Yo yo yo yo, what's good with it? CPA Strength here. I wanted to bring you a video about S corporations and the things about an escort, but really it's gonna be about how to save you like 15 grand. How to save yourself some money. An S corporation, also known as a small business corporation, files its own tax return called 1120s. An S corporation is a pass-through entity, which means the income flows over to your personal tax return. Your personal tax return is a 1040. Okay, so if you have an S corporation, if you incorporate, what's gonna happen is you would file 1120s and then the money you made there, let's say you made a hundred grand profit, that would flow over to your personal 1040 tax return. Now, the big thing is without self-employment tax. The S corporation does not pay self-employment tax when the income passes through to the 1040. I say this, this is huge. This is the whole crux of the thing. This is really what it's all about. This is for someone like a YouTuber. If you're a YouTuber watching this and you just got hit for like 30k in self-employment tax and you don't know what to do about it, but you don't like the self-employment tax, you can email me at Dorn954@gmail.com. I'll help you out. I'll take care of you. So that's really what this is. This is for someone who started making a lot of money. Okay, let's say you didn't do anything when you started. Before you got your first paycheck, you know, you don't have a traditional job with weekly paychecks and money getting taken out every week in taxes. You don't have that. You're on a 1099. So you started your job and your boss...
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Video instructions and help with filling out and completing Can Form 8854 Employed
