In this video, I break down complex legal and tax distinctions between various business entity types, including Sole Proprietorships, LLCs, Multi-Member LLCs, Partnerships, S Corporations, and even C corporations. By the time you finish watching, you'll have a solid grasp of the legal protection these entities offer and how they impact your tax liabilities. Whether you're an aspiring entrepreneur or an experienced business owner, this knowledge is crucial for making informed decisions that can shape your business's future.

🔗Useful Links:

🌐 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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FileYourBusiness.com: https://www.fileyourbusiness.com/
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📒 Video Time Stamps and 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...

00:00 – 00:30 Intro to Legal & Tax Differences For Business Entities
00:31 – 01:30 Summary of Legal & Tax Concepts You Will Learn
01:31- 02:08 Intro to Navi Maraj CPA
2:09-2:37 Difference Between Legal Entity Types & Tax Classifications
2:38-2:59 Legal Entity Types
3:00-5:12 Tax Classifications
5:13-7:10 S Corp Tax Election
07:11-7:47 NOT an Attorney Disclaimer
7:48-8:42 Sole Proprietorship Liability
8:43-10:25 Limited Liability Protection Explained
10:26 -11:47 3 Ways to Form a Business Entity
12:00-12:58 What is a PLLC or Professional Corporation
12:59-14:43 Overview of Tax Forms and Due Dates
14:44-15:47 Tax Penalties and Late Filing Fees
16:40-18:15 Introduction to Business Taxes
18:16-22:48 What Taxes do Sole Proprietorships Pay?
22:49-25:20 What Taxes do S Corporations Pay?
25:21-27:23 What Taxes do Partnerships Pay?
27:24-32:18 What Taxes do C Corporations Pay?
32:31-33:09 Adjustment to Gross Income (AGI) for Self-Employment Tax Paid
33:10-34:13 Resources to Calculate Your Own Taxes

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