My man, I needed this. It all made so much sense, and I could relate to it all. Taking the prior necessary precautions, I'm on the exact right track. I have you to thank for clarification. It's not like I didn't go with my instincts, but I just needed some solid information from someone who's proven. It's my first, and hopefully only venture, and I'm being super responsible, and major self discipline. Again, thank you for your time.
Well Done! I’m as new as new can be. I mean, I literally give the name “beginner” a whole new meaning, but even so, especially without making much of a profit, I myself can strategically follow along. Thank you for speaking in a tone, volume, and tempo that’s easy to comprehend. From your own personal financial suggestions, I can gather that business and pay are doing fairly well. Are you accepting new clients? Let me be specific, such as myself, who is starting out. Not your company, Lyfe Accounting, but you. I trust and value your input, and I’m already familiar with you, your style, and your comprehensive knowledge of the subject matter. You’re indeed a living testament to and byproduct of your own hard work. That I'm strongly familiar with. It would be an honor and a complete pleasure to have such a mentor, friend, business associate, etc. 🙏🏾Blessings BIG BIG L💞VE - 🌺InspirationByB, a branch and or affiliate of ⚜️HairByB
Pros: Great editing; the text and visuals make your explanations comprehensive and clear; the car example was a great analogy for how a business should be fueled by cash; reinvest back into your business. Cons: none. Considerations for future videos: videos about the difference between an LLC VS Limited liability partnership and how to pay yourself and your partner (who is not your employee); videos about what is an "operating agreement" and how to obtain it; videos about best ways to keep track of your business expenses throughout the year so your accountant isn't confused around tax time; videos about how often should we meet with an accountant throughout the year and how to be prepared for that meeting; videos about tax write-offs for when we market our business or hire someone to market our business; videos with more than one of you.
Well Done! I’m as new as new can be. I mean, I literally give the name “beginner” a whole new meaning, but even so, especially without making much of a profit, I myself can strategically follow along. Thank you for speaking in a tone, volume, and tempo that’s easy to comprehend. From your own personal financial suggestions, I can gather that business and pay are doing fairly well. Are you accepting new clients? Let me be specific, such as myself, who is starting out. Not your company, Lyfe Accounting, but you. I trust and value your input, and I’m already familiar with you, your style, and your comprehensive knowledge of the subject matter. You’re indeed a living testament to and byproduct of your own hard work. That I'm strongly familiar with. It would be an honor and a complete pleasure to have such a mentor, friend, business associate, etc. 🙏🏾Blessings BIG BIG L💞VE - 🌺InspirationByB, a branch and affiliate of ⚜️HairByB
Please give an illustration of the tax point at 08:08. Also how do we know how much tax to pay, and how do we file ? This has been a great video; llc taxes are not as intimidating as i thought.
So I'm new to the channel and after searching for many channels that share similar info I decided to subscribe to yours. I think its a little quick. I do think your speaking facts (where most channels are long and filled with fillers) but I got lost in all the great content you were sharing. I noticed your tone was flat and fast so no emphasis on either the next topic or key notes. Also the editor of your videos has background movement moving fast and if your multitasking like I do you don't really noticed the key points the editor probably trys to emphasize. Well this is definitely not knocking I'm simply sharing how I felt being new to the content and trying to learn. If I'm a idiot for saying I get it. Thanks
This is an amazing video! So clear and almond hand help stepby step! I can't wait to sit down and see how much I get paid since I've never withdraw anything yet..
Okay so I definitely need to binge watch you because I work for a small business who is trying to grow and get on payroll and the owner wants to be on payroll to separate business taxes with his and our (the employee pays). Can you guide me on some videos relating to this? I would appreciate it! 😄
Do you know what type of entity he has? if he is an LLC/Partnership/Sole proprietor then the business taxes can't be separated because those are pass through entities
Great content. So if my LLC make s100k profit, I should pay 100k tax as an individual under my social security number? Then what do i do with the Employer Identification Number that I created for my LLC to file tax return?
It doesn't matter. If you are the only owner, you pay taxes according to your tax bracket for the $100K income. You aren't paying $100K in taxes. You use your SSN to file your taxes. The IRS knows the link between your SSN and the EIN. Use the EIN for the business only, not your SSN when doing business. That's your private info.
Hello and thank you very much for your videos, however the problem is that I don't speak English very well and even less administrative English, I watch videos to understand the process To follow to pay me a salary correctly, could you tell me how to do it correctly because I am not sure I understand Thank you very much for your videos of Cyril
How would one estimate taxes when it's their first year? Do they just put some money aside and find out after filing to better plan next year or is there some kind rule of thumb to go off of?
Pay yourself as little as possible, reinvest what ever you pay yourself in the company, use the company credit card for everything and just make the payments on time. Is this a good practice or no?
I started a car rental company three months ago it's producing decent cash flow but I will not recover the cost of purchasing the cars cash for at least about another year. how would I write this up in Taxes or the best way for the expenses of the business?
Use Turbo Tax or another tax software. Or ask a Tax professional to do it for you. The software will ask you questions, you enter the car info, and the software will calculate it for you, including deductions, depreciation, etc.
I'm owning my business next year but I have a question what do I do if I want to pay myself in cash by salary so like if my garden City Kansas. My bank charges me 3.9% cornstarch is 11.9% but I'm my own business with coins but I don't charge my people a fee I give them everything that they brought in so do I pay myself as cash because I do not know how to do payroll because I'm a disability person
My Question is this... Say my business grosses 10k in one month, subtract 4k for expenses...leaving 6k....of that 6k, How much of that is MY Income? ***No employees***
This was highly informative. I was in the middle of applying for my LLC but I needed to get more information and this truly helped me. Thank you so much.
If you have money in an LLC and you are personally indyesterday and debt like student loans can you invest the money the business has and try to grow the capital So it can't be seized?
You can’t park the profit, if you make profit you have to report it. The best thing you can do is reinvest the profits back into the business to reduce profitability
We can be deductible even for the time we are thinking in my bed for my wife that she may be not happy for my sons an daughter when I left from my home they r slipping and I Say my self I’m a bad father I go to work to fight with people that don’t understand we have to get pay for .sorry I don’t rite well buy I try
Truly appreciate your videos. Starting my 3rd company. And watching your content has brought me quality insights into current best practices. Thank you very much. Once I earn my HVACR license here in Florida and expand from WOM referrals I will be speaking with you regarding intelligent marketing for sure.
@@LYFEAccounting I meant well for example i have my distribution sample/formula, i had friends try it but i will still need a chemist to give it it final stamp. All i need is a grant to get my business started that way a manufacturer can produce it for me in small batches. Also i will need help with branding, marketing and website.
Would it make sense to just pay myself all available money from my single member LLC? My thinking is I remove as much value from the LLC to protect that money from any liability.... I would then just loan the LLC whatever is needed from personal accounts. Is that legal, would that work?
![14 Biggest Tax Write Offs for Small Businesses! [What the Top 1% Write-Off]](http://i.ytimg.com/vi/5YggWhLeckM/mqdefault.jpg)
Great information 🔥
This explained so much so easily . I was so stressed out thinking about small business accounting
I subbed because you have the most direct and digestible information after watching several other similar videos on multiple subjects. Great job man!
I like your presentation style, very informative and easy to understand.
Thank you, Thank you, Thank you. I wish we had known about your company when we started in 2019
I love the way you explain things.
My man, I needed this. It all made so much sense, and I could relate to it all. Taking the prior necessary precautions, I'm on the exact right track. I have you to thank for clarification. It's not like I didn't go with my instincts, but I just needed some solid information from someone who's proven. It's my first, and hopefully only venture, and I'm being super responsible, and major self discipline. Again, thank you for your time.
Thank you so much for taking your time to leave this comment. I really appreciate your feedback. - Sherman
These might be some of the best business videos I’ve come across. Well done.
Now that means a lot, just curious, what did you find most valuable?
Well Done! I’m as new as new can be. I mean, I literally give the name “beginner” a whole new meaning, but even so, especially without making much of a profit, I myself can strategically follow along. Thank you for speaking in a tone, volume, and tempo that’s easy to comprehend. From your own personal financial suggestions, I can gather that business and pay are doing fairly well. Are you accepting new clients? Let me be specific, such as myself, who is starting out. Not your company, Lyfe Accounting, but you. I trust and value your input, and I’m already familiar with you, your style, and your comprehensive knowledge of the subject matter. You’re indeed a living testament to and byproduct of your own hard work. That I'm strongly familiar with. It would be an honor and a complete pleasure to have such a mentor, friend, business associate, etc.
🙏🏾Blessings
BIG BIG L💞VE - 🌺InspirationByB, a branch and or affiliate of ⚜️HairByB
Pros: Great editing; the text and visuals make your explanations comprehensive and clear; the car example was a great analogy for how a business should be fueled by cash; reinvest back into your business.
Cons: none.
Considerations for future videos: videos about the difference between an LLC VS Limited liability partnership and how to pay yourself and your partner (who is not your employee); videos about what is an "operating agreement" and how to obtain it; videos about best ways to keep track of your business expenses throughout the year so your accountant isn't confused around tax time; videos about how often should we meet with an accountant throughout the year and how to be prepared for that meeting; videos about tax write-offs for when we market our business or hire someone to market our business; videos with more than one of you.
Well Done! I’m as new as new can be. I mean, I literally give the name “beginner” a whole new meaning, but even so, especially without making much of a profit, I myself can strategically follow along. Thank you for speaking in a tone, volume, and tempo that’s easy to comprehend. From your own personal financial suggestions, I can gather that business and pay are doing fairly well. Are you accepting new clients? Let me be specific, such as myself, who is starting out. Not your company, Lyfe Accounting, but you. I trust and value your input, and I’m already familiar with you, your style, and your comprehensive knowledge of the subject matter. You’re indeed a living testament to and byproduct of your own hard work. That I'm strongly familiar with. It would be an honor and a complete pleasure to have such a mentor, friend, business associate, etc.
🙏🏾Blessings
BIG BIG L💞VE - 🌺InspirationByB, a branch and affiliate of ⚜️HairByB
I absolutely love this video! Someone finally explained it to me in layman's terms! Thank you 😊
Please give an illustration of the tax point at 08:08.
Also how do we know how much tax to pay, and how do we file ?
This has been a great video; llc taxes are not as intimidating as i thought.
Great video! It was very thorough and right on time for me!!!
Awesome! Thank you! Just curious, was there a particular part that was most helpful?
@@LYFEAccounting yes, the most helpful part, for me, was knowing how to pay myself and learning that I wasn't doing it wrong
Awesome awesome! Great to hear 💯
So I'm new to the channel and after searching for many channels that share similar info I decided to subscribe to yours. I think its a little quick. I do think your speaking facts (where most channels are long and filled with fillers) but I got lost in all the great content you were sharing. I noticed your tone was flat and fast so no emphasis on either the next topic or key notes. Also the editor of your videos has background movement moving fast and if your multitasking like I do you don't really noticed the key points the editor probably trys to emphasize. Well this is definitely not knocking I'm simply sharing how I felt being new to the content and trying to learn. If I'm a idiot for saying I get it. Thanks
Thanks for your feedback! Will definitely work on the editing for sure
This is an amazing video! So clear and almond hand help stepby step! I can't wait to sit down and see how much I get paid since I've never withdraw anything yet..
Thank you Sherman. Excellent information!
Thanks for watching! Just curious, which part did you enjoy the most?
Great video. Very easy to follow. And Very informative. Thank so much
Glad it was helpful! What type of business do you have?
Thank you 🙏🏾 this channel always has useful info. I appreciate y’all
This was right on time for me. Thank you!!🙏 I always enjoy these types of videos; they are greatly appreciated!
You are so welcome! What kind of business do you run?
Good information. Thank you
Such a great video! Always so concise and relevant!
Thank you for watching! Please subscribe
Extremely helpful content. Thanks and please continue to add more!!
Thanks Bro!!I needed this✊🏾✊🏾✊🏾
You made this very easy to understand thank you man!!!!!
Glad it helped!
Okay so I definitely need to binge watch you because I work for a small business who is trying to grow and get on payroll and the owner wants to be on payroll to separate business taxes with his and our (the employee pays). Can you guide me on some videos relating to this? I would appreciate it! 😄
Do you know what type of entity he has? if he is an LLC/Partnership/Sole proprietor then the business taxes can't be separated because those are pass through entities
Thank you for this awesome content!!!Which form do the business owner report his/her income when filing their taxes?Thanks!!
Great content. So if my LLC make s100k profit, I should pay 100k tax as an individual under my social security number? Then what do i do with the Employer Identification Number that I created for my LLC to file tax return?
I have the same question
It doesn't matter. If you are the only owner, you pay taxes according to your tax bracket for the $100K income. You aren't paying $100K in taxes. You use your SSN to file your taxes. The IRS knows the link between your SSN and the EIN. Use the EIN for the business only, not your SSN when doing business. That's your private info.
Thanks so much! Great info!
Glad you enjoyed it and watch it!
U made this easy! Thanks🥰
Appreciate this brother
Great information. I learned a ton.
Thank you it was so helpful
Love your content, Amazing visuals... Please keep the good work
Thanks, Starlyn! More great content on the way.
This video is so informative!!! 🔥🔥🔥
Glad it was helpful! Do you have an LLC?
@@LYFEAccounting yes I do and my husband and I are getting ready to open another one today!
So after I get my llc going and all do I the individual have to report my earnings from that business? Like with my ssn ?
This was great!!!!
Hello and thank you very much for your videos, however the problem is that I don't speak English very well and even less administrative English, I watch videos to understand the process To follow to pay me a salary correctly, could you tell me how to do it correctly because I am not sure I understand
Thank you very much for your videos of Cyril
Great vídeo 😊
Thank you for a great video. New sub🌟✨🌟 I need to pay myself W2 so I can buy a car and a house. How would this work???
Thank you, thank you, thank you!! Hands down the best channel on RUclips when it comes to explaining taxes in a way most people can understand!
would i do the same being a sole proprietorship because sometimes your videos make us feel left out.
I am going to make a video on how sole proprietors can may themselves this week
How would one estimate taxes when it's their first year? Do they just put some money aside and find out after filing to better plan next year or is there some kind rule of thumb to go off of?
You should have a business plan. Check your projections.
Pay yourself as little as possible, reinvest what ever you pay yourself in the company, use the company credit card for everything and just make the payments on time. Is this a good practice or no?
So I have an LLC partnership, we bank with Wells Fargo, so I can just connect my personal account and transfer my weekly payments over every Friday?
I started a car rental company three months ago it's producing decent cash flow but I will not recover the cost of purchasing the cars cash for at least about another year. how would I write this up in Taxes or the best way for the expenses of the business?
Use Turbo Tax or another tax software. Or ask a Tax professional to do it for you. The software will ask you questions, you enter the car info, and the software will calculate it for you, including deductions, depreciation, etc.
I am a contractor for now, how can I pay estimated taxes ahead of 2022?
we have a video on estimated taxes tht should help, go to youtube and search "estimated tax payments lyfe accounting"
I'm owning my business next year but I have a question what do I do if I want to pay myself in cash by salary so like if my garden City Kansas. My bank charges me 3.9% cornstarch is 11.9% but I'm my own business with coins but I don't charge my people a fee I give them everything that they brought in so do I pay myself as cash because I do not know how to do payroll because I'm a disability person
My Question is this...
Say my business grosses 10k in one month, subtract 4k for expenses...leaving 6k....of that 6k, How much of that is MY Income?
***No employees***
$6K is your income if you own 100% of the business. The business income "passes-through" to you as the sole owner. - Sherman
Revolution-ized 😉
My husband and I are general partners in our newly created LLC. How do we pay ourselves? Does the info on this video apply to us?
I would say yes - here's a playlist with even more info ruclips.net/p/PLfYAvlh4-VVQrAIdqf-yurWn6NSQY1OC_
This was highly informative. I was in the middle of applying for my LLC but I needed to get more information and this truly helped me. Thank you so much.
Blessed
If you have money in an LLC and you are personally indyesterday and debt like student loans can you invest the money the business has and try to grow the capital So it can't be seized?
I do Home care a CNA I get a 1099.. How can I get a small Business Loan grant... You do not have to pay back thru the Conv 19...?
If your income was 100% passive from just collecting rent do you still have to pay self employment tax in an llc?
Where do LLCs park their profit (for later re-investment) so that IRS doesn't tax the profit?
You can’t park the profit, if you make profit you have to report it. The best thing you can do is reinvest the profits back into the business to reduce profitability
We can be deductible even for the time we are thinking in my bed for my wife that she may be not happy for my sons an daughter when I left from my home they r slipping and I Say my self I’m a bad father I go to work to fight with people that don’t understand we have to get pay for .sorry I don’t rite well buy I try
Truly appreciate your videos. Starting my 3rd company. And watching your content has brought me quality insights into current best practices. Thank you very much. Once I earn my HVACR license here in Florida and expand from WOM referrals I will be speaking with you regarding intelligent marketing for sure.
Robert, I truly appreciate your comment! We're happy to be a resource. And best of luck on earning your HVACR license =)
Nice!
Turn notifications on! :)
Do I pay taxes with my business account? Or my personal money?
Depends on your business entity. Are you asking for an LLC? If so, then it's ideal to use your personal account.
Cant wait
It’s out now, tell us what you think!
@@LYFEAccounting amazing information! thank you you're helping me further sculpt my business into my desired reality.
can one just use business to cover all expenses then because you're a 100% owner in llc. so you will only pay taxes once
Thank you new subee
Thanks for subbing!
Hello: I am trying to open a detergent business, how can i get resources to get my business started and off the ground?
When you say "resources" what exactly are you looking for?
@@LYFEAccounting I meant well for example i have my distribution sample/formula, i had friends try it but i will still need a chemist to give it it final stamp. All i need is a grant to get my business started that way a manufacturer can produce it for me in small batches. Also i will need help with branding, marketing and website.
Would it make sense to just pay myself all available money from my single member LLC? My thinking is I remove as much value from the LLC to protect that money from any liability.... I would then just loan the LLC whatever is needed from personal accounts. Is that legal, would that work?
Dang, now I'm wondering that too
Sherman’s The best just pay attention so attention can pay him haha
LOL, good one. Thanks for the comment!
Right! "Where attention goes, money flows"
yoU da best luv u
lol by
Apparently the Biden family already took this class on the LLC's!😅
Amazing content, thank you!!!
Great video! Thank you.
Love the video. Thank you