Small Business Tax Filings - Everything You Need to Know to Avoid IRS Penalties!

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  • Опубликовано: 23 дек 2024

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  • @kx8031
    @kx8031 2 года назад +7

    I have a bachelor's degree in account and am brushing up on some things. This video was so enjoyable to watch. I was never so happy to subscribe to a channel.

  • @magretp4377
    @magretp4377 3 года назад +21

    Do you have a video on how to fill out the tax form for small business? I could definitely use the help.

    • @LYFEAccounting
      @LYFEAccounting  3 года назад +10

      No, but noted! We'll come up with something

    • @mymym5462
      @mymym5462 2 года назад +5

      @@LYFEAccounting can you make the video about filing out tax form for small business owners. And LLC ?

    • @unicornglitterypoop6336
      @unicornglitterypoop6336 Год назад

      @@mymym5462 I agree

    • @eymSTARdj
      @eymSTARdj Год назад +2

      Did you finally make this?

    • @DIDDYTBABY
      @DIDDYTBABY Год назад

      ​@@LYFEAccountinghow's that video coming along??? Or at least a "to-do list" for everything u need to list and items required to file

  • @dlw1221
    @dlw1221 2 года назад +2

    love her. Well spoken, articulate and great energy!

  • @jwhubert91
    @jwhubert91 Год назад +1

    What an amazing video. Really great clarity and detail on the different types of business structures and taxes. Thank you! I’ll definitely be rewatching this one

  • @FreeWillyStyle21
    @FreeWillyStyle21 3 года назад +15

    I started a LLC stump removal business with a 50/50 partner. When we opened a small business account the bank asked if we were s Corp or c Corp. we are s Corp. we’ve been in business for about 7 months, we are just finding now we may be needing to file tax reports quarterly and don’t know which forms to use or what to do about the previous quarters. Only one quarter was profitable. Thanks for your help in advance

    • @conquerunderstanding7517
      @conquerunderstanding7517 Год назад

      I had the same issue and the IRS told me that when you file your first year, they will allow you to file however you decided to file that best fits your business. This happens allot for first time business owners but once you file your first year that manner cannot change going forward. Legal Zoom started me as S Corp but I’ll be filing sole proprietor.

  • @XYRN02
    @XYRN02 3 года назад +14

    I was looking for this video to explain the forms… Great job … LYFE Accounting. When will you guys do a live? I have a few questions…

    • @LYFEAccounting
      @LYFEAccounting  3 года назад +4

      Thanks, Darrel! We try to go live on or around the second Monday of each month. Hope to see you on the next one.

  • @dream.machine
    @dream.machine 3 года назад +11

    I started my RUclips monetization in October last year and got my first check in February. I needed to see this video since I found out that I needed to pay taxes as a new Sole Proprietor for 2021. I was a bit stressed the last few months about how much I needed to pay and save up for taxes. I subscribed too by the way 👍🙂

    • @LYFEAccounting
      @LYFEAccounting  3 года назад +1

      Love it. Good luck on the channel and great to see a fellow Georgian on here.

    • @dream.machine
      @dream.machine 3 года назад

      @@LYFEAccounting Thank you so much! Wow, cool your from Georgia too, awesome! I'm a New Yorker too born in Brooklyn.

  • @tribaltravelclub7037
    @tribaltravelclub7037 2 года назад +1

    So Helpful. I am glad I found your page. It's a digestible Tax game changer for us. Blessings

  • @stonestanza
    @stonestanza 2 года назад

    Can I. Add weekly expenses from rentalbox truck for losses

  • @dancers10
    @dancers10 Год назад

    You give me hope for our future, thanks young lady!

  • @sonyatheoneyouseek5040
    @sonyatheoneyouseek5040 3 года назад +6

    If you filed a personal tax with a spouse and forgot to file a business tax until it was too late, can you file a schedule c separately?

  • @sarahthomas3945
    @sarahthomas3945 3 года назад +4

    Do you file all of these taxes quarterly or just wait till you file your personal taxes to report them and pay at that time?

  • @talethiahc5456
    @talethiahc5456 3 года назад +9

    Thanks for simplifying this. I recently started a LLC of which me and my husband are owners. We normally filejoint returns. With that said, do we need to file a 1065 or a Schedule C? We have not generated any income with the business in 2020. Your help is appreciated!!

    • @LYFEAccounting
      @LYFEAccounting  3 года назад

      Do you both own a stake in the LLC? Like, are yall 50/50 partners for example?

    • @talethiahc5456
      @talethiahc5456 3 года назад

      @@LYFEAccounting Well, I just added his name as a member, he is listed as VP.

    • @talethiahc5456
      @talethiahc5456 3 года назад

      So no 50/50

  • @MrNitPic
    @MrNitPic 2 года назад

    Amazzzing!! SOO well done and Beautifully Presented and Imagery!

  • @pcdivision2012
    @pcdivision2012 3 года назад +13

    This video was on point , thank you so much 🙏😊

  • @mr.magnificent247
    @mr.magnificent247 2 года назад

    Can you explain or make a video on how to remove business tax penalties for not filing (1040/CIV PEN/1040 SEPARATE ASSESSMENT 6672/CIV PEN)

  • @EducatedEmpress8646
    @EducatedEmpress8646 3 года назад +5

    Thank you so much for this informational video. I needed this and it came right on time.🙌🏾😎

  • @jonahmelvon
    @jonahmelvon 2 года назад

    Very helpful. Also just letting you know if someone has not already, that you have some sort sound that keeps repeating itself in the background of your audio; it's almost like a phone ringing. Peace and thanks for the great info

    • @jacquelinebennett
      @jacquelinebennett Год назад

      Its a sound effect in the video for their pop up bullet points I believe

  • @HEADBANGRR
    @HEADBANGRR 2 года назад +1

    Hello
    I have a single member LLC. I've allocated 15% of my payments/ income for taxes. My question is, should my payments to the IRS be 15% or more? Great info thank you

  • @lllunasutra
    @lllunasutra 2 года назад

    sooo i only have my DBA and EIN no llc, i didnt file last year cuz i wasn't thinking about it so hopefully this will help me figure out what to do now

  • @ArleandroRutcoski
    @ArleandroRutcoski 3 месяца назад

    I really appreciate your efforts! A bit off-topic, but I wanted to ask: I have a SafePal wallet with USDT, and I have the seed phrase. (air carpet target dish off jeans toilet sweet piano spoil fruit essay). Could you explain how to move them to Binance?

  • @monica9070
    @monica9070 3 года назад +7

    This is fantastic! Keep up the good work

  • @mrbigbag5600
    @mrbigbag5600 3 года назад +1

    I'm doing good watching these videos before I start my business 🤑

    • @XYRN02
      @XYRN02 3 года назад

      These are some well educated persons. They guiding me well.

    • @LYFEAccounting
      @LYFEAccounting  3 года назад

      Love it! What type of business do you have?

    • @mrbigbag5600
      @mrbigbag5600 3 года назад

      @@LYFEAccounting nun right now just looking up what I need to know before I start one proper planning prevent poor performance

    • @XYRN02
      @XYRN02 3 года назад

      @@LYFEAccounting I have just begun all the steps of a Healthcare Staffing Agency. Where I plan to contract and also do Per Diem shift for RN's, LPN's, and CNA's. As I am a RN myself and soon to a NP student; I do plan to work for my company as well. I have watched to videos of certain forms that I will need and receive for my LLC. I am getting a better understanding of those forms from the LYFE Accounting videos. I do have a question on how to pay myself. As I have mentioned, your videos are very thorough and concise. My question I have is this: My L.L.C. will employ others as well as myself; is there a different in anyway when I file taxes? In other words, I actively will receive an income and while the others staff work for my L.L.C., I will be receiving a passive-income from those employees through my L.L.C.?

  • @831richram
    @831richram 9 месяцев назад

    If I’m a single member LLC can I get taxed like an s-corp? If so how often can I change my tax preference?

  • @susanjenkins2233
    @susanjenkins2233 2 года назад +2

    Great explanation of taxes for an LLC. So I can keep filling my personal and use schedule C for my business.

  • @mikejr1152
    @mikejr1152 2 года назад +1

    Am I required to file a return if my LLC had expenses but $0 income? Can me filing under these circumstances generate a return? Thanks

  • @ronety6196
    @ronety6196 3 года назад +1

    what about retail sales taxs can you explain

  • @jessicar5753
    @jessicar5753 3 года назад +1

    Does a single member LLC have to self pay and use form 941 as well as 940 IF they are not paying any payroll taxes to self pay?

    • @thomaslaperle3842
      @thomaslaperle3842 2 года назад

      You just fill out the schedule C 940 and 941 are for S-Corp.

  • @elizabethaviles9016
    @elizabethaviles9016 2 года назад +2

    Hello thank you for this!
    Is there such thing as quarterly estimated state taxes?

  • @peacheslaney
    @peacheslaney Год назад

    If I have a single member LLC taxed as a s- corp, do I file a schedule c on my personal tax return and a separate form 1120s for the business?

  • @kurleys
    @kurleys 10 месяцев назад

    Okay Im new to this business info! Okay I got my state taxes in check but this federal is kind of confusing. Do I pay the 15% from my profit or from total sales?

  • @reya720
    @reya720 3 года назад

    Do u have to pay taxes ? If u make less than 12,000 a year? Some say they don’t pay taxes since they don’t make much

  • @sherry5751
    @sherry5751 2 года назад

    I have a single member llc, If I am understanding correctly irs to receive income tax return while states receive the sales and withholding taxes, am I right? And what is the difference between withheld and withholding taxes?

  • @hannahmiller5515
    @hannahmiller5515 2 года назад

    Am I able to include "doing business as" income for my registered LLC's income please? Otherwise my income would have to be filed as 0..

  • @ernestoalfaro1882
    @ernestoalfaro1882 Год назад

    I started my business 4 months ago. When do I file my taxes?

  • @creativetouch-artcraftdesi9044
    @creativetouch-artcraftdesi9044 3 года назад +2

    Hi, I live in Texas and I form my LLC in January 2021 as a home baking business, but have not make any money yet. Do I have to file a tax return if I haven’t make any money? Do I have to apply for an EIN? Thanks!

    • @melaniekingsbury8239
      @melaniekingsbury8239 2 года назад +1

      I'm trying to find that out also

    • @TriceyM2012
      @TriceyM2012 2 года назад

      Me too. Seems no one here knows.

    • @taelavish_
      @taelavish_ 2 года назад

      Still have to file even if your business made no money

  • @eazydope7475
    @eazydope7475 3 года назад +1

    The Best! God Bless You!

  • @brianjett1446
    @brianjett1446 3 года назад

    Right now I'm making myself a website for my online business that I want to start hopefully before next year. Once everything is up and running, now what?

  • @brandondole8344
    @brandondole8344 2 года назад

    What happens if no one is paid anything on a S corp, what happens if every dollar goes back into the small business ?

  • @Linda-op4hg
    @Linda-op4hg 2 года назад

    What if I got my LLC but no EIN code do I need to file . I have a small handmade business in PA?

  • @11BarriosJL
    @11BarriosJL 3 года назад +1

    Can you deduct half of the self-employed tax?

  • @sissyleonard8798
    @sissyleonard8798 3 года назад

    I also missed what to do if shipping out of state

  • @Chelly294
    @Chelly294 2 года назад

    Have you dropped the video about how to pay the quarterly taxes , I have an LLC , is there another way I can reach you?

  • @hakukuze7947
    @hakukuze7947 Год назад

    Extremally well done, thank you.

  • @cheriehughes7393
    @cheriehughes7393 2 года назад

    Hello
    How do a I file a Pennsylvania Corporate tax report and information return for my LLC?
    Cherie

  • @joenewhouse
    @joenewhouse Год назад

    can you start a llcc in ga if your military and home of residence is florida?

  • @MeneTekelUpharsin
    @MeneTekelUpharsin 3 года назад

    1:20 Let's get started

  • @yotiep.1072
    @yotiep.1072 2 года назад

    What to do if havent made the money for business?which way to go?thanks

  • @AlejandroGuimoye
    @AlejandroGuimoye 3 года назад

    Hello,
    I am part owner of a company in California (the other owner resides in California still) and have just moved to Georgia permanently. In order for our company to withhold hold the correct amount of state taxes for me, Quickbooks is asking for the following information...
    GA Account Number (Unemployment Insurance):
    GA Account Number (Withholding):
    GA SUI Rate:
    GA AA Rate:
    Deposit Schedule:
    Where can I find the above information and what are the necessary steps I need to take?
    Thank you so much,
    Alejandro

  • @JessicaMonterrubio
    @JessicaMonterrubio 2 года назад

    I file my st-1 taxes quarterly. It’s my first time going to file and I’m so scared .

  • @encouragesolutions2595
    @encouragesolutions2595 2 года назад

    So my son who lives in UK and has single person LLC, files a 1040 which includes biz profit or loss from Schedule C form. If he has a profit it is taxed 15% then again for (SE form) self employed tax (although he's living in UK) and then a further tax on aggregate income is made? Is that correct?

  • @melodeful1
    @melodeful1 2 года назад

    I’m new to to wanting to start a business I just watched your video which was extremely helpful I do have a question so because I’m in the start up phase I have processed my ein with the irs and started my business account but should I have waited till I have constant income from my business to create my ein . When taxes come around if I file & don’t make enough will I owe penalties .

  • @janseenalmodovar3954
    @janseenalmodovar3954 3 года назад +1

    Learned a lot from you. Thanks

  • @yameshiaphilostin2478
    @yameshiaphilostin2478 4 года назад +1

    Hello, thank you so much for the video. However, I'm a little lost. I'm not sure how to set up my home-based business (Tutoring). Also, my husband is looking at real estate as a business & we're not sure how to set that up either.

    • @LYFEAccounting
      @LYFEAccounting  4 года назад +1

      Check out our video 'How to Start a Business' Once you have your business set up, be sure to refer back to this video on which tax forms you need to file!

  • @TheElectricianOnHisMission
    @TheElectricianOnHisMission 2 года назад

    As a Sole proprietor I earned 9.5k last year, so I would have to pay 15% of that 9.5k?

  • @shenitarogers5012
    @shenitarogers5012 2 года назад

    Hi, do I have to amend my prior individual taxes in order to file my my prior LLC.

  • @adrianalechuga335
    @adrianalechuga335 3 года назад +1

    Thank you

  • @yolierivas2768
    @yolierivas2768 2 года назад

    S-Corpration : 4:55

  • @TECHRRESTRIAL
    @TECHRRESTRIAL 3 года назад +3

    This was helpful💕💕💕 thank you

  • @JamaicanDeelite
    @JamaicanDeelite 2 года назад

    Fantastic video! Thank you for putting this together!👏🏿👏🏿👏🏿👏🏿

  • @NinaRossBusiness
    @NinaRossBusiness 2 года назад

    Thank you for sharing. Good information

  • @giselleherlan7591
    @giselleherlan7591 Год назад

    What if you hire a contractor? (Under $600/year) what form do I need to provide them ( I’m a single owner LLC)

  • @dennisspraggins1221
    @dennisspraggins1221 2 года назад +1

    I have some tax questions for my business how may I contact you directly

  • @jimross2101
    @jimross2101 2 года назад

    You left out that a rental property business that is doing business as a sole-proprietor or single-member LLC does not pay self-employment taxes. Additionally they use Schedule E for filing, not Schedule C.

  • @sarahthomas3945
    @sarahthomas3945 3 года назад

    Can you explain filing sales tax?

  • @zakaryaali8722
    @zakaryaali8722 2 месяца назад

    So useful
    Thanks

  • @TheOneJPtv
    @TheOneJPtv 2 года назад

    How would I calculate the value of my Musical Inventory as a Rap Artist? ....Great video. #subbed.

  • @sy-bx1fj
    @sy-bx1fj 2 года назад

    Hello im asking about RUclips channel for choosing ,
    individual account in youtube and business accounts . By the way if i choose business accounts do i have to open bank account using my RUclips channel? Or its fine using my name?
    And if i use individual account can i still add my expenses in there?
    I hope you notice my comment. And please make some video for differences of individual and business account and how is the difference of applying tax for that im so much appreciated . Godbless you . Im Filipino and currently living in Virginia .
    Because im starting my youtube channel and still struggling about choosing individual and businesses . And what is the most easiest way and more benefits for this .

  • @marcusmonroe3137
    @marcusmonroe3137 3 года назад +1

    Very Very helpful 👏 Thank you 😊

  • @avagraceslimes7137
    @avagraceslimes7137 3 года назад +2

    Thank you for this!

  • @melaniekingsbury8239
    @melaniekingsbury8239 2 года назад

    I'm doing my taxes and I have an LLC, I didn't make a profit...What shall I do?

  • @Lauryn99911
    @Lauryn99911 2 года назад

    I'm so confused. I'm Llc in Arkansas. ALL ME. NO partner. what did i do wrong? was i supposed to register my business with the irs? my California accountand was never helpful in keeping me informed.
    please help i just want to make my art and sell it and live in our house this shisss is so overwhelming.

  • @viziomusa5921
    @viziomusa5921 3 года назад

    Yall are Awesome!!!

  • @blancagavina818
    @blancagavina818 Год назад

    Thanks!

  • @theman6604
    @theman6604 2 года назад

    Video was great

  • @aashly1O1
    @aashly1O1 Год назад

    Thank you for this video. Very helpful. The only thing I would suggest is removing the annoying ringing phone in the music. :)

  • @amazinkprinting997
    @amazinkprinting997 3 года назад

    Really helpful. Thanks so much, Krystal.

    • @LYFEAccounting
      @LYFEAccounting  3 года назад

      You're so welcome! Thanks for supporting the channel.

  • @TheCartayas
    @TheCartayas 2 года назад

    Amazing information!

  • @realpaintprostv
    @realpaintprostv 3 года назад

    This was very helpful. Have a question as a 3 member partnership all members are taxed based on the percentage of ownership in the company? For example the business makes 60k each partner will be taxed on 20k?

    • @LYFEAccounting
      @LYFEAccounting  3 года назад +1

      So that depends on the ownership equity. In this case, if everyone owned 1/3 of the business yes

    • @realpaintprostv
      @realpaintprostv 3 года назад

      Great thank you!

  • @islandaura681
    @islandaura681 2 года назад

    Thank so much for making this! :)

  • @BrittneyLlee
    @BrittneyLlee 3 года назад

    The ringing is so distracting for some reason guys. Great videos just edit that Part out please.

  • @raptorscrest9239
    @raptorscrest9239 3 года назад

    Great Work!!

  • @madammmeek996
    @madammmeek996 2 года назад

    I need help with my business taxes

  • @davidgaffney1718
    @davidgaffney1718 3 года назад

    Great work! Thx for the info.

  • @dmitryneve1140
    @dmitryneve1140 2 года назад

    And where is for LLC?????

  • @AlexLandefeld
    @AlexLandefeld 2 года назад

    Awesome info, thank you!

  • @Scooterp82
    @Scooterp82 3 года назад +1

    Thank you for this

  • @lechugaevencio6718
    @lechugaevencio6718 3 года назад

    Thanks 😊

  • @mayblet238
    @mayblet238 3 года назад

    OK my small business structure is C corp with S corp filing- started just paying myself as an employee. 1 year in oct 2022. Gusto payroll is what I run- federal and SS taxes are taken out there. Do they send the info to IRS automatically? form 941 or 940? I thought they did. Also my husband is shareholder of c corp- but he is not employee (I do all work), so does he need to be an employee and a reasonable amount be paid since we are s corp tax status? Do you have an email or phone consult? Would love to chat via phone. Thanks

  • @codealtf4logn779
    @codealtf4logn779 3 года назад

    So if I start a business and make 150k a year, how do I pay tax? Do i write a check, or have them take tax from my salary? Thanks

    • @LYFEAccounting
      @LYFEAccounting  3 года назад

      Not exactly. You’d need to do your business books (Video: ruclips.net/video/bJTZbfq7amQ/видео.html ) to find your profit and loss. Then you’d file your tax return based on your business net profit. Your payments to yourself are not taxed. Here’s a video on how to pay yourself from your business
      ruclips.net/video/1XrzwsCGycM/видео.html

    • @codealtf4logn779
      @codealtf4logn779 3 года назад

      @@LYFEAccounting is it similar to filing personal taxes?

  • @MM-lu6ui
    @MM-lu6ui 3 года назад

    Hii, Is this in the USD or CAD?

  • @teasleyslawncareservices4511
    @teasleyslawncareservices4511 2 года назад

    Hello does your co services Maryland?

  • @WBWolfPack
    @WBWolfPack 3 года назад +1

    What should I do if I’ve been in business for 3 years with a single member LLC and haven’t filed taxes for none of those years

    • @LYFEAccounting
      @LYFEAccounting  3 года назад

      Hey Willian, did your business have a net profit any of those years?

  • @MQKhilji
    @MQKhilji Год назад

    1:24 is where the video starts. Sorry, not trying to be mean but want to save some time. 😊

  • @gorqeouspink432
    @gorqeouspink432 3 года назад

    Great video 🔥

  • @conquerunderstanding7517
    @conquerunderstanding7517 Год назад

    The best video I’ve watched but the phone going off every 3 seconds was very unpleasant 😣

  • @bryannaromero
    @bryannaromero 3 года назад +1

    This helped a lot! Thank you🙏🏼

  • @CoachPerk
    @CoachPerk 2 года назад

    I’m from United States of America I feel like your doing a good job teaching but honestly I may just be thinking too hard . Please help me

  • @edwinsr1908
    @edwinsr1908 2 года назад

    How much money does a small business have to make before it has to start paying taxes 🤔? Thank you 😊 for any helpful advice.

  • @GK-bt6dn
    @GK-bt6dn 3 года назад

    Hello! I am wondering what STATE forms need to be filed for S Corp. You mentioned 1120 S that is for Federal. For transportation (delivery, moving) company S corp.. Thank you in advance.