How To Save On Your Taxes With Your LLC. Change Your LLC Status

How To Save On Your Taxes With Your LLC. Change Your LLC Status to an S Corporation. Tax savings $50k or more net profit.

Self Employment tax for an LLC member is substantial. You can save quite a bit when you do an S Corp election for federal tax purposes. When you make over $40k/yr net profit with your LLC. You can find out at the bottom of page with the video. Remember, by paying additional taxes, this stops you from gaining wealth. Don't continue to just give your money away. Please watch the video at the bottom of the page or you can go here: https://youtu.be/xl3WAzQsPfg

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πŸ’₯LLC Net Profit Self Employment Tax Calculator: https://www.taxact.com/tools/self-employed-calculator
πŸ’₯LLC vs S-Corp Tax Calculator: https://www.incfile.com/s-corporation-tax-calculator/

πŸ’₯IRS Form 2553 to change your LLC to an S Corporation. Election by a Small Business Corporation: https://www.irs.gov/pub/irs-pdf/f2553.pdf
πŸ’₯S Corporation IRS Filing Form. Filed before March 15th every year, 1120-S: https://www.irs.gov/pub/irs-pdf/f1120s.pdf
πŸ’₯IRS K-1 Form that owners must submit with tax returns: https://www.irs.gov/pub/irs-pdf/f1120ssk.pdf

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