If you’re starting a business, you need to make some hard decisions as to how to structure your business for tax purposes. This video attempts to provide a basic understanding of the various ways businesses can be organized for tax purposes.
This video is an oversimplified view of what can be complicated topics. More in-depth videos covering many of the concepts in this video are either on the way, or here already.
For an overview of self-employment in general, click here: https://youtu.be/fY1dZGOVIEw
To find out what Self-employment Tax is, and how it’s calculated, click here: https://youtu.be/JQwyHiYR9vs
For a beginner’s guide to Qualified Business Income Deduction, click here: https://youtu.be/OW3N4y1vxGY
ADDITIONAL RESOURCES AND INFORMATION
nolo.com: “What is a Limited Liability Company (LLC)?”: https://www.nolo.com/legal-encyclopedia/what-is-a-limited-liability-company.html
U.S. Small Business Administration: “Choose a Business Structure”: https://www.sba.gov/business-guide/launch-your-business/choose-business-structure
Entrepreneur.com: “Business Structure Basics”: https://www.entrepreneur.com/article/75518
IRS Publication 334: “Tax Guide for Small Business” https://www.irs.gov/pub/irs-pdf/p334.pdf
IRS Schedule C “Sole Proprietor Income and Expenses”: https://www.irs.gov/pub/irs-pdf/f1040sc.pdf
IRS Schedule SE “Self Employment Tax”: https://www.irs.gov/pub/irs-pdf/f1040sse.pdf
IRS Form 8995 “Qualified Business Income Deduction”: https://www.irs.gov/pub/irs-pdf/f8995.pdf
IRS Form 1065 “Tax Return for Partnerships”: https://www.irs.gov/pub/irs-pdf/f1065.pdf
IRS Form K-1 (1065): “Partner’s Share of Income, Deductions, Credits”: https://www.irs.gov/pub/irs-pdf/f1065sk1.pdf
IRS Schedule E: “Rental and Supplemental Income”: https://www.irs.gov/pub/irs-pdf/f1040se
IRS Form 1120S “Tax Return for Small Business Corporations”: https://www.irs.gov/pub/irs-pdf/f1120s.pdf
IRS Form K-1 (1120S): “Member’s Share of Income, Deductions, Credits”: https://www.irs.gov/pub/irs-pdf/f1120ssk.pdf
IRS From 1120 “Tax Return for Corporations” https://www.irs.gov/pub/irs-pdf/f1120.pdf
IRS Form 1099-DIV: “Dividends and Distributions”: https://www.irs.gov/pub/irs-pdf/f1099div.pdf
IRS Form 2553 “Election by a Small Business Corporation”: https://www.irs.gov/pub/irs-pdf/f2553.pdf
IRS Form 8832 “Entity Classification Election”: https://www.irs.gov/pub/irs-pdf/f8832.pdf
Intro Music: “Bluesy Vibes” – Doug Maxwell – YouTube Audio Library
Background and Outro Music: George Street Shuffle, Kevin McLeod, http://incompetech.com via YouTube Audio Library
DISCLAIMER: This video is for educational and informational purposes only. It is not intended to render tax advice or investment advice for individual situations. If you have questions regarding your particular situation, please consult with a qualified tax or investment professional.
The tax information in this video is based on tax law and IRS regulations in place when this video was published, and is subject to the whims of Congress.
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