How the RICH use Business Structures to Explode Their Wealth (FREE 1 Hour Course)

👉 Work with Us: https://schedule.lyfetaxes.com/discoveryapplication?video=SRum4kDKms8 Your choice of business structure significantly impacts your taxes, so it's essential to have a solid tax planning strategy. This video explains how choosing the right entity, such as an LLC, can offer tax benefits and asset protection for your small business. Learn key tax strategies to optimize your savings. 🔥 [FREE COURSE/CRM] Start or Grow a Business with HighLevel (Free Course): https://go.seanstandberry.com/structure Timestamps Business Entity Structure Intro (0:00) What is a Business Entity? (0:40) Why Entities Are Important (2:20) 4 Types of Business Entity Structure (3:10) How to Choose the Right Business Structure (12:32) What is a Pass-through Entity (15:48) The Catch with C-Corporations Explained (18:30) Self Employment Tax Explained (20:04) How to Avoid Self Employment Taxes (21:39) S-Corporation Requirements (24:22) How to Elect LLC to S-Corporation with Form 2553 (25:57) Making Late S-Election (29:44) Reasonable Salary for S Corp (32:16) Eliminate Self Employment Tax (33:02) Passive vs Active Business (34:20) Tax Implications of Passive Income (41:12) Tax Planning for Partnerships / Multi Member LLC (44:32) How to Pay Yourself from your Business (48:52) How to Pay Yourself as a S-Corporation (55:04) Step by Step for Paying Yourself (59:28) 1099 vs W-2 (1:01:30) Difference Between 1099 Workers and W-2 Employees (1:30:30) How to Pay Your Team (1:08:14) Tax Deductions vs Tax Credits (1:09:36) Tax Advice for Deductions (1:14:37) Subscribe: https://bit.ly/2HJlq46 Please be sure to give this video a like and subscribe to our channel so you don't miss out on future videos! /// Disclaimer: The information provided in this video is for informational purposes only and is not meant to take the place of professional legal, accounting, or financial advice. If you have any legal questions about this video or the subjects discussed, or any other legal matter, you should consult with an attorney or tax professional in your jurisdiction (i.e. where you live).