LLC to S Corp Conversion Kit By William Bronchick

LLC to S Corp Conversion Kit By William Bronchick – Digital Download!

Greetings, lovely visitors. The course contents can be quickly seen here:

Do You Have a Single-Member LLC?

Chances are you may have set this up INCORRECTLY!

Do you possess a limited liability company (LLC) that is owned by a single individual?

If you are the only member, you can be incurring excessive tax payments.

Many small business owners choose to establish a Limited Liability Company (LLC) as a “single-member” entity, either with themselves as the only proprietor or with a husband and wife as co-owners.

By choosing this option, they opted for the default tax classification known as “disregarded”.

This implies that the Limited Liability Company (LLC) is not taken into consideration for calculating federal income tax, and instead, the individual member or members disclose their commercial activities on their personal tax return, specifically form 1040.

They use this approach either due to its simplicity and convenience for reporting purposes or simply due to their lack of knowledge regarding alternative methods.

SO, WHATS THE PROBLEM?

An issue arises when you include your business operations on your personal tax return because if you are earning active income, your profits are liable to both federal income taxes and self-employment taxes, which include Social Security and Medicare contributions.

If you appreciate the concept of a government welfare system where you contribute to a substantial government fund with the possibility of receiving benefits in retirement, then there is no need to continue reading.

However, if you desire to economize hundreds of dollars annually, it is imperative that you focus your attention.

Knowledgeable entrepreneurs frequently establish a S corporation for their income-generating endeavors.

This is done in order to circumvent a significant portion of the self-employment tax.

An S company is classified as a “pass-through” entity, indicating that it is not subject to federal income tax.

Instead, the owners are required to record the net income (or loss) on their personal tax return.

This form of revenue is exempt from self-employment tax.

If your business generates a net income of $50,000 or higher, the tax savings are substantial.

It is not possible to completely avoid your self-employment tax duty.

However, the IRS requires that you get a “reasonable” compensation from your S corporation, which is subject to payroll taxes, similar to self-employment tax. 

Nevertheless, it is not obligatory to allocate the entirety of your earnings as a pay.

By allocating 50% of your profit as compensation and the other 50% as a distribution from the S corporation, you can significantly reduce your annual tax liability by thousands of dollars.

ATTENTION REAL ESTATE INVESTORS…

Landlords need not be concerned as renting revenue is typically classified as “unearned income” and so exempt from self-employment tax.

If you have an LLC that is considered “disregarded” for tax purposes, you should report this income on your 1040 form, specifically on schedule “E”.

This is different from earned income, which is reported on schedule “C”. Nevertheless, in the event that you engage in property flipping or wholesale transactions, the Internal

Revenue Service (IRS) has the authority to classify you as a “dealer”, so categorizing your real estate endeavors as a BUSINESS rather than an investment.

Therefore, your income will be documented on Schedule “C” and will be subject to self-employment tax. 

Consider a span of three years dedicated to engaging in flipping ventures, resulting in a net profit of $100,000.

This profit is categorized as short-term capital gains and is not subject to self-employment tax.

The IRS conducts an audit on your tax returns and reallocates the income to schedule “C”, imposing self-employment tax on you, in addition to interest and penalties.

The user expresses pain or discomfort. 

If you are engaging in short-term deals, particularly wholesaling, it would be advisable to consider using a S corporation for this specific operation.

THE “FIX” – IT’S EASIER THAN YOU THINK!

It is unnecessary to completely restart in order to reap the advantages of a S business.

If you now possess a “disregarded” Limited Liability Company (LLC), it is possible to convert it into a S corporation for tax purposes while still maintaining its status as an LLC.

Indeed, you can enjoy the convenience of the LLC structure while retaining your current name and bank account, as well as your existing EIN number.

Moreover, you can opt for S corporation treatment for federal income tax purposes.

The conversion process requires completion of several IRS forms, a modified operating agreement, and the establishment of new accounting records.

Furthermore, it is not imperative to engage the services of a lawyer or certified public accountant (CPA) in order to carry out the conversion.

This is due to the fact that I have developed a unique and pioneering resource known as the LLC to S Corporation Conversion Kit.

HERE’S WHAT YOU GET WITH THE KIT…

• The LLC operating manual
• IRS forms to choose your S corp election or change from an existing tax election
• S corp/LLC operating agreement (for either a new filing or an amended version if you are converting an existing LLC)
• Sample annual and special minutes of meetings forms
• LLC member buy-sell agreement (for LLCs with two or more members)
• Minutes of organizational meeting (for new LLC/S Corp)
• Summary of S corp tax rules
• Consent in lieu of a meeting forms
• Instructions for appointing officers to your LLC (President, Secretary and Treasurer)

Enroll today to begin your journey of exploration and improvement in “ LLC to S Corp Conversion Kit By William Bronchick ”

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