- Видео 168
- Просмотров 36 111
ENGAGE CPAs LLC
США
Добавлен 18 май 2020
We're accountants who work with small business owners on a daily basis to ensure that they're finances and tax compliance is in order, so that they can get back to doing what they love.
We have a passion for teaching and explaining complicated, nuanced topics, in plain English.
Come Visit Us: engagecpas.com/ and engagecpas.com/courses/
We have a passion for teaching and explaining complicated, nuanced topics, in plain English.
Come Visit Us: engagecpas.com/ and engagecpas.com/courses/
Form 1065 & K-1 - ENGAGE CPAs
The 1065 is the business tax return you'll need to file if you own a partnership. This is where you'll show the partnership's business income and any deductible businesses expenses that will be used to reduce that income.
No tax is owed to the federal government at the business level, but partnership income is subject to both ordinary income tax and self-employment tax. Both of those are paid at the individual level, on Form 1040. And the way the partners know how much of the partnership income is theirs for the year is by the K-1s that are produced within Form 1065. A K-1 is created for each partner of the partnership, showing the total taxable income that is theirs for the year. The owne...
No tax is owed to the federal government at the business level, but partnership income is subject to both ordinary income tax and self-employment tax. Both of those are paid at the individual level, on Form 1040. And the way the partners know how much of the partnership income is theirs for the year is by the K-1s that are produced within Form 1065. A K-1 is created for each partner of the partnership, showing the total taxable income that is theirs for the year. The owne...
Просмотров: 9
Видео
Form 1120 - ENGAGE CPAs
Просмотров 94 часа назад
Form 1120 is the business tax return you'll need to file if you own a C-Corporation. This is where you'll show the C-Corporation's business income and any deductible businesses expenses that will be used to reduce that income. Based on the income reported, the business will pay tax on that income at the corporate level. Remember, this is the only entity type that pays tax to the IRS at the busi...
941 & 940 - ENGAGE CPAs
Просмотров 512 часов назад
Forms 941 and 940 are only required for businesses that pay employees payroll. This is an important distinction. Only if you're paying either yourself or employees' payroll, with taxes withheld, do you need to file 941s quarterly and then the 940 at the end of the year. As the owner of the business, you can only set up payroll for yourself if your business is set up as an S-Corporation or C-Cor...
W2 & W4 - ENGAGE CPAs
Просмотров 10День назад
Form W-2 is known as a Wage and Tax Statement. It is the document that is delivered to each employee that earned more than $600 from a business in a given calendar year. A W-2 is distributed to employees that had federal, social security, and medicare taxes withheld on their paychecks NOT subcontractors who earned their total gross pay without taxes withheld. Subcontractors receive a 1099-NEC. ...
1099-NEC, 1099-MISC & W9 - ENGAGE CPAs
Просмотров 14День назад
Until the tax year 2020, 1099-MISC was the form that subcontractors received from businesses that paid them more than $600 in a calendar year. However, the 1099-MISC is still used for other payments, but non-employee compensation is now reported on the 1099-NEC (Non-employee compensation) form. It's a form dedicated to independent contractors that are not paid as W-2 employees. W-2 employees ha...
Sole Proprietorship (Sole Prop) - ENGAGE CPAs
Просмотров 814 дней назад
A sole proprietorship or sole prop is the default designation for a business once it starts collecting money from customers. If you register nothing with the IRS, nothing with your state, form no official legal entity and have only one owner, you're a sole prop, by default. A sole prop is a disregarded entity in the eyes of the IRS, which means that the IRS sees no difference between John Smith...
Employee - ENGAGE CPAs
Просмотров 914 дней назад
When talking business, an employee and an independent/subcontractor are not synonyms and they should not be used interchangeably. These two classifications come with some very important distinctions in how that worker is paid, how much control you have over them, how they represent you and your business, and how much they cost you. Per the IRS: You generally are not an employee unless you are s...
Independent Contractor/Subcontractor/1099 Worker - ENGAGE CPAs
Просмотров 4021 день назад
When talking business, an employee and an independent/subcontractor are not synonyms and they should not be used interchangeably. These two classifications come with some very important distinctions in how that worker is paid, how much control you have over them, how they represent you and your business, and how much they cost you. Per the IRS: You generally are not an employee unless you are s...
What is Sales Tax and Why Do I Have to Pay It - ENGAGE CPAs
Просмотров 1321 день назад
Sales tax is a tax imposed by the state and/or local government on the sale of goods and services. This is a tax that you collect from your customer at the time of the sale, and are then in charge of remitting to the government agency. This is NOT a tax on you or your income. You are simply the agent in the transaction. You are in charge of collecting the tax from your customer at the time of t...
Partnership/Multimember LLC - ENGAGE CPAs
Просмотров 1321 день назад
A partnership can be organized as a general partnership, between two or more individuals, or as a multi-member LLC, meaning that each partner owns a portion of the LLC. A general partnership provides no protection from liability and seizure of personal assets can occur. Think of it as a DBA or sole prop, but one that is owned by two or more people. The partnership can still get an EIN from the ...
S-Corporation - ENGAGE CPAs
Просмотров 821 день назад
An S-Corporation is a special kind of tax status that corporations or limited liability companies can select. You must first set up your corporation or LLC with your state, and then file Form 2553 with the IRS to elect S-Corporation status for the entity. S-Corporation status doesn't alter the business operations at all but it changes how your income is taxed. If you own an S-Corporation, you s...
C-Corporation - ENGAGE CPAs
Просмотров 421 день назад
A Corporation is a legal structure for a company that taxes the owners/shareholders separately from the business. This is the only entity setup where tax is paid on business profits at the business level. All other entities pass through the income to the owners on their personal tax return. A C-Corporation's profits are taxed at the business level, and the owners are taxed on the wages they’re ...
Doing Business As/DBA - ENGAGE CPAs
Просмотров 228 дней назад
A DBA or doing business as name is sometimes called a fictitious name. But whatever you call it, filing a DBA allows your company to conduct business under a different name. If you're a sole proprietor, named Stephanie, and you run an ice cream store, you'll want to create a DBA using something like "Sweet Scoops and Treats", because no one wants to eat at an ice cream store called "Stephanie Y...
Entity Type - ENGAGE CPAs
Просмотров 7Месяц назад
An entity type describes how your business is structured. The options for entity type are Sole Proprietorship, Single-Member LLC, Partnership and Corporation. Remember, an S-Corporation is not an entity structure, it's actually an election made at the federal level to have your LLC or Corporation taxed differently. Each entity type has its pros and cons and there are various factors to consider...
EIN - ENGAGE CPAs
Просмотров 8Месяц назад
An Employer Identification Number (EIN) is a unique nine-digit number that identifies your business for tax purposes. It's similar to your social security number, but it's meant for business-related items only. Obtaining an EIN is a great way to protect your personal identity because then you can give vendors and employees your EIN instead of your social security number. You can obtain an EIN r...
Financial Statement Examples: Prestige Worldwide LLC - ENGAGE CPAs
Просмотров 462 месяца назад
Financial Statement Examples: Prestige Worldwide LLC - ENGAGE CPAs
Organize Your Administrative Documents
Просмотров 82 месяца назад
Organize Your Administrative Documents
5 years down the line, where do you see yourself? - ENGAGE CPAs
Просмотров 233 месяца назад
5 years down the line, where do you see yourself? - ENGAGE CPAs
Single-Member LLC (SMLLC) - ENGAGE CPAs
Просмотров 273 месяца назад
Single-Member LLC (SMLLC) - ENGAGE CPAs
Individual Personal Tax Return (1040) - ENGAGE CPAs
Просмотров 346 месяцев назад
Individual Personal Tax Return (1040) - ENGAGE CPAs
Business Corporate Tax Return (1065, 1120S, 1120) - ENGAGE CPAs
Просмотров 866 месяцев назад
Business Corporate Tax Return (1065, 1120S, 1120) - ENGAGE CPAs
Owner Draw/Distribution - ENGAGE CPAs
Просмотров 826 месяцев назад
Owner Draw/Distribution - ENGAGE CPAs
Owner Investment/Contribution - ENGAGE CPAs
Просмотров 1766 месяцев назад
Owner Investment/Contribution - ENGAGE CPAs
Cool!
Thank you!
Invalid/user/password every time even after rest of password or username change… sick of the BS
I'm dealing with the same 💩!!!
@@MojoMoneyMajor its ur email without the @ and .
Good info, good presentation. Thanks
You can do a late election…
If you don't have access to e tides because it is retired and you cannot get that number for identification.Should you use your social security number?
Thank you for your information, what I need to fill if I just rent my room for a few weeks ? How I should put my rental income in my tax return ? Your advice is highly appreciated
I've been trying to understand the C-corp on the internet, and it's very easy, except for a few points which no one is expanding on. 1) When starting up a C-corp you determine how much stock to issue and set a price so you have the funds to get the business running and hire all down through the organization, hire a law firm, CPA, etc. If the business model attracts investors, I have the $$ to hire who I need and the investors become part owners as to the amount of shares they own. How do you keep them from interceding in day to day decisions? 2) As the sole owner, on day one can I give myself X amount of unissued stock shares so I hold a 51% majority? 3) Since this is a private company and the shares aren't traded in the stock market, is the value of the outstanding shares the number of shares divided into the cash on the books? 4) If the investors want to sell their shares and get out, how does that work without a market? 5) If once the business is running and I want to woo a high value person away from another company, how do I fund that with stock.
Sir...Thank you so much for this video! Between your video and 2 more, I was able to successfully open my new account and catch up on my payments! I had a few glitches here and there but it all worked and I would have been lost without your video!
E-tides is retired, I can't get the revenue ID that way, is that the same as the account number on your sales tax license?
I'm taking my CFP in March. Studying the tax portion Is next to impossible. All 6 categories for one exam is just overwhelming
Is it wrong for a c corp to take shareholders withdrawals for income instead of using payroll? It’s just me and my husband doing business.
I did not know that
Where is the link to download?
This is a great video, thank you.
Great!!! Thank You your video was very helpfull!
cant even make an account on this website. does PA even want people to pay their taxes?
Unfortunately no federal tax payments are not tax deductible.
Can u deduct Fed tax 21% u paid from profit as expense ?
Do your research...If you want to share your money with others, this is a really good way to do it. It's not a forced situation, you give at your leisure. TOTALLY CIVILIZED WAY TO GIVE TO OTHERS AS YOU SEE FIT .
This is a great video!!!
Thank you, Susan!😄
Setting it up was fairly easy. However, paying is impossible. Everytime I click on "file now", I am taken to a status saying "overdue" with empty drop down menus. It's setup not to be payable, so they can add overdue penalties. E-TIDES was much easier. I don't make enough anyway from hobby renting to justify this level of aggravation. I would rather work a little more shift work.
I am a foreigner who has a C Corp in the US. Would it make sense to sell services from my European company to my US Company as in my country corporate tax is around 10% and otherwise in the US I was supposed to pay 21%. Would you recommend this? Thanks for the great content!
Thanks for the video, but it's completely counter to what the "professionals" at PA Gov told me to do; after finally reaching someone after days of trying to call. Neither suggestion works. MyPath picks and chooses what it will allow as information, usually giving an error message. Also, what if we don't have Revenue ID? Because no form of ID information will get past this horrible site's error messages. Everyone that I've spoken to that used the old system (PA100) said it was pretty simple. This is horrible! The site is garbage and, if you can actually get someone of the phone from the state, they seem to have no idea what's going on. The form on My Path that I was directed to seemed like it was the wrong one as I was filling it out, then it vanished and I don't have access to it any longer. So now I'm resorting to posting a god damned comment on youtube to get a god damned sales permit! Thanks for letting me vent! I'd leave this stupid state tomorrow if I could.
I’m having the same issue.
damn looks like everyone is dealing with the same thing smh
Thanks for making the process go smoothly onto the new platform!
Great video! I just subscribed to your channel and clicked the Like button on your video
(I'm Sch.C sole proprietor) What if I give money to an individual's GoFundMe (not a qualified charitable organization) with the purpose of advertising? I would give them money and in return they would promote my business. And ... What if I give cash to that GoFundMe as a business gift? Meaning I'll use the $25 limit GIFT RULE . Instead of giving an item, I'll give cash. Thanks in advance!
I can't get authentication done. I need help
How do I obtain a sales license I’m trying to get my sales license and I’m having issues can you please help
Did you ever figure this out? I keep getting error message.
So bonuses arent taxed as bad as dividends?
Bonuses are taxed at ordinary income tax rates (which go up as your income increases). But be careful because when a bonus is run through payroll, they only withhold a flat 22% for federal payroll taxes, regardless of what your W4 says. So often, high-income earners end up having too little withheld and will owe more money at tax time. That's the reason that bonuses have a stigma of being taxed higher. It's just a timing difference. Dividends, on the other hand are taxed at 0%, 15% or 20% depending on your income, which is lower than most people's ordinary income tax rate.
@@engagecpas ahhhhh this makes sense!! Thank you!! What about if your income is inconsistent where one month you can make money but for a few months after you can't? Are you still able to use a salary for that? Or are you stuck with using dividends?
@@engagecpasThat's why it would be good to know when bonuses are coming so you can adjust ur w4 accordingly to increase withholding for a certain period then adjust it back right? Lol
Great video !!! I have a 501(3) org if I do a sponsorship with a C-Corp can the C-Corp write the sponsorship off as a marketing expense? Or should they take it as a regular charitable donation up to the 10% limit over 5 years?
Thank you for making this video. I don’t understand why PA didn’t include a thorough tutorial such as this one, on the website.
I cannot thank you enough for this video!
Hi, how much tax I will pay if I withdraw different amounts every other month? I to pay myself by a check…..Thanks.
If you're taking money out of the business that isn't through payroll (with taxes withheld), that's a dividend. You'll pay tax on those dividends taken when you file your 1040 income tax return. The federal income tax rate for dividends is 15-20% depending on your total household income for that year.
I’m a new philly resident. I was told I can’t file my tax return for city until I applied for a PHTIN. Still haven’t heard anything from city yet. Will I get a letter. Thanks for your help
Hello do I have to register a side hustle as a business to pay sales tax? I have a wedding photography side hustle/business - andwill do around 10 weddings this year
Yes, regardless of whether its your main source of income or just a side gig, if the service or products you're providing are subject to sales tax, you should register, collect and remit that sales tax. Otherwise, the state could come after you and require YOU to pay the sales tax that your client should have paid at the time of the sale.
Tried everything and can't get on. error message. I call and the wait time is really long. How do you get a letter?
I’m having same issue
what if signing up as LLC?
can I add E-Tides (Sales Tax filing) to my existing personal myPATH account OR do I need to create new account just for the business filing?
I'd suggest creating a brand new MyPath login using a different email address.
Same issue here
If the error is that they can't verify the account, you should be able to request a Letter ID by mail. It's not immediate but it does allow you to get access to the account within MyPath.
I cannot seem to get past the part with the three columns, the account info with the email, pass, etc. It keeps giving me an error. Would you happen to know what the problem might be?
Did you ever figure this out? I'm also having this issue.
If the error is that they can't verify the account, you should be able to request a Letter ID by mail. It's not immediate but it does allow you to get access to the account within MyPath.
I was having the same issue as well. I ended up just putting my last name only and it finally worked.
𝓅𝓇𝑜𝓂𝑜𝓈𝓂
Hello sir, I sent you an Email about your RUclips channel did you get it?
Hello sir, I sent you an Email about your RUclips channel did you get it?
Great
Hi. Thank you for this information. Can I apply for a Philadelphia tax account number on this website ?
Yes, you can - click REGISTER A NEW TAXPAYER. tax-services.phila.gov/_/
Can you help getting a CoinTracking account corrected?
Hey Matt - feel free to email us again - we responded.
Thanks for the video😁
No problem 😊
Will be big this , I just made my own video, share the love ;)-
Thank you for the support!
@@engagecpas any comments or likes would be amazing