How to File Your Taxes as a LLC Owner in 2024 [Step-by-Step]

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  • Опубликовано: 23 дек 2024

Комментарии • 235

  • @rickkix
    @rickkix Год назад +167

    I’ve been avoiding filing my taxes bc this is my first year owning a LLC, but breaking it down and approaching it step by step really helped me. Thank you!!

    • @Tickle77777778
      @Tickle77777778 Год назад +9

      It's my first time 2, and I haven't started it yet.

    • @NickyP1
      @NickyP1 11 месяцев назад +8

      How did it go? I'm currently in the same boat. Don't wanna keep paying someone 700+ when I'm already doing the bulk of the work and organization.

    • @rickkix
      @rickkix 11 месяцев назад +6

      @@NickyP1 welp, I have yet to hear from the IRS, so I’m gonna assume it was a success!! I’d say it’s worth it

    • @NickyP1
      @NickyP1 11 месяцев назад

      @@rickkix ok nice, thanks for letting me know.

    • @timothygardner2974
      @timothygardner2974 10 месяцев назад +1

      Exact same here! Thank you!

  • @FogmanFisheries
    @FogmanFisheries 2 года назад +169

    Outstanding! I've just finished my first year with my LLC and have thought about seeking a tax professional for my return. Your presentation, along with a little research on my own, has given me the confidence to prepare it myself. Thanks!

    • @dreamcatchinbebo4080
      @dreamcatchinbebo4080 2 года назад +11

      I am in the same boat. Going to learn myself to.

    • @LYFEAccounting
      @LYFEAccounting  2 года назад +7

      Best of luck!

    • @BIGOCHUBS
      @BIGOCHUBS 2 года назад +4

      Where are you preparing your taxes? Its my first time also and I'm planning on filing myself. Thank you

    • @FogmanFisheries
      @FogmanFisheries 2 года назад +7

      I simply used the HR Block online software. I printed a schedule C and worked everything out by hand with my business before logging in. That made things fairly simple.

    • @DeadOriginal
      @DeadOriginal 2 года назад

      Where did you submit documents? Turbo tax or via IRS directly?

  • @ToddSteffy
    @ToddSteffy 8 месяцев назад +5

    Wow this was by far the best video I have watched regarding business taxes. So much information but it was so easy to follow due to the perfect explanations. THANK YOU!

  • @kragdogtraining
    @kragdogtraining 11 дней назад

    This video made me feel a lot more confident about filing my taxes with my first year as an LLC. Free, public education is so important so people don't lose money paying for overly verbose advisors. Thank you!

  • @DigitalNovelist
    @DigitalNovelist Год назад +15

    This was great man! First year with an LLC. Now I feel good enough to try it on my own.

  • @jowoods5837
    @jowoods5837 9 месяцев назад

    This video was very complete in clearing up the mystery of what tax forms should I file. It was done in a simplified manner. Kudos to this company.

  • @romondaword4881
    @romondaword4881 2 года назад +20

    I just love the way you break the process down and step by step. I use to be intimidated just to look or talk about taxes. Your videos have helped me tremendously. I wish I had known about you when I first got started. I'm only 3 years in so there's hope. Thank you!

  • @willylowman99
    @willylowman99 Год назад +6

    Estimated tax payments. Each year is so different. I chose to pay the penalty because if you over pay they never give it back to you. I’d rather keep my hard earned money than give it away to someone who never answers the phone. 👍

  • @LightningStrikes66
    @LightningStrikes66 4 месяца назад +2

    Would be great to know how filing tax for an LLC single member works when you and your spouse also earn employee income and file jointly.

  • @kingsleyoseiabrah1
    @kingsleyoseiabrah1 2 года назад +2

    Life is so simple why do finance guys just make things complicated for no reason. This is by far the simplest video on taxes i have come across so far.

  • @adrian.kaczmarek
    @adrian.kaczmarek 2 года назад +4

    Hey @LYFE Accounting so to clarify a sungle member LLC needs to have a Schedule C, Schedule SE, and 1040 Form

  • @nerdlabstudios7023
    @nerdlabstudios7023 8 месяцев назад

    Great breakdown! Thanks man! I took note of your company for next year & I will absolutely be in touch for 2024 Filing season/ thus year is year 1 of my LLC sole proprietorship so I wanted to file it myself in order to obtain a first hand understanding but you guys will be my next year tax filing company! Very useful knowledge & I Subbed thanks much!

  • @shermanstandberry
    @shermanstandberry 2 года назад +8

    Doesn't get any better than this. Great job

  • @alexandraallsbrook4879
    @alexandraallsbrook4879 2 года назад +7

    can you make a video on how to file for an inactive LLC?

  • @Plant_ohana
    @Plant_ohana 2 года назад +4

    I've literally been brought to tears trying to figure this out on my own. Thank you so much or this

  • @blackonyxtv823
    @blackonyxtv823 2 года назад +14

    I’m starting my business at the end of this year and I’m soaking up all of this knowledge. I had to hit that bell to be notified of new videos ! Thanks for lacing us with the knowledge that’s needed to run a successful business

  • @TheFailMistress
    @TheFailMistress Год назад +3

    thanks a lot! my first year having an LLC and your video is really helpful for beginners

  • @rraviravir
    @rraviravir Год назад +1

    Can you please make a similar video for 2024 filing - for tax year 2023 ?

  • @elianasmith6330
    @elianasmith6330 6 месяцев назад

    Great video! Some key points were highlighted that I hadn't heard anyone else discuss. Thank you!

  • @romondaword4881
    @romondaword4881 2 года назад +1

    Great video. I did fill out the form for tax planning and preparation. Hopefully someone will get back with me.
    I'm a fan!

  • @breew2968
    @breew2968 2 года назад +1

    The breakdown of the tax form is great!! videos like that are helpful

    • @LYFEAccounting
      @LYFEAccounting  2 года назад

      Thanks so much, Bree! I love how you continue to support and appreciate our videos 💯

  • @henrythomas7112
    @henrythomas7112 Год назад

    Thanks for sharing this marvelous post. I'm very pleased to watch this video. I enjoy this site - it's so useful and helpful.

  • @generic_official
    @generic_official 2 года назад +3

    "If we expect to owe more than $1,000 in self-employment taxes, the IRS expects us to pay quarterly estimated tax payments." How do we know what to expect our self-employment taxes to be? And is the amount of each estimated payment simply one-quarter of the year's total? For example, if we think our SE tax for 2021 is $1,200, do we pay $300 each quarter?

    • @gloriaadebayo4477
      @gloriaadebayo4477 2 года назад

      How many years have you been in business? How many years have you omitted to file your business tax. You can all those taxes filed, and get funded without omitting any dime. Contact paul. He will sort you out ASAP

  • @RayaFlora
    @RayaFlora Год назад +1

    I like your video presentation. It is informative too, at the same time. Thanks a lot for your guidance!

  • @Mah_fb
    @Mah_fb 2 года назад +6

    That was a whole lot of information hahaha thanks! These videos are great!

  • @motownmommy
    @motownmommy 2 года назад +3

    I love this informational Black excellence channel.

  • @thesalvereginacenter3839
    @thesalvereginacenter3839 Год назад +1

    Sean, you're my guy. Thank you. Love your channel.

    • @LYFEAccounting
      @LYFEAccounting  Год назад

      Man, I felt good to hear. Thanks leaving this comment my brother! 💯

  • @georgestone0123
    @georgestone0123 Год назад

    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.

    • @tahirisaid2693
      @tahirisaid2693 Год назад

      Thanks so much I was able to find her page and I already leave her a message.

  • @kwisclubta7175
    @kwisclubta7175 Год назад

    Thanks so much! Now I know how to fow my taxes and build more welf!

  • @GroundUpProduct00
    @GroundUpProduct00 2 года назад +2

    Thank you for taking the time to make these bro!!

  • @Kenzirs
    @Kenzirs 2 года назад

    Criminally underrated video. Thanks dude

  • @travay6328
    @travay6328 2 года назад +1

    💙 best accounting channel

  • @FinancialFreedomMadeSimple
    @FinancialFreedomMadeSimple 2 года назад +2

    This is so helpful, thanks for putting up this video!

  • @marcosperez-y3j
    @marcosperez-y3j 3 месяца назад

    Thank you for the excellent video!

  • @Zaneandkerry
    @Zaneandkerry 2 года назад +2

    How soon after starting a LLC as a single person.. do I need to start filing my taxes.. I started February 2022.. do I need for this this 2022 tax period.

  • @Wallyandcoco
    @Wallyandcoco Год назад

    Thank you for the information and adding a little humor.

  • @WPowel003
    @WPowel003 9 месяцев назад

    Confusing on how you actually run the LLC as a start up. For several years a company could actually be in the red until you gain customers and exposure. This would mean that you might invest more into the business than you take out. Is it normal to have a scenario where you invest but do not pay yourself in the initial years?

  • @dequashapoplar7966
    @dequashapoplar7966 Год назад

    What would be considered “ individual activities ?

  • @loverworld9220
    @loverworld9220 2 года назад +2

    Thank you for this! Appreciate it

  • @sshah3324
    @sshah3324 Год назад +1

    I open my LLC as non USA resident on oct 2022 when should I do my tax return ? It’s been 6 months only when should I do my tax return plz

  • @10365211
    @10365211 8 месяцев назад

    I just filled my llc 2023 , and I was not aware about the taxes deadline until now and I have a tax delinquent letter for back taxes I’m guessing

  • @ASCRentNow
    @ASCRentNow Год назад +1

    how do I file when i own a single member llc but the llc has a DBA ?

  • @sparklzdiamondgirl7502
    @sparklzdiamondgirl7502 2 года назад

    I started a business and quit my job in the same year. Not sure how to do W2 and single mbr LLC.

  • @amplify1802
    @amplify1802 2 года назад

    Very Good! I'm a laymen and I could follow it

  • @JohnPasterik
    @JohnPasterik 2 года назад +1

    So, what if my LLC is a partnership between and my wife and we file a "Married filing Jointly" tax return. How do we handle that?

  • @SOLARBEARSTUDIOS
    @SOLARBEARSTUDIOS 2 года назад +1

    Thanks for the help ! Love your channel

  • @MimiGarner
    @MimiGarner Месяц назад

    How do I file two companies on the 1040. I am a real estate agent and file my expenses as a sole proprietor. I just started up an LLC for marketing but have yet to get it off the ground. So all I have is expenses. Do I make up two Schedule Cs. I would have thoght that the LLC would be on its own IRS form like an 1120 with just a K-1 doc. This way too confusing.

  • @Nedri07
    @Nedri07 9 месяцев назад

    Thank you for this your a life saver!

  • @Koala_Angel
    @Koala_Angel Месяц назад

    Grateful thank you 🙏

  • @Tiera_S
    @Tiera_S Год назад +2

    Hi there!
    I started my LLC in 2018 but wasn’t in business. I did a revamp when Covid started so 2020, and still was in the planning stages. If a business hasn’t made any money do they still file taxes? This is my issue right now. Hopefully i won’t get in trouble, and any accountant i reached out to never responds to my email

  • @HiltonBoenosAires
    @HiltonBoenosAires 14 дней назад

    Do you have a video for foreigners that are not residents in the US?

  • @QuietBoyMusik
    @QuietBoyMusik Год назад

    That suit is on point. Thx for the info

  • @erikaleeewilliams
    @erikaleeewilliams 11 месяцев назад

    thank you so much for this info

  • @michaelwheeler3123
    @michaelwheeler3123 Год назад

    thank you, this was super helpful

  • @be.amazingkelly
    @be.amazingkelly 2 года назад +4

    Thanks Sean, this video was well organized, to the point and concise.

  • @modernkonvention8215
    @modernkonvention8215 2 года назад +1

    Thank you.

  • @roialnet
    @roialnet 7 месяцев назад

    And where does the Form 568 Return of Income fit into all of these?

  • @InfinityKrom
    @InfinityKrom 2 года назад

    Great vid. You should do one of these for C-Corps & Holding companies

  • @FMSceo
    @FMSceo 2 года назад

    I needed this

  • @CharlesCinco5
    @CharlesCinco5 Год назад

    This may sound stupid but i hope i get an answer.
    If i file myself, i obviously save more money from paying a CPA correct?
    Because they do be charging so much without clarifying to me whats happening...

  • @neveriajones2079
    @neveriajones2079 Год назад

    Great video! Very helpful.

  • @federicodonadio5624
    @federicodonadio5624 Год назад

    Thank you guys!

  • @lynisewalton9882
    @lynisewalton9882 Год назад +2

    Hi Sean. I’m still employed with a company and ventured into starting my own business. Does this mean I have to file 2 tax returns:
    • a 1040 under my ssn# because I’m getting W2’s
    • and another under my business EIN?

    • @Kyler.knight
      @Kyler.knight 10 месяцев назад +1

      if you are single llc then you can file it all on the same return. turbo tax will walk you through it step by step.

  • @deedemarest443
    @deedemarest443 2 месяца назад

    I have to disagree when it comes to an LLC rental with no employees you can still file it on Sch E!

  • @aprilwspoon
    @aprilwspoon 2 года назад

    I’m learning so much thank you

  • @nationalleagueofconcernedc6897
    @nationalleagueofconcernedc6897 2 года назад

    Thanks for a great video

  • @tazzytyoung19771
    @tazzytyoung19771 2 года назад

    I legally formed/establishibg my business in November 2021 but have startup cost that I incurred before establishing my business. I'm a single member LLC and I made no sales. What all forms I need to file. I also work a regular job. I use my Garage and my entire upstairs hallway for my business

  • @vincentprezioso1659
    @vincentprezioso1659 2 года назад +8

    I started my business in 2021 (single member LLC) and have made expenses in preparation of it and my specific industry takes a year to get the license so it will be open in May of 2022. I had expenses that would be considered write offs in 2021, however I have no revenue since I do not have the full license yet? Can I still write these off for the business even if the business didn’t bring in any revenue? My wages for the year were from a normal w2

    • @septemberjayyy
      @septemberjayyy 2 года назад

      Same . I had mines for building business credit for the first year so Revenue wasn’t the goal . So I’m wandering the same ?

    • @Danmckenna912
      @Danmckenna912 2 года назад +1

      I believe you can because it's considered a business loss. All start-up cost are tax deductible expenses. (Losses) your not technically liable until your making income that can be taxed. Based on the business there might be limits to deductions though, pct wise. Good luck, ski's the limit...

    • @gloriaadebayo4477
      @gloriaadebayo4477 2 года назад

      How many years have you been in business? How many years have you omitted to file your business tax, LLC tax. You can have all those taxes filed, and get funded without omitting any dime. Contact paul. He will sort you out ASAP

  • @blueberry._.muffin
    @blueberry._.muffin Год назад

    I’m confused, what if you end up starting your business at home? Would you still have to file it as your home address?

  • @Fraustyair
    @Fraustyair Год назад

    Is there a video like this for a C-Corp?

  • @eboniclayton1181
    @eboniclayton1181 Год назад

    Great information 👍

  • @xo_ramoni
    @xo_ramoni 2 года назад

    Super easy to follow, great video

  • @marionrhodus8464
    @marionrhodus8464 10 месяцев назад

    Last year I got married I have a sole entity LLC before marriage, now for 2023 taxes I got married, can you give me pros and cons of married filing joint with LLC income ?

  • @deathfmradio
    @deathfmradio 2 месяца назад

    Is this video applicable to quarterly taxes or should I search for a different video?

  • @ThaMidwestBrutha
    @ThaMidwestBrutha 2 года назад

    *Question:* Do yall know anything about *Business Trust* and how to operate this and file taxes with this???*
    If you don't wanna speak on this here can u drop a link to where I can look for more information about this!!!!

    • @LYFEAccounting
      @LYFEAccounting  2 года назад

      Here's a video I have on trust funds ruclips.net/video/-OIVtJ10cnk/видео.html

  • @abdulla_mirpur_rei
    @abdulla_mirpur_rei Год назад

    Nice job man!

  • @aliyahthegardenist
    @aliyahthegardenist 10 месяцев назад

    Do single member LLC s have to fill out SE form? I heard single member LLC don't need to file employment tax and that it's reserved for s Corp o Corp.

  • @DevoraFierroGrande
    @DevoraFierroGrande Год назад

    Question my company is an LLP but now I'm the only owner. Do I file normally as Inwpuld with an LLC? Thanks

  • @intelimoteintelimote7448
    @intelimoteintelimote7448 Год назад

    Can i elect to have Google issue a 1099 to my S corp as opposed to me as an individual? I intend to form a single member S Corp.

  • @kenji160
    @kenji160 8 месяцев назад

    Thank you!!!

  • @quintezrashi5566
    @quintezrashi5566 2 года назад +3

    I’m preparing my taxes for 2019. I know, I’m so behind. I had an LLC at the time but didn’t realize the LLC had been forfeited due to my failure to file tax documents. I was curious, if I incurred expenses for my business, such as advertising, etc., am I still able to deduct those expenses from my AGI/W2 income although the LLC was technically “forfeited” and I also didn’t make any profits from the business? I paid for an 800 number, website and business cards. Can I still deduct those expenses to reduce my taxable income or not?

  • @X3000LCE
    @X3000LCE 2 года назад

    If you didn’t make more than you spent this year, can you get money back like filing personal taxes ? My first year in business

  • @shakirahmccoy4137
    @shakirahmccoy4137 Год назад

    I’m in a partnership LLC which is pass through. I’m the only one that had income 2022. Will I still have to do a schedule, K-1 for my partner if he didn’t bring any income? I am a registered home daycare in my income came from government subsidy 1099 and Grant money & I’m actually working my home daycare. For my understanding I would have to do a K1 on my partner only myself? But for myself I would need to complete Form 1065, k1, schedule, C and a go m for my dependents? Thanks 😊

  • @teezy122
    @teezy122 Год назад

    What if you haven’t made any income in the first year?

  • @affanmohammed1631
    @affanmohammed1631 Год назад

    I have booked a call but not received any link of call confirmation. Is my meeting booked??

  • @user-cb5ec9ej7l
    @user-cb5ec9ej7l Год назад

    Can a non American also apply for an LLC ? I am from Aruba, and thinking seriously about starting an online business in my free time

  • @teavoilalooseleafon_the_go3682
    @teavoilalooseleafon_the_go3682 2 года назад

    Thanks for the video,I do not see any link to book for consulting to file tax for LLCs'

  • @MyYoutubeAccount853
    @MyYoutubeAccount853 2 года назад

    Thank you 🙏🏼

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

    I need to do my taxes . I Have an llc without an IEN

    • @gloriaadebayo4477
      @gloriaadebayo4477 2 года назад

      Good day Linda.How many years have you been in business? How many years have you omitted to file your business tax, LLC tax, EIN .You can have all those taxes filed, and get funded without omitting any dime. Contact paul. He will sort you out ASAP

  • @Theundisputedtruth
    @Theundisputedtruth Год назад

    This might be out of context , but can I add a member to my llc at any time? And how

  • @chriss4365
    @chriss4365 Год назад

    What state fees or taxes do you have once you have an llc?

  • @FelipeSalum
    @FelipeSalum 2 года назад +1

    The Contact US form on your website is broken. I'm trying to contact you for my tax preparation.

    • @LYFEAccounting
      @LYFEAccounting  2 года назад

      Try here lyfeaccounting.com/new-client-application/

  • @vansmoken4172
    @vansmoken4172 2 года назад

    Over 220k subs. I was one of the OGs here

    • @LYFEAccounting
      @LYFEAccounting  2 года назад

      You are appreciated! Become an OG here for me 🙏🏽 ruclips.net/channel/UCCJBY2Yy6Pjo1Jcoalh6Szg

  • @jkwill04
    @jkwill04 2 года назад

    when does a new business pay quarterly taxes? I started my business in september but no revenue until dec so how does this works fot me?

    • @gloriaadebayo4477
      @gloriaadebayo4477 2 года назад

      Good day! How many years have you been in business? How many years have you omitted to file your business tax, LLC tax. You can have all those taxes filed, and get funded without omitting any dime. Contact paul. He will sort you out ASAP

  • @Mangold2865
    @Mangold2865 Год назад

    Does a single member llc with no partners and zero employees have to pay estimated quarterly taxes?

  • @mariasalmeron532
    @mariasalmeron532 2 года назад +2

    Is it better to create a single member LLC or to include my husband and create a multi member LLC?

    • @hannahmiller5515
      @hannahmiller5515 2 года назад +1

      I'm not a professional but from what I've learned I would think it depends on who is investing most money (who has the most risk at stake and therefore should have the right to control business decisions). You can always file as a single member LLC and appoint your husband as the manager ("manager-managed", NOT "member-managed"). Then I believe, if what I've learned is accurate, he will be able to make decisions on the business' behalf, but the final word still goes to you as the owner

  • @Remba-sy1hn
    @Remba-sy1hn Год назад

    Hi, di I have to file taxes if I only opened the LLC but didn't open a bank account for that LLC and didn't have any income...also I'm foreigner

  • @SiennaCommare
    @SiennaCommare 5 месяцев назад

    Is the K 1 needed for an LLC with three members? Or only two?

  • @jaytravel-12
    @jaytravel-12 Год назад

    if I have a scrops and llc can I pay myself as a employer and file a w2 ????

  • @EmilyBarthol-zb6pi
    @EmilyBarthol-zb6pi 4 месяца назад

    How do i report my employee wages to the irs