Thanks for this informative video. I started my business a year ago with no business experience. I have been an employee for 34 years before taking this step. This has been the scariest thing I've ever done in my life. Your video tutorial has given me a small amount of relief from the anxiety I'm having. Thanks again!!!
Every crash/collapse brings with it an equivalent market chance if you are early informed and equipped, I've seen folks amass up to $1m amid economy crisis, and even pull it off easily in favorable conditions. Unequivocally, the collapse is getting somebody somewhere rich.
I do not disagree, there are strategies that could be put in place for solid gains regardless of economy or market condition, but such execution are usually carried out by investment experts with experience since the 08' crash.
i'm blown away! mind sharing more info please? i am a young adult living in Miami where i've encountered several millionaires, and my goal is to become one as well.
@@LYFEAccounting I started a seasonal charter business last year and am launching a medical staffing agency right now. I have learned so much by watching your videos. I would love to use you guys for tax planning but I don’t meet your qualifications maybe bc I’m not generating much income yet.
Some of this is unclear and slightly vague. For instance, 11:00 in you say it's important to note that you don't have to pay taxes quarterly, and then it cuts like you made some kind of edit here and you say if you fail to do so you'll get hit with a penalty. Also, for the quarterly tax payments, are paying in advance or arrears? Assume if we are watching this video, we know nothing :)
Found your post interesting to watch. I can't wait to see your new videos soon. Good Luck with the upcoming update. This RUclips channel is really very informative and effective.
Such a great video I love the detail I love the graphics not only do you tell us what we need to do, but you also show us with the examples the table these are top notch videos. You are one of my top tax professionals I love to learn from you also Carlton Dennis and few others. keep cranking out these videos. Such a great content.
I started my own business this month and I am meeting with my first client today. The thought of filing an LLC can be difficult sometimes. I'm Motivated! I am grateful to Roch Dungca-Screiber, who assisted me in all my LLC endeavors and handled my business finance. I just thought of sharing this!!! Thank you for this wonderful content.
Can you explain to me. I am in Texas getting ready to open a food truck. My husband and I will be co owners. If I do an LLC would I just file it on our tax return or would I need the additional form since there are 2 of us vs a single. Next question: I will have my teenagers working with me and I will be paying them a check for working. I was told that since they are my kids I dont have take taxes out of their checks. Can you explain that?
I HAVE 2 years with my small business ,well on april ill have 2 years , i dont really have traffic coming in,, in total its bn 4.000k loln, in 2 years.i dont receive orders much. do i still need to pay taxes?
Correct me if I am wrong. If you are selling through a marketplace like Amazon, Ebay, TikTok Shop, etc, then they are collecting sales tax on your behalf and sending it to state. Also, there's a threshold, economic nexus, regarding sales tax.
Bro I am 14 and trying to start a business, I dont want to file taxes because I dont know how to do it, My yearly pay is set to $0, my workers are independent contractors and have yearly pay of less than $400. SO the only file I would have to report is probably schedule C form, but I dont want to because I dont even know how to do it :(
My husband worked and got paid by someone and ofcourse we plan on report it but the person will not report it til next year will that be a problem for us?
Single member LLC's have to file quarterly? I thought that was only for S/C corp. I just opened a startup business in June. I'm still designing my product and have no revenue, only startup expenses. I still have a full time job. Can I file my LLC taxes annually along with my regular W2 from my full time job?
just 1 quesions after watching this. when I do file taxes, do i file them twice, #1 the business itself and then #2 filing under self-employment taxes for personal?
Another great video! Could you talk about how to and how much to pay for quarterly taxes during your first year of being in business? I will likely not profit the first couple quarters this year.. just opened my LLC in January.
@@LYFEAccounting So question, how do you estimate the income taxes you owe and the total self-employment taxes you owe? Like where do I get that number? Or should I not worry about that until I am making a certain amount of money? I hope that makes sense.
Can I write off my payroll taxes as a sole prop with employees. For example I run payroll through adp. They automatically charge me each time I run payroll for Social security, Medicare etc. Can I write all that off?
I just opened a second business (Spa) in September. If I don't make any income for the business this year; do I carry forward my business expenses on my taxes?
Depends on whether you made at least $400 NET PROFIT But if you had many Expenses that exceeded that income --meaning you had a loss Then NO you dont owe self employment tax..
Appreciate the detailed breakdown! 🧐 I wanted to ask something unrelated: 🤔 I have a set of words 🤷♂️. (behave today finger ski upon boy assault summer exhaust beauty stereo over). What is this? 🤔
I have 2 questions. I use QuickBooks and TurboTax to file my taxes... and I make my payments through them every year. This is okay right? Also will i get in trouble / penalized as stated for paying my taxes in whole before April 18th still? Or are you just saying if it takes longer than April 18th to pay it all off you will get taxed more? Thanks!
As a sole proprietor selling liquidation pallets as a side hustle. Can I pay myself at the end of the tax year once I have an idea how much to pay myself?
As a sole proprietor any money left over after business expenses counts as a profit/your pay. You can’t write off your pay since you’re not an employee of the company (W2) from my understanding
Im a new LLC, I had personal money that I transfer to my business checking account to pay a contractor for construction for my new business, do I need to start reporting that even if my business is not operating yet ?
I work a 9-5 and just filed taxes. I just got a business license to start a clothing brand and owe quarterly taxes 2 weeks after receiving my license. Im so confused.
Your entire channel is so helpful! When I pay quarterly estimated taxes it ask for the social security number but I am in a partnership LLC. How do you know which social security number to use?
Hey, I will appreciate everybody who can just drop a form that I need to file. I have Partnership LLC (with my wife), and Yearli turnover was 3000$, and it is in NJ. What forms need to be filed? 1065 / k-1 / 1120s / 1040 (individual income) that is all ?
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Thanks for this informative video. I started my business a year ago with no business experience. I have been an employee for 34 years before taking this step. This has been the scariest thing I've ever done in my life. Your video tutorial has given me a small amount of relief from the anxiety I'm having. Thanks again!!!
I’m in the same boat and the anxiety is very much relateable but stay consistent and continue to educate yourself 👍
Literally been looking for someone to explain this for weeks. I couldn’t understand which specific ones I needed on the IRS website
Every crash/collapse brings with it an equivalent market chance if you are early informed and equipped, I've seen folks amass up to $1m amid economy crisis, and even pull it off easily in favorable conditions. Unequivocally, the collapse is getting somebody somewhere rich.
I do not disagree, there are strategies that could be put in place for solid gains regardless of economy or market condition, but such execution are usually carried out by investment experts with experience since the 08' crash.
i'm blown away! mind sharing more info please? i am a young adult living in Miami where i've encountered several millionaires, and my goal is to become one as well.
I just curiously searched her up, and I have sent her an email. I hope she gets back to me soon. Thank you
bro out here saving lives
Hands downs the best explanation EVER ! THANK YOU!
Thx recently divorced, my husband saw that our taxes was completed. Now I am tryjng to understand this process. Very helpful. ❤❤❤
I would have never started a business if I didn’t watch these videos. Thank you so much .
You are so welcome!
What kind of business do you have?
@@LYFEAccounting I started a seasonal charter business last year and am launching a medical staffing agency right now. I have learned so much by watching your videos. I would love to use you guys for tax planning but I don’t meet your qualifications maybe bc I’m not generating much income yet.
I payed my first LLC ownership taxes this beginning of this Year I'll be up on up on it
Thank you!!! Excellent video. You are very knowledgeable and intelligent.
Some of this is unclear and slightly vague. For instance, 11:00 in you say it's important to note that you don't have to pay taxes quarterly, and then it cuts like you made some kind of edit here and you say if you fail to do so you'll get hit with a penalty. Also, for the quarterly tax payments, are paying in advance or arrears? Assume if we are watching this video, we know nothing :)
Appreciate the time you took to explain everything. 😊
As a startup, can i deduct cash I put into my new business account from my w2 income?
Found your post interesting to watch. I can't wait to see your new videos soon. Good Luck with the upcoming update. This RUclips channel is really very informative and effective.
Such a great video I love the detail I love the graphics not only do you tell us what we need to do, but you also show us with the examples the table these are top notch videos. You are one of my top tax professionals I love to learn from you also Carlton Dennis and few others. keep cranking out these videos. Such a great content.
Why they don't teach this in school? Very helpful information, thank you!
They teach u to be employees not owners
There are great answers to this question, knowledge is truly power.
Does an LLC only pay taxes on profits? Or total amount grossed?
Wait how are you paying quaterly taxes??? If you got to file at the end of the tax year to add on your deductions????
thank y ou for a great summary...really helpful...question? curious if there are tax forms created in excel format?
I loved this soo so much. Keep up the amazing content! I Also loved your execution my guy.
So glad i came across this channel
I started my own business this month and I am meeting with my first client today. The thought of filing an LLC can be difficult sometimes. I'm Motivated! I am grateful to Roch Dungca-Screiber, who assisted me in all my LLC endeavors and handled my business finance. I just thought of sharing this!!! Thank you for this wonderful content.
Thanks so much I was able to find her page and I already leave her a message.
Thank you so much for making the video very informative
Nice video ❤ I needed to find an apartment for me and my child so I was struggling with getting w2 and bank statements had to purchase them online
Ayyy DogDash thanks youuu!! First year in busses! 🙏🐾 knowledge is a blessing
Hello. How are you doing in business. I hope all is well 😊
How do you get your write offs back on your taxes?
fire explanations, you're awesome dude, keep on doing what ur doing!!🙏🙏
Can you explain to me. I am in Texas getting ready to open a food truck. My husband and I will be co owners. If I do an LLC would I just file it on our tax return or would I need the additional form since there are 2 of us vs a single.
Next question: I will have my teenagers working with me and I will be paying them a check for working. I was told that since they are my kids I dont have take taxes out of their checks. Can you explain that?
I HAVE 2 years with my small business ,well on april ill have 2 years , i dont really have traffic coming in,, in total its bn 4.000k loln, in 2 years.i dont receive orders much. do i still need to pay taxes?
you dn't need to pay any taxes.
Correct me if I am wrong. If you are selling through a marketplace like Amazon, Ebay, TikTok Shop, etc, then they are collecting sales tax on your behalf and sending it to state. Also, there's a threshold, economic nexus, regarding sales tax.
Bro I am 14 and trying to start a business, I dont want to file taxes because I dont know how to do it, My yearly pay is set to $0, my workers are independent contractors and have yearly pay of less than $400. SO the only file I would have to report is probably schedule C form, but I dont want to because I dont even know how to do it :(
What about paying off debts is that considered income?
Great info! Thank you
Does this apply to PLLC ?
My husband worked and got paid by someone and ofcourse we plan on report it but the person will not report it til next year will that be a problem for us?
Hi! Just want to clarify on what you said about not needing to pay quarterly. Can i just pay once for the whole past year?
I extremely like the video, man. Very helpful and informative. Thank you very much. It is presented so well too. Great, positive work.
Single member LLC's have to file quarterly? I thought that was only for S/C corp. I just opened a startup business in June. I'm still designing my product and have no revenue, only startup expenses. I still have a full time job. Can I file my LLC taxes annually along with my regular W2 from my full time job?
Question. If somebody send me money thru cashapp. But i never cash it out into my busness accout will the irs charge me taxes.
just 1 quesions after watching this. when I do file taxes, do i file them twice, #1 the business itself and then #2 filing under self-employment taxes for personal?
As an owner operator single truck trucking company would it be beneficial to be a S Corp?
Another great video! Could you talk about how to and how much to pay for quarterly taxes during your first year of being in business? I will likely not profit the first couple quarters this year.. just opened my LLC in January.
If you aren't expecting to make any profit then you don't need to worry about quarterly taxes :)
@@LYFEAccounting So question, how do you estimate the income taxes you owe and the total self-employment taxes you owe? Like where do I get that number? Or should I not worry about that until I am making a certain amount of money? I hope that makes sense.
This channel is a gem!
Appreciate all the videos you have made!
I love the way you break it down. So helpful. Thank you!
??? I purchased an LLC in April, 2022. I have not used it. What are the tax consequences?! Can I just file my normal 1040A?
Omg!!! You have really broke everything down. Thanks a bunch sir 😊
Yes
Can I write off my payroll taxes as a sole prop with employees. For example I run payroll through adp. They automatically charge me each time I run payroll for Social security, Medicare etc. Can I write all that off?
Absolutely awesome explanation ❤❤❤❤
I just opened a second business (Spa) in September. If I don't make any income for the business this year; do I carry forward my business expenses on my taxes?
Wait I’m confused Texas doesn’t have an income tax according to Google when did this change?
This is the best ever. Thank you!
Hi,
I have prepared my llc in sep 2023 few days back ,not started any activity,so i have to fill return also.
I’m buying a laser engraver and was wondering if it would be worth it to apply for a LLC to write it off on taxes?
What if you are employed by a w2 and have your own business. Do you still have to pay self employment tax on your LLC?
I am waiting for this answer. Thanks.
Depends on whether you made at least $400 NET PROFIT
But if you had many Expenses that exceeded that income --meaning you had a loss
Then NO you dont owe self employment tax..
@@lynej2011you still have to file and pay your annual fee
@ginggia9596 that's specific to the businesses right? And not the w-2 income right?
Appreciate the detailed breakdown! 🧐 I wanted to ask something unrelated: 🤔 I have a set of words 🤷♂️. (behave today finger ski upon boy assault summer exhaust beauty stereo over). What is this? 🤔
I have 2 questions. I use QuickBooks and TurboTax to file my taxes... and I make my payments through them every year. This is okay right? Also will i get in trouble / penalized as stated for paying my taxes in whole before April 18th still? Or are you just saying if it takes longer than April 18th to pay it all off you will get taxed more? Thanks!
As a sole proprietor selling liquidation pallets as a side hustle. Can I pay myself at the end of the tax year once I have an idea how much to pay myself?
As a sole proprietor any money left over after business expenses counts as a profit/your pay. You can’t write off your pay since you’re not an employee of the company (W2) from my understanding
Im a new LLC, I had personal money that I transfer to my business checking account to pay a contractor for construction for my new business, do I need to start reporting that even if my business is not operating yet ?
Hello! Greetings! I started my single member LLC in Wyoming as foreigner this February 2023. When should I file my tax return to IRS?
Great information. Thank you 👏🏾👏🏾👏🏾
Excellent breakdown. Thanks!
Thx for the video, nice presentation skills, need to learn from you
Where do I get a kakalater
I am not an American citizen and I have a limited liability company in the USA. Which tax form should I fill out for my company?
What if a small business is charging an extra 1% in sales tax than the states mandated. is there somewhere you can complain at?
Is there a way to pay taxes through the year instead of at the end of the year?
Great Job Man. Thank you for the Business Protecting Information!
Good job dude...
Amazing breakdown. Subscribed.
Great information. I started a business, and I need all the tax information I can get.
Thanks! What kind of business do you have?
Hello Sean, are you a CPA, EA or CFP?
I work a 9-5 and just filed taxes.
I just got a business license to start a clothing brand and owe quarterly taxes 2 weeks after receiving my license. Im so confused.
What documents are needed when ready to file?
how would it work if i only made $13, and accidentally used a personal account?
Thanks for sharing. Kind regards form Buenos Aires.
hello,
what is tax on option trading income?
Your entire channel is so helpful! When I pay quarterly estimated taxes it ask for the social security number but I am in a partnership LLC. How do you know which social security number to use?
You don't use you ssn you use your business EIN ") hope this helps.
Great explanation 👍🏻
Powerful Message
Excellent video.
👏🏽👏🏽👏🏽👏🏽 wow thank you!
The 'US Turf' joke was absolute 🔥 it is a mafia make no mistake lol
Thank you definitely subscribing ❗️
If I start my business about 4 months and I don't make money should I file tax return?
Yes
Can you get money back if you spend more than you make as a small business owner
???
YES,
ABSOLUTELY
No, you'll be at a loss
It becomes a credit toward the next years taxes. So kinda, Congrats
Depends on you country ane your business but usually yes there is a way
Schneider Lodge
Thank you for a great video!
Hey, I will appreciate everybody who can just drop a form that I need to file. I have Partnership LLC (with my wife), and Yearli turnover was 3000$, and it is in NJ. What forms need to be filed? 1065 / k-1 / 1120s / 1040 (individual income) that is all ?
How will I start??
This video helped a lot
extremely helpful video !!!!!
Thanks
Great video bro , this really helps
Your contents are so informative 👏 👌
incredibly clear! thank you :)
Very helpful!
Love this channel. I am new here.
Actually a very good vid.
Annette Square
Are you telling my I gotta pay taxes on all my stuff that I already own that im going to use for my business