I absolutely love this channel. I can binge watch it. You explain things in layman's terms with everyday dollar figures. . I'm just starting my very first LLC this year. I started watching this channel a year ago before I decided to do it. Thank you for your information❤.
The problem I face with distributions is I have so many pieces of Equipt I want to upgrade in a business I acquired (its assets as opposed to the company itself) and started an LLC DBA "that company" and so "just taking distributions" here and there as opposed to a steady amount weekly would become cumbersome to track how much and when I took them. Idk its a frustrating thing to ponder and consider; as opposed to just acquire the equipment throughout the year and then take whats left at the end of the year.
My wife and me form and LLC last year for our rental dumpster business. We do it on free time and company is basically making money for bills right now, we don't pay ourselves and we both have our jobs, this year we made less than 50k on revenue. How would be better or should do our taxes? Thanks
Congratulations on your new business. If you're expecting a profit after paying for expenses, then you may want to seek additional deductions to reduce your tax liability from your business income.
This is wrong. You need a EIN and a brick and mortar address. If you don’t have a separate address for your business, you may not get a chance to get a bank account. They check to see if your paperwork is legit.
Great information. This will be useful to share with my CPA to help reduce my tax burden.
Your CPA should subscribe to this channel!
This is a really useful channel I'm glad i found it
Yes, Sherman ROCKS!! I've learned a lot from him as a solo LLC
I always learn so much for this channel, thank you for your dedication!
You do a very good job at explaining things i learn a lot from this channel
Thank you. Using your comment as fuel to keep it going.
I absolutely love this channel. I can binge watch it. You explain things in layman's terms with everyday dollar figures. . I'm just starting my very first LLC this year. I started watching this channel a year ago before I decided to do it. Thank you for your information❤.
I am happy to hear that. And congratulations on starting your first LLC! What kind of business will you be doing?
So did I! Congratulations to us 🙌🏽🙌🏽
Luv ur simple straight forward explanations
Thank you.
The problem I face with distributions is I have so many pieces of Equipt I want to upgrade in a business I acquired (its assets as opposed to the company itself) and started an LLC DBA "that company" and so "just taking distributions" here and there as opposed to a steady amount weekly would become cumbersome to track how much and when I took them. Idk its a frustrating thing to ponder and consider; as opposed to just acquire the equipment throughout the year and then take whats left at the end of the year.
How do I know if my LLC is looked at as a "Disregarded Entity"
So, for the llc, how can we change it over to s-corp since it's defaulted as disregarded entity for single owner LLC
Watch this: ruclips.net/video/_G16zXAwm08/видео.html
My wife and me form and LLC last year for our rental dumpster business. We do it on free time and company is basically making money for bills right now, we don't pay ourselves and we both have our jobs, this year we made less than 50k on revenue. How would be better or should do our taxes?
Thanks
Congratulations on your new business. If you're expecting a profit after paying for expenses, then you may want to seek additional deductions to reduce your tax liability from your business income.
@@mycpacoachhow do you go about seeking additional deductions to reduce tax liability ? First time having an LLC
@mycpacoach thanks for your response. We'll look into it
This is wrong. You need a EIN and a brick and mortar address. If you don’t have a separate address for your business, you may not get a chance to get a bank account. They check to see if your paperwork is legit.