Coli financial experts is this true?(Warning: LLC Twitter)

[BrothaZay]

According to this I can have an LLC and pay myself a low salary and qualify for low income housing? Or is that illegal? And are you allowed to spend money on your personal life(bills) from your business account?

 

[NatiboyB]

He lost me at technically you can qualify for food stamps and than even bought child support into it. These damn cons

 

[humminbird]

there's something called paying a fair wage which states that you have to pay yourself in a way that makes sense on the books
if your business makes 1 mil a year and you're paying yourself only $5000 you'll get audited if not done correctly
there's a loophole that an accountant knows
so yes it's true but you have to do it the right way and no don't try to qualify for assistance
you can't just create an llc and pay yourself if the llc isn't generating money somehow I'm pretty sure too
Paying Yourself a Fair Wage: Part I

 

[NatiboyB]

there's something called paying a fair wage which states that you have to pay yourself in a way that makes sense on the books
if you're business makes 1 mil a year and you're paying yourself only $5000 you'll get audited if not done correctly
there's a loophole that an accountant knows
so yes it's true but you have to do it the right way and no don't try to qualify for assistance
you can't just create an llc and pay yourself if the llc isn't generating money somehow I'm pretty sure too
Paying Yourself a Fair Wage: Part I

We could find a group of scammers and start a YouTube series. Have people scamming everything from stocks to car loans real estate, crypto and manufactured spending to using business credit for personal debt. And sale our secret sauce ebooks all at a discount of $799-$1299 oh and also sale authorized user trade lines for credit repair

 

[Dafunkdoc_Unlimited]

Something, something, capital gains legislation, something, charitable contributions, something, something, anonymous contributions, something...​

 

[Yinny]

@Feds

imma just save y’all stupid mofos the effort

happy BHM

 

[NeilCartwright]

there's something called paying a fair wage which states that you have to pay yourself in a way that makes sense on the books
if you're business makes 1 mil a year and you're paying yourself only $5000 you'll get audited if not done correctly
there's a loophole that an accountant knows
so yes it's true but you have to do it the right way and no don't try to qualify for assistance
you can't just create an llc and pay yourself if the llc isn't generating money somehow I'm pretty sure too
Paying Yourself a Fair Wage: Part I

This is facts

I don’t know any Accoutant that would sign off on that foolishness lol. People gon mess around and get audited fukking with LLC Twitter

 

[beenz]

According to this I can have an LLC and pay myself a low salary and qualify for low income housing? Or is that illegal? And are you allowed to spend money on your personal life(bills) from your business account?

this dude scamming. all that "if you have an LLC, u can write off everything" bullshyt is just that. bullshyt.

 

[Dafunkdoc_Unlimited]

​

 

[Consigliere]

A single member LLC doesn’t provide the level of protection these guys are advertising.

The IRS is not letting you get over that easy.

 

[Luke Cage]

There are no loop holes, just shady people.

 

[Dafunkdoc_Unlimited]

There are no loop holes, just shady people.

True....



​

 

[MR. SNIFLES]

PARTIALLY TRUE.

BEZOS WEALTH IS TIED UP IN HIS STOCK. HE DRAWS LOANS ON THAT STOCK AND SELLS SOME EVERY NOW AND THEN.

HE PAYS NO TAXES UNTIL HE SELLS STOCK. HE PULLS STOCK DIRECTLY INTO A CRT PROBABLY AND THE MONEY NEVER TOUCHES HIS HANDS. EVERYTHING HE OWNS IS PROBABLY OWNED BY A TRUST.

 

[JNew]

yes, it must be that easy.

 

[UpAndComing]

He's partially right


Bezos, Zuckerburg, Warren Buffet, etc etc are able to make it work for them because they own a C-Corporation.

This won't work as an LLC at all. The LLC and S Corps run on your personal tax returns. So whatever the business makes, you MUST take out a "reasonable" salary or else the IRS might audit you and see that your position as a CEO doesn't match the salary you are getting

But if you have a C Corporation, it is a complete separate entity from personal tax return, and a completely different entity. So you are able to give yourself like a $4000 a year salary or make all your income be Stock Options and Dividends. On top of that the Dividend tax rate for Qualified Dividends are on a lower tax rate than W-2 income. So it's a win-win