Single Member LLC: What You Need to Know This Tax Season (2024)
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- Опубликовано: 21 июл 2024
- One of the most popular types of business entities in the United States is a single-member limited liability company. That is why it is so important to us to make a video about Single Member LLCs in 2023 this tax season.
Book a Tax Services Discovery Call: schedule.lyfetaxes.com/discov...
This type of LLC has only one owner. A single-member LLC is usually a business registered in the state where the company does business.
The phrase “single-member” is an admission that the LLC has one owner, and that owner is referred to as a member.
A single-member LLC has so many benefits that are shared with other LLCs.
So in this video, I’m going to break down some of those advantages and disadvantages of a single member llc in 2023.
While also discussing a typical operating agreement, how taxes work and compare it against sole proprietorship.
Let’s first dive in by quickly looking at what an LLC is.
LLC stands for limited liability company which is simply a type of business entity you can create when you choose to go into business.
Examples of other entities would be sole proprietorship, limited partnerships, general partnerships, S corporations and C corporations.
All these business entities have their own unique advantages and disadvantages.
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Disclaimer: The information provided in this video is for entertainment purposes only and is not meant to take the place of professional legal, accounting, or financial advice. If you have any legal questions about this video or the subjects discussed, or any other legal matter, you should consult with an attorney or tax professional in your jurisdiction (i.e. where you live).
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We LOVE feedback. So if you have any questions or suggestions, please comment!
I love the video!
@@thestandberrys2519 thanks
I was motivated by u n a few other RUclipsr to start a llc n my company is doin great I just don’t know about tax
I don't quite understand. At tax time , do I file taxes from my W2. Then file taxes for the business separately.
Or does the business get filed on the same income tax as my w2.
As a sole proprietorship. I file my w2 plus my business income plus deduction. Last year I had nol of 13k
Can a Single Member LLC create a subsidiaries?
Can it invest in a bank mutual funds?
Literally in an entrepreneurship degree program and having to do my own tax research because no classes actually cover it in detail. Thank you guys!
What are the classes like in the degree? What do y’all cover?
@@mackenzietharpe9335 lots of marketing, management, accounting, organizational psychology, etc. We cover taxes in many classes but it's always a super brief overview. Maybe next semester's financial literacy class will cover it more in depth 🤞
Wow and they cost thousands of dollars
We are a consultant and business analyst, we trade on assets and commodities, index funds, Tesla, stocks , oil and gas and other financial markets. our trading platform is an award winning broker for 3 years now and we provide good trading signals for individuals and companies that are our investors, we’re expanding our markets across the globe and giving good offers to companies and individuals who are interested in buying stocks, cryptocurrency and investing with our platform.
@@LindseyRexxLove you wasted your time and money, college does not teach you how to be an entrepreneur. Better using the Dummy books to get understanding and mentorships
Wow!!! I’m in love with this channel. You have saved me hours and hours of internet searches and research. Most of what you’re saying I have found out for myself but you CLARIFY it very simply. Very professional and to the point and easy to understand
Wow, thank you!
I am subscribed. You guys do an excellent job of presenting your content. It is easy to follow and your videos are simple and put together well. I followed your videos during the early stages of the pandemic. I had many challenges finding employment as my company let go 500 of us one month before the country/world went on lockdown. This didn't curb my families desire to eat, nor my mortgage company wanting their money, so I used my talent to form an L.L.C and started my business. Your videos helped me navigate some confusing territories. I THANK YOU SO MUCH.
I just found your channel today, and I'm SO HAPPY I did!! Thank you thank you thank you for all the helpful info!
You are so welcome! Welcome to LYFE :)
Great video and I love the way you break it down to make it easy to understand!!!
Glad it was helpful!
I'm a tax proffesional and I'm always learning with you guys! Thanks you for the knowledge.
Very good video! Explanation is so clear, and the info is so up to date!
Now when I get to your videos I hit like before the video starts to play. Y’all the best for dropping all this knowledge!
Thanks, Moe!! You the best.
I love the inclusion of the example of Mary the bakery owner. Both examples really helps the viewers to better understand the content about SMLLC!
Yeah, but we still gotta pay taxes and their fees for filing is 500- to a 1000 USD :-)
Thank you for putting together this video. It's very detailed and informative.
Thanks for the information! Second video i watched from you guys! Definitely looking forward to more content!
No problem! Glad you enjoyed it 😀
I have listened to several tax videos, over the past three years. They were very ambiguous and, confusing. Even held back information. Which makes me waste my time watching. But, your videos are very encouraging, understandable, and informative. Thanks for being here.
video was super helful i love you guys as soon as I get my paper up I will be hitting you up for my book keeping stuff.
By far the best video I watched on taxes, thank you
Excellent, excellent, excellent!!! Keep it coming with the good stuff. Thank you Sean!!
Thanks, David. Will do!
This was so helpfully and to the point. Thank you so much!
I truly appreciate all your help 🙏
Great information! Clear and concise. Thank you so much!
Glad you enjoyed it!
I’m so glad I’m came across your video, I was applying for an EIN and noticed the “disregard entity” and got nervous the terminology used seems a little discouraging, I feel better knowing more info through your video. TY TY TY 💜🙏🏾💪🏾
You are so welcome, thanks for sharing such a thoughtful comment! 💯
yes there great!!
This is the best LLC tax video, I ever saw.
Thanks a great deal for these videos. Very good explanation
Covered it all! (Subscribed) Thanks for the value
Thanks for subscribing! Hope we can continue to bring you value
Thank you so much for your content!!! Please continue to do more
Great video Sean. I tried to get in touch with the company but y’all are booked.
Thanks John, we'll be accepting clients again this summer
My go to site to understand my business needs, thank you guys so very much.
We thank you for your continued support.
I’m in love with this channel. 😁
GREAT information, I really needed it, and VERY HELPFUL! Please discuss the time frames to START doing business once the E.I.N. is attained?
You guys are doing a great job. I hope your channel and business takes off
Ryan that means so much, thank you! What do you do for work?
@@LYFEAccounting I'm starting a new company (will disclose more if we potentially work together in the future :)) and run this RUclips channel: Neura Pod
Wow this super cool, I'm going to check out some of your vids too
Great information and awesome presentation of the video!! Love this channel just discovered it, so professional, to the point and helpful!!! Smashing the Like and subscribe button!!
Wow, so much great feedback Val, it means so much :) thank you
Amen
Presentation on point bruh.
This was so informative. Thank you!!
You are so welcome!
Just subscribed. Thanks for the info
This video is a game changer for me. Great and in-depth information. Thank you 1,000 times.
I have a TD Ameritrade stock business which is not well doing and an e-commerce LLC both opened in 2021. I didn't make any sales on my online business LLC and my TD Ameritrade didn't profit either. How to file in 2022 tax season. Do I file them together with my other self-employment job or the TD Ameritrade stock and the online business LLC together. I spent a lot in my LLC set up my LLC.
Thanks
This was great information!!! Thank you so much!
You are so welcome!
Thanks guys!
Great video
Very simple and understandable explanation
Thank you
Glad it was helpful!
Great video, thanks!
Amazing content, getting ready to open my first business and your channel is an excellent resource. O can have a higher level of understanding before I hire out for this, Thank you
I appreciate that! What kind of business are you starting?
@@LYFEAccounting it will be a wellness service based business, we will be coupling localized cryotherapy with red light therapy to service our clients. Our focus will be on beauty, body sculpting and pain management. This our dream(my fiance and I) and your content is aiding in its manifestation!
thank you very much for this, extremely helpful
You're very welcome!
Thanks LYFE Accounting - this is helpful. I just established my LLC and registered my business.
Awesome and congratulations!! 🍾🎊🎈🎉
Helping a good friend out and the majority of my accounting experience is in auditing, so my knowledge of tax is not the best. This video made it extremely clear, glad we applied and received the EINs, and even more excited we don’t have to file extensions by March 15th since this flows to the personal. He’ll just have to file 2 schedule C’s, one for his addiction/mental health counseling service and the other for his general handyman business. Articles of org are filed but don’t believe a business plan is. How important is this, as I don’t foresee him seeking investors? This rocks and will be back for more!
Thanks sooo much for these videos! Learning so much and subscribed right away. I have a question, I spent money on training and equipment In 2021, and just registered my LLC this month. I have not filed my 2021 taxes yet, can I include those expenses as write offs when I file for 2022 or does it have to all be spent in the calendar year? This might be addressed in another video but im making my way through 😅
Great video !! very Well made.
thank you so much :)
Thank you for this video!! Learned alot?
Glad it was helpful!
Best resource ever!!,!
I have watched 3 videos in less than an hour , feeling a lot more comfortable with the thought that I can actually do this. Thank you
You got it!
Thank you! This is very helpful.
You're very welcome!
Super helpful. Thanks!
You're welcome! Thanks for watching.
Thank you! Some great info in there. Much appreciated:).
Glad it was helpful! Do you own an LLC?
Great information.
Glad it was helpful! What profession are you in?
Thank you for the video and the clarification. I bought a Townhouse and my job changed so i had to move to another state, so i moved in to a rental apt, I realized that i was paying my rent and mortgage at the same time and it was becoming to costly, i then decided to just rent my house after a year and a half of paying for both my rent and my mortgage. A few days ago i received an email from my tenant with this Form W-9 and and I don’t understand it’s purpose? Thank you
gems!!! thank you.
Great info. thanks.
You are a great speaker! Does single member LLC (rental real estate business) pay self employment tax too? If I own multiple rental LLCs, all with separate EINs. and bank accounts, do you recomment a different business credit cards for each? Thank you. Your site is super helpful.
New sub. Thanks so much for sharing. U are a blessing 💜💛
Thanks for subbing!
Yalls channel is fire 🔥😍👌
If you know, you know!! lol Thanks.
This info was helpful
Awesome, life saver!
Thanks for sharing 💪
No problem 👍 thanks for watching again
Valuable video 🙏🏼😇
Thanks! Just curious, what did you find most valuable?
Thank you so much, YES I could use some help here.
So, I am just outside Atlanta. I am starting my own LLC that will be something I do part-time.. evenings/weekends. I do not expect any revenue for 2021, but I'll certainly have startup and organizational costs. Even once I am open for business, I don't expect to make any more than someone working at McDonald's for the first year - as I build up the business, a portfolio, etc. I work full time and receive W2 income from that job, so that is going to be where I'm at 40 hours a week. Would love to talk to you guys - but I may be small potatoes here..
Thanks Sean! 😊
Great video! Very informative!! Thank you. I created my LLC on 14th January 2021 in Delaware, I just did few sales in these last months, so can I ask you when I have to present the forms to IRS? This year or next?
Glad it was helpful! You would need to file taxes for your business next year
Great information
Glad it was helpful!
Question: Can you make your kids members of your LLC? And do all members have the same “powers”? Equally split profits? I’d love to legally include some family members in my business
Great Video!! What are self-employment taxes? And what/how do you do them?? I'm kind of confused about that part. Or Self-Employment taxes are nothing to worry about??
Thank you
Wow great info! Should I obtain my EIN # after creating my LLC? Or do I need to fill out the tax forms first such as form 568 here in California?
Your the man bro bout to kick this cleaning business off
I appreciate your comment bro, go out there and crush it!!
Very helpful
Glad it helped
Glad I came across this. I started my online business mid of last year and have tons of expenses with set up and marketing expenses but I never had one single sale. Can I still file for Sched C? Thanks.
Yes you should! Report any loss you had to lower your other taxable income
Awesome video. I have a question I am confused about. I have already an LLC for my owner-operator truck business, can I use the same LLC for Amazon online selling? Because when you do the dropship model you need to apply for a reseller certificate. Is this legal to run 2 business models under one LLC? Please advise. Thanks a lot
good info. I'm new at this and have a question for you. I registered my LLC in June 2021. I have not sold anything last year but did buy some equipment, media, graphics, etc. Do I include those in my filing this year or no? Also my business address is different from my home address (making that separation). How would I account for that when I get to the schedule C?
Great video, but I got a question as a newbie. Does the single member LLC apply to a married couple? We have a couple of rentals and we're trying to protect our personal assets through a series LLC.
Thanks
Was so interesting your video!! Could you tell me if I opened a LLC and I have not starting to work yet, do I have a z problem with IRS if I do not working for a long time?? Thank you!!!
Y’all are great man 🤝 Do y’all have a video on how to pay yourself as a employee in a small business
Yes we do!
Check it out here: ruclips.net/video/gP4omIWLaTo/видео.html
Congratulation for your videos.
Which is the taxation of a SMLLC foreign non-resident owner, that does online business (online courses) outside the U.S. ?
Thanks.
I'm currently going through a revamp with my business and am now a published author. What would be the best structure for this type of business in order to get the best tax benefits?
Hey! Thanks so much for your videos! I'm learning so much! Do you have any help on doing crypto taxes as well?
Just to confirm, do you know if a sole prop with a dba can keep the same ein when changing to a single member llc?
Hey Sean!
You didn’t mention anything about paying taxes quarterly for an LLC.
Do you have any information on that?
Good question. Also curious about this
very helpful. Couldn't fins the link in fliling EIN though.
Thank you so much for this information. Please can you help me out with this Question. I already applied for an LLC for my company I will be starting soon, although I used my home address for this I intent to change it. The next is step for me to do is apply for an EIN,. Now the property for my Business will be ready in a month. My Question is do I wait to acquire the property to apply for my EIN with this address or can I go ahead and apply for my EIN with my home address which is same with my LLC. Thank you for your time.
Hi Shawn - Fantastic video and great work you guys are doing! I have a single member llc in Wyoming but I, as the single member, am a Non-Resident Alien (I’m a UK citizen citizen and resident). Should I submit my US clients with a W-9 or a W-8BEN form? Thanks!
W9
Thank you! :)
Thank you!
Nice video but from understanding I thought you don’t mix your business taxes with your personal taxes ?
I really appreciate the video.
I created my single member LLC in October 2020. I didn’t have any revenue in 2020, but I did pay state business privilege taxes. How do I report that on my taxes with using a schedule C form?
You should add it to schedule as a registration or license fee
I just started my LLC biz in 2021 due to the CA $800 fee being waived for this year. If I haven’t made any income from the business yet and it’s time to file, will I be taxed on my current job income if so what’s the percentage?
Thank you !!!
You're welcome! thanks for commenting
In a Single Member LLC that is used for the sole purpose of holding a broker account and as such your income is made up of capital gains and losses, do you bypass the schedule c and go straight to the schedule D?
I’m getting into trucking and starting early at starting a trucking company. My plan is to learn the business save money and buy my own truck towards the end /beginning of the year. In the mean time I plan on starting the business on paper , getting the EIN number and stuff and working on its buskers credit so when I’m ready I have some business credit. But am I starting to soon?
QUESTION… I used to do my single LLC taxes with an accounting firm. When I did them with them they had me use adp to pay myself and I would get w2 and report this as a regular job and then do my business tax return separately. I’m confused. Now I want to stop paying them and do them to do my tax returns and stop paying adp and just pay myself as self employed. I don’t have to do a business return anymore correct? I just do self employed return with schedule c etc and that is all?
So question I filled out everything on legalzoom for my LLC got it all approved. Now I'm trying to set up my business bank account but it says I need the articles of organization. When I go to file it says I already have one do you know how I can get a copy to put into my bank for my business registration. Sorry it's my first time every doing this and I'm learning.
Look…… y’all do not play! I love it
We definitely do not play! Thanks for watching.
Canadian LLC but really appreciate this!!
As a single member LLC which will apply to the IRS to be considered as an S-Corp, is there any benefit to listing myself as a "MEMBER managed" LLC vs a "MANAGER managed" LLC in my OPERATING AGREEMENT?
Is it better that I set up my LLC myself or should I let a company do it. I am also considering Wyoming and Delaware, but I live in Georgia.