. Destaca la importancia de considerar la deducción por impuestos sobre la renta por pagos de impuestos de seguridad social al momento de realizar cálculos para las empresas de propiedad única y asociaciones. También menciona la deducción de ingresos empresariales cualificados para reducir la base imponible para el impuesto federal. Navi recomienda a los espectadores que realicen sus propios cálculos utilizando estas herramientas y ajusten los valores según sus circunstancias personales.
📅 Fechas y métodos de pago de impuestos para propietarios de negocios
El sexto y último párrafo aborda los plazos y métodos para el pago de impuestos por parte de propietarios de negocios. Navi explica los plazos trimestrales y anuales para el pago de impuestos federales y proporciona información sobre cómo realizar estos pagos a través de Direct Pay y EFTPS. Además, ofrece consejos sobre el pago de impuestos estatales y la contratación de una empresa de nómina para gestionar las obligaciones fiscales y de sueldos, especialmente para S Corporations. Finalmente, Navi invita a los espectadores a dejar comentarios sobre lo que aprendieron y lo que les gustaría saber más, y a suscribirse para recibir más contenido útil.
Mindmap
Keywords
💡Impuestos
💡Propietario Único
💡LLC
💡S Corporation
💡Socio
💡Impuestos de Seguro Social y Medicare
💡Deducción Fiscal
💡Pagos Trimestrales
💡EFTPS
💡Retención de Impuestos
Highlights
El video explica cómo calcular los impuestos que puede deber, independientemente del tipo de estructura de su negocio.
Se discuten los tipos de impuestos para una empresa de propiedad única, LLC, S corporation y asociación.
Se proporciona información sobre cómo realizar los pagos de impuestos y cuándo vencen para evitar multas.
Navi Mirage, CPA, ofrece un curso para ayudar a los empresarios a ahorrar miles de dólares en impuestos.
Compara el proceso de retención de impuestos como empleado con la responsabilidad de un empresario para estimar y pagar sus propios impuestos.
Se detalla cómo una empresa de propiedad única paga impuestos sobre la seguridad social y Medicare tanto como empleador como empleado.
Se muestra un ejemplo de cálculo de ahorro fiscal utilizando una S corporation en lugar de una propiedad única.
Se discute la estrategia de pago de una "compensación razonable" en una S corporation para reducir los impuestos de seguridad social y Medicare.
Se explica cómo las asociaciones funcionan en términos fiscales, similares a dos propietarios únicos juntos.
Se proporciona un ejemplo de cómo calcular el impuesto sobre la renta federal para una propiedad única utilizando un calculador en línea.
Se destaca la deducción de ingresos por impuestos federales para pagos de impuestos de seguridad social y Medicare.
Se menciona la deducción de ingresos deducible para la renta de negocios cualificada para propietarios únicos y asociaciones.
Se ofrece orientación sobre cómo pagar los impuestos federales a través de Direct Pay o el sistema EFTPS.
Se aconseja contratar una empresa de nómina para manejar los informes y pagos de impuestos si la estructura de la empresa es una S corporation.
Se recomienda a los espectadores dejar comentarios sobre lo que aprendieron y lo que quisieran entender mejor.
Se alienta a los espectadores a suscribirse al canal y a compartir el video con otros empresarios.
Transcripts
in this video I'm going to show you no
matter how your business is set up
whether it's a sole proprietorship an
LLC an S corporation or even a
partnership how much tax you might owe
for each entity type how to make those
tax payments and even when those
payments are due so you don't have to
worry about late payments or any other
types of penalties okay but before we
jump in if it's your first time here my
name is Navi Mirage I'm a CPA that
teaches entrepreneurs how to save
thousands of dollars in taxes I do that
here on social media but I also do it in
a more easy to understand and
comprehensive manner through a course
you can find those details on my website
which is navimaradcpa.com but for now if
you get value out of this video consider
subscribing to the channel or perhaps
liking it and sharing it with a fellow
entrepreneur so
here's what I would like you to do when
we're talking about this is
um try to think back to when you were an
employee okay when you're an employee
you got paid by your employer every two
weeks or so right and we when you
received your paycheck federal income
tax Social Security tax and Medicare
taxes were being withheld from your
paycheck and you were receiving the net
amount of that paycheck right that
amount was either being given to you
physically with a physical check or most
likely direct deposited into your
personal account now of course if you
lived in a state that had state income
tax then the state income tax was also
withheld from your paycheck
um as well and not given to you well
behind the scenes your employer was
actually holding on to that money right
they call it Inc income tax withholding
so that money was withheld from your
check and instead of paying it to you
and every two weeks or so what they
would do is every two weeks or so you
your employer keeps that money in their
business account and then sends that
money on your behalf to the federal and
state governments well now that you are
a business owner no one is doing that
for you right so it's now your
responsibility to estimate your taxes
and pay them each quarter but the
problem is no one's really teaching you
how much the estimate or how to pay
those taxes uh which again is is what
all this video is all about so
um let me transfer over to my a
spreadsheet that I created to kind of
cover this for you and I'm going to
break this down for you so that you can
finally understand how this works okay
now I know you see a lot on the screen
here but before you you know Panic or
freak out don't worry I'm gonna explain
all this to you so
let's kind of go through let me give you
sort of a layout of the lane here what
we're looking at so these different
colored columns are just saying hey in
this light blue color I'm saying this is
the scenario if you're a sole
proprietorship that means you're just
out there doing business you didn't form
an entity or anything like that with
your state you just started doing
business or it could mean that you
formed a single member LLC that's an LLC
with only one member on it and by
default single member llc's are taxed as
sole proprietorships okay in the second
column this sort of purple color this is
a scenario where you've elected to have
your business taxed as an S corporation
so in order to do that you formed an LLC
perhaps single member or or multi-member
um or you file or or you you formed a
corporation a C corporation and then you
elected uh with the IRS by filing a form
called form two five five three you'll
be elected to have that entity taxed as
an S corporation that's what this purple
color column represents and then over on
the right this is um a partnership exam
example so businesses that are taxed as
Partnerships though so your taxes are
Partnership if uh even if you don't have
a formal agreement if you are two
different people doing business together
you are now a partnership or you may
sort of officially created a partnership
by filing or forming a multi-member LLC
with your state and those two members on
an LLC by default will have it'll be
taxed as a partnership all right so
that's what these three columns are sole
proprietorship S corporation partnership
so what I'm showing here is in each one
of these examples there was Revenue so
you earned a hundred and twenty five
thousand dollars of Revenue or sales in
your business right so you sold whatever
amount of products or you performed
whatever types of services and all your
customers for the year they paid you 125
Grand and then obviously business
expenses I'm saying this is things like
advertising and marketing uh you know
software fees
um things like of that nature other Tax
Strategies writing off home office cell
phone things like that those were your
business expenses and you land at a
hundred thousand dollars of profit right
you can see that's the same across all
three of these different types Soul prop
S Corp and partnership where things
start to differentiate is
um let's now instead of covering all
three at once let's cover them
separately so Soul prop what happens
here
as a sole proprietorship you mainly pay
two types of tax you pay what's called
self-employment taxes which is Social
Security and Medicare and you also pay
federal income tax if you live in a
state that has state income tax you got
to pay that too all right so let's break
this down
a sole proprietor has to pay
um Social Security and Medicare taxes as
both the employee and the employer okay
because a sole proprietorship doesn't
get some of the benefits that an S corp
has so how this math works is if you
take a hundred thousand dollars and you
multiply it by 6.2 percent and then
that's the employee portion of Social
Security and then you take 100 Grand and
you multiply it by 6.2 percent again for
the employer portion the total of that
is 12.4 percent and therefore the math
on that's pretty easy right 100 Grand
times 12.4 percent is twelve thousand
four hundred
uh very similarly the um business profit
again 100 Grand is multiplied by
Medicare you pay Medicare as an employee
and employer as well that adds up to 2.9
percent so the 100 Grand times the 2.9
percent is 2 900. so in Social Security
and Medicare taxes alone you're going to
pay something close to fifteen thousand
three hundred dollars all right
um federal income taxes what happens
here is your 100 Grand that you earned
in profit is going to flow through the
tax brackets and I'm gonna show you that
here in a moment but that's going to
flow through the various tax brackets
and your income is going to be taxed at
different tax rates and as an example
I'm just choosing and again I'll
elaborate this on a second like I'm just
showing this is a single person so not
filing married filing jointly but filing
single
um there are federal income tax on
making 100 Grand might be something like
10 374 dollars okay now a lot of you for
a state you might be in a state that
doesn't have state income tax the reason
why this says fixed or graduated is
because some states have a flat tax
where they just say hey all of your
income is taxed at three percent and
other states have what's called sort of
a graduated tax so very similar to the
federal tax system they have different
levels of income are taxed at different
tax rates so for example the first five
grand of income might be taxed at two
percent then the next five grand might
be taxed at three percent and then let's
say ten thousand on you know going
forward is you know seven or eight
percent so forth and so on okay again
I'll come back to the details of this in
the in a moment but I want to run
through the S corporation example next
okay so same thing happened here no no
point talking about this part anymore
but what happens with an S corporation
is you take your
um 100 Grand of profit and you split it
into what I'm calling two buckets
without what I mean there is you have to
pay yourself a reasonable compensation
for your services that you provided to
your S corporation I'm just making this
number up for now I'm saying it's forty
thousand dollars okay so in this example
let's say your name is John John's
reasonable competition is 40 Grand the
remaining money the sixty thousand
dollars that can either stay in the
business or it can be taken as a
distribution so um John can pull that
money out of his business account and
take that money as a distribution
regardless if John takes that money out
of the S corporation or not they're
going to have to pay federal and state
income tax on it okay let's stay on the
topic of Social Security and Medicare
tax for a moment though the strategy
here with the S corporation is that John
is going to pay social security and
Medicare tax on his 40 000 not the
hundred thousand like it was over here
with the sole proprietorship okay so you
take the 40 000 you multiply it by the
employee rate 6.2 percent so John's
paying 24.80 in Social Security tax
John's employer which happens to be his
own S corporation is doing the same so
on 40 Grand times 6.2 percent John's
employer so whatever the name of John's
S corporation is is also paying 20 40
sorry 2480 in Social Security and
Medicare taxes I should say Social
Security taxes Medicare is different
right 40 Grand times the 1.45 is the 580
and the same thing on the employer side
of things okay so you can see the
potential sort of S Corp tax savings
here is the difference between fifteen
thousand three hundred and six thousand
one twenty those aren't the exact
numbers but this is just a general
explanation of how this stuff works but
you know if you're trying to calculate
how much money can an S corp save me
this is the maximum sort of uh tax
savings you could sort of received using
these numbers okay I'm going to come
back and explain why federal income tax
is a little bit different here because
remember the business the business still
made 100 Grand in profit so you might be
wondering well why is the federal income
tax a little bit more we'll come back to
that here in a second
state income tax I'm just putting it as
five grand we'll elaborate that on on
just in just a moment okay let's go look
at the partnership here okay partnership
same thing the whole partnership brought
in 125 25k and expenses 100 000 of
profit but you know you gotta split this
profit between two
different partners right and let's just
assume they're 50 50 Partners so what
you might notice here is that this kind
of works the same exact way as the sole
proprietorship does just with less money
so partner one is going to get 50 Grand
right half of 100 is 50 000. partner one
is going to take 50 000 times 12.4
because they're the employee and
employer and pay sixty two hundred and
then 50 000 times the 2.9 because again
partner one is the employee and employer
and is going to pay 1450 between Social
Security and Medicare taxes partner two
it's the same exact thing right they
also made 50 Grand you multiply it by
these percentages here and that's how
you get to these numbers if you look at
it it makes sense right A partnership
it's kind of like having two different
sole Proprietors come together and
that's why these numbers is exactly half
of this number and that's why this
number is exactly half of this number
okay so you see the total here paid if
you add these two together is 15 300
just like it is here all right and now
here down on the federal income tax
again I'll elaborate this on this a
little bit more in a second it's 50
Grand that's going through their federal
income tax brackets and that's why this
is so low it's it's 3044 and then um the
state income tax same thing I'm taking
fifty thousand dollars multiplying that
by I think five percent and that's how
we're getting to the 2500 okay let me
take you through that here
um a little bit further with the federal
income tax so let's start with the sole
proprietorship again so I said a hundred
grand
um is going to pay ten thousand three
hundred seventy four dollars in federal
income tax well on a separate screen
here
um I have that number for you so what I
want to show you is I just went to this
calculator and I'll put this in the
description below if you're watching on
YouTube this is uh by Ameriprise and I'm
saying hey this filing status is single
right they're not married and I put here
eighty thousand dollars in wages I'll
come back to that in a moment as to why
it's 80 000 and not a hundred so when
you put single and you put 80 grand the
eighty thousand dollars is going to flow
through these tax brackets right this is
something people get confused by they're
like they might look at these tax
brackets and say hey I made
um 80 or a hundred thousand dollars so
that means all my tax all my income is
being taxed at 24 no that's not how it
works it's showing you the different
brackets so zero to ten thousand and
change is ten percent ten two seventy
five to this amount is 12 percent and so
forth and so on okay so that's how I was
able to develop this and that's what you
should do too maybe go to this
calculator uh plug in if you're single
or married filing jointly type in what
the um amount of profit is that you had
from your business put in if you have a
child or not and it will calculate the
tax credits like if I had put in one uh
dependent then all of a sudden I owe
about two thousand dollars less because
the tax credit is two thousand dollars
you see this number went from ten
thousand three seventy four to eight
thousand three seventy four so I'm gonna
switch that back okay
um
also too while doing this you might want
to add your spouse's income here too so
again I'll explain why this is 80 and
not 100 in a second but let's say your
spouse makes a hundred grand as an
employee okay so now you got a hundred
and eighty thousand dollars
okay this is how you might estimate how
much tax you owe so you might now owe
close to thirty four thousand dollars in
federal income tax so what you might
want to do is say okay well we're gonna
owe forty thirty four thousand dollars
in federal income tax let me subtract
the amount of taxes being withheld from
my spouse's paycheck each time she gets
paid right so let's say for the entire
year she's having
um I don't know thirteen thousand nine
hundred and twenty eight dollars
withheld from her check that leads you
to believe okay well now I need to make
sure I pay at least 20 grand into the
system to make sure that when I pay my
taxes at the end of the year I don't owe
a bunch that might have gone
um that might have been a little bit
um too detailed here so let me switch
this just back to single and um income
of of 80 grand okay so again single 80
grand ten thousand three uh ten thousand
three seventy four is how we got to this
number right here for state income tax
you might want to use a tool I have
something pulled up for that as well
right here this is by the tax Foundation
I'll put this link in the description
below too it just goes through each
state I decided to just pick uh Alabama
as if that was the state that I was
having and I said hey
um the state tax bracket you know as
soon as you hit 6 000 in income uh
married filing jointly or 3 000 in
income as a single file filer you're
paying five percent so what I did for
Simplicity purposes is just said hey um
I'm just going to do five percent for
this math right so I took the 100 Grand
multiplied by five percent same thing
here 100 Grand by five percent here it's
the 50 Grand uh times five percent okay
so that's how I kind of estimated that
number but go to
um you know this website if you don't
know how much your tax your State uh you
know the tax brackets in your state or
if you're in a state like Alaska there's
no income tax right so you don't have to
worry about that part of it so maybe use
this website as a reference to
um calculate your numbers okay so I
think it's time that I sort of addressed
this thing that I mentioned a few times
now let me read this box to you it says
no remember this is all just an estimate
okay for the sole prop and partnership
examples you can use 14 instead of 15.3
to account for a federal tax deduction
you receive for paying self-employment
taxes so what I mean by that is earlier
I was saying hey 100 Grand times 15.3
percent is fifteen thousand three
hundred if you really want to dial that
in
and you're doing this math over for your
own business take the 100 Grand multiply
it by something more like 14 because
that's probably what the number is going
to be like because you get a little bit
of a tax deduction for paying
self-employment taxes
um so if you want to dial it in that's
what the number you can use let's look
at the other sentence here so also for
the sole proprietorship and partnership
examples you can reduce the business
profit which was 100K in my examples
right 100K and 100K over here by about
20 percent when calculating the federal
income tax to account for the qualified
business income deduction I know I'm
giving you a lot of information here but
basically uh there's a deduction that
applies to Sole proprietorships and
Partnerships to where
um you get a 20
deduction based on your business's
profit that's why when I was showing you
you know the income tax calculator here
instead of a hundred grand I put in
eighty thousand dollars right because I
kind of was trying to get you a truer
number to account for that if I didn't
if I just left a hundred grand here you
can see that instead of
um ten thousand and change in taxes it's
now now almost like 15 grand so that uh
qualified business income deduction is
pretty powerful all right
um let's let's go on and read what it
says here for the S corporation example
you can reduce the distribution amount
which is here the sixty thousand dollars
um by about 20 percent when calculating
the federal income tax to account for
the qualified business income deduction
all right so for the S Corp example I
entered 88 000 because I took twenty
percent off of the sixty thousand okay
so that was forty eight thousand
plus the 40 000 of reasonable
compensation to arrive at 88 000. let me
show that you to you visually just in
case that kind of misses you up eighty
eight thousand dollars is what I put
here
um where did that come from again that's
the 40 Grand here and then I reduce this
amount by 20 so I took forty eight
thousand uh plus the 40 and that's how I
got to uh eighty eight thousand dollars
okay again for the partnership example I
entered in forty thousand dollars for
each partner because I took twenty
percent off of the fifty thousand dollar
profit number to arrive at forty
thousand dollars okay I'll just show it
to you visually just in case I'm all I'm
saying here is instead of fifty thousand
dollars of profit I put in 40 Grand to
help account for that qualified business
income deduction to show me the taxes
that I might oh again your numbers might
be different and they should be
different right if you're married switch
the filing stylist to married if your
spouse makes income as well then throw
her income in here his or her income in
here too so you get a more uh realistic
number for your exact situation okay so
what I would recommend actually is
follow my steps go through this video
again watch what I did and then do this
for your own business so you can have a
better idea as to how much tax you're
going to have to pay if that last part
confused you about reducing stuff for
twenty percent and stuff like that you
know that was all related to the
qualified business income deduction skip
it okay just skip it just know that your
estimate will be a high estimate and if
you make those payments throughout the
year you're going to end up with a tax
refund so that could be like a bonus
that you didn't realize was coming your
way okay as I mentioned earlier I'm just
touching really on the surface here
about some of these things
um
you know
if you're a little confused that's
totally okay and normal if it's the
first time you're seeing some of this
stuff you may need to watch again that
that part of the video one more time but
in my course I have more time with you
and I make sure you understand all these
pieces of the puzzle and and you know
just kind of make it easier for you
obviously I'm just teaching you on this
topic today right but I'm also teaching
you in the course Tax Strategies like
how we make the S corporation strategy
even uh better by incorporating health
insurance premiums and health savings
accounts how to deduct your home office
cell phone internet hire your mind your
children establish retirement accounts
as a business owner you can contribute
over sixty thousand dollars in a Roth
account that's after tax money
um for your retirement when you're a
business owner okay so give that a look
if you want to learn how all of this
stuff works you can go to my website
again click this video it'll talk you
through it for about four minutes or so
so explain it to you and you can preview
all this content here that you see the
courses pretty comprehensive okay we
color a lot of things here nothing too
much to where it gets boring and
monotonous but just enough to learn all
the strategies and how to properly
Implement them so you might be asking
you know when all your taxes due as a
business owner well really this applies
to even if you're not a business owner
if you think uh you owe money in taxes
that can mean that you're even if you
have a day job and your day job is not
withholding enough tax from your
paycheck well then you can go into the
IRS system and make tax payments when
you would you do that well it's set up
in equal quarters q1 April 15th Q2 you
can see the dates here June 15th Q3
September 15th and Q4 right September
1st through December 31st it's January
15th obviously of the following year
okay so that's when the tax payments are
generally due a big question is well
okay Navi you told me how much I might
owe and how to pay and how when to pay
those right but let's talk about now how
do you pay the tax that you owe so for
federal taxes you could you have a
couple options
um you can go to
irs.gov forward slash payments to use
this service here called direct pay all
right on the direct pay website that you
can see here you can pay your individual
federal income taxes and you can also
pay
self-employment taxes there okay if
that's a little bit confusing I always
want to make a distinction here
um so if your tax is a sole proprietor
you can go to the direct pay website and
pay these your self-employment taxes and
your federal income tax uh payments okay
same thing as a partnership you can pay
your
um self-employment taxes as a
partnership and you can also pay your
federal income tax there as well well
all right so hopefully that kind of
clarifies what you can use direct pay
for you can also use the
EFTPS system that's right here it's
eftps.gov maybe I'll throw that in the
description too if you're watching on
YouTube
um and you actually may be required to
use this system so this system just so
you know requires Advanced registration
so it takes about two weeks to set it
all up however on this system the EFTPS
system in addition to making individual
federal income tax and self-employment
tax payments you can make business tax
payments so on EFTPS you can register as
an individual or a business I know that
might be a little bit confusing what I
mean by using EFTPS for business
payments is for any taxes that the
business itself is required to pay so
for example if you have an S corporation
your business is required to pay the
employee and the employer portion of
Social Security and Medicare taxes and
you know you also have to pay the
federal income taxes that might have
been withheld from the employee's
paycheck even if that's your own
paycheck okay if you're the only
employee of your S corporation so if
you're making payments on behalf of the
business entity then you need to use EF
uh the EFTPS system I'll show you that
visually real quick I'm saying if you're
an S corporation and you're set up
properly fees tax is right here as well
as
um federal income taxes that might be
withheld from your paycheck
those are tax payments that the business
is actually making okay the business is
making them on behalf of the employee in
this example John okay so
um that's what you really use the EFTPS
system I mean as a general statement
I'll say this if your tax is a sole
proprietorship or a partnership you can
make your payments uh via direct pay if
your tax is an S corporation the S
corporations tax payment should be made
via EFTPS okay
state taxes this doesn't apply to a lot
of you but some of you are in a state
that has state income tax right what
you'll do there is you can just visit
your State's Department of Revenue
website and there's usually instructions
on how to pay your individual state
income taxes okay
um
I just want to emphasize
um in my opinion if your taxes in S
corporation my advice is to hire a
payroll company to handle all of your
payroll reports and all of your tax
payments that are required this stuff is
kind of a mess to do on your own I don't
even like doing it as an accountant okay
um what you'll do is when you hire a
payroll company it's now their
responsibility let them handle that you
should be focusing on generating revenue
for your business not keeping track of
all the due dates and reports you should
have an understanding of what is the
payroll company is doing just a high
level understanding but don't get into
the weed so much that you actually you
know know how to do it yourself and are
doing it yourself that's just wasting a
few hours
um every couple of weeks on payroll
where you can focusing yourself on
Revenue generating business activities
instead of you know time suck activities
that don't help you generate any Revenue
to your business that's kind kind of all
I have for you but before I wrap up do
me a favor leave me a note in the
comment section letting me know what you
learned what was helpful what else do
you want to understand better did I lose
you while going over some of this I want
to know so I can help you know create
better content for you and if you need
me to expand on something I will
um in a moment here if you're watching
on YouTube at least check out some of
these other videos that might be helpful
to you if you're interested in learning
more about the S Corp taxes and kind of
how that works a good video to watch is
is one entitled how escort taxes work
that'll show you what the idea of this
what's called pass through entity work
and what taxes the S Corp has to pay
versus what taxes you pay as the
employee okay do me a favor before you
leave don't forget to like And subscribe
and I'll see you either in the course or
in the next video
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