In this video, I'm breaking down the tax variations among sole proprietorships, LLCs, partnerships, S corporations, and C corporations. We'll use a $100,000 profit scenario to see how each structure impacts your social security taxes, Medicare taxes, federal income tax, and state income tax. Discover why an S corporation might be your best friend in tax savings, while C corporations, despite their allure, may not be ideal for smaller businesses due to double taxation.

If you find this video helpful, hit that like button and share it with fellow entrepreneurs. Drop your questions in the comments, and I'll answer them. For a deeper dive into tax optimization, explore my comprehensive course on my website. Remember, mastering taxes doesn't have to be daunting—I'm here to guide you toward financial success!

Links to my Website and Course:

My Website: https://navimarajcpa.com/
‍ Enroll In My Course Small Business Taxes: From Knowing Nothing to Savings Thousands: https://navimarajcpa.com/learn/


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⏱ Video Time Stamps ⏱

00:00 00:39 Intro to Tax Differences for Business Entities
00:40 1:08 Intro to Navi Maraj CPA
01:08 02:35 Overview of Tax Classifications
02:36 06:44 What Taxes do Sole Proprietorships Pay?
06:45 09:01 What Taxes do S Corporations Pay?
09:02 10:52 What Taxes do Partnerships Pay?
10:53 15:20 What Taxes do C Corporations Pay?
15:21 16:05 Adjustment to Gross Income (AGI) for SelfEmployment Tax Paid
16:06 18:15 Resources to Calculate Your Own Taxes

Resources

Income Tax Calculator: https://www.ameriprise.com/financial...
Federal Income Tax Brackets: https://www.nerdwallet.com/article/ta...
State Income Tax Rates and Map: https://taxfoundation.org/publication...
2023 Capital Gains Tax Rates: https://www.nerdwallet.com/article/ta...
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If you learned something from this video, please like and subscribe and follow me on my various social media handles below. If you would like to contact me with a specific question, please visit my website or leave me a comment.

Website: https://www.navimarajcpa.com
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This video was created for informational purposes and it is not to be construed as legal and tax advice specific to your unique situation. Some of the links above are affiliate links which means that if you purchase a product or service with the provided link, I may receive a commission with no additional cost to you.

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#LLC #SCorp #CCorp