Manifest financial freedom and epic change, with your business! Transform confusion, dread and overwhelm about business to confidence and clarity to bring your dream business to life. Now is the time - the world is waiting!
Great info! So I have a weird situation, just wondering your thoughts on. I have an old LLC I never ended up using, never had an EIN number issued, to the IRS the business is inactive, but to the state I just found out it is still an active business apparently, I'm going to start the process of doing a dissolution, but I think I still need to report to FinCen, however I can't get beyond the first page of the application without an EIN. Do I request an EIN now just to file the BOI? Any tips would be much appreciated, thanks!
I’m crushed. I asked a question on another video and you didn’t answer. Is it because I commented on how attractive you are. I did compliment your video. It was concise and informative unlike the lawyers who do these things. 😊
Wow. You are a breath of fresh air. You actually understand the accounting/tax implications. Lawyers do these things and they are clueless on the intricacies. In my case the i would be foolish to add members (siblings) to the LLC. Complete trust between the three. I agree. I think insurance should be enough to cover liability. Bravo again!!!! Plus you’re quite attractive. 😉 Question: due to MAGI I won’t be able to offset any losses from the rentals. Will I be able to defer those loses when MAGI returns to an acceptable threshold (in 2 years). Currently Maximizing Roth conversions before tax rates go back up. Thanks!!!
For pass through income, what do I do if I file 'married filing jointly', and my wife works for a company and I have and LLC? My quarterly income is negative for the business, positive for unemployment benefits (with 10% taxes removed). Both unemployment and my wife's income already have tax estimates removed.
The taxes "removed" are mearly estimates (the same thing as estimated tax payments).. remember - we have a pay as you go system and your when you file your taxes (jointly with your wife) - come april 15th, if you owe taxes then you needed to make estimated payments. So to answer your question - you need to account for ALL of it/everything you have going on, and run an estimate. Check out this video: ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-Vj6bj-phgJE.html If your business income is truly negative and you are paying taxes on all other income through withholding - you probably don't have a payment! :)
Hi ! this is kinda off the topic, but I have a question: is it double dipping if you claim your expenses on the income statement and then turn around and take those same expenses on schedule C? please explain!
What if I need to make a correction because I put it in the wrong name ? I see where it says to make a correction, but then it asks me for the name that I made the original filing but I need to change the name?
Try entering - it as it was when it asks that and then it should allow you to change things. I don't know though - the name might not be something you can change. You might need to start over, but I would try it first. If it doesn't work, maybe contact them and ask them.
Hi! I wonder about what you said regarding the Company Applicant section. I read or watched somewhere that if I payed someone… yes I was so busy and afraid to make a mistake that I payed our accountant to register the company with the state, then I have to enter their information under the Company Applicant. And our information goes under Beneficial Owner… Now I am confused. 🤔
No - company applicant is not asking who set up your business - it's asking who is filling out THIS BOI filing and it sounds like that's you. And yes, like I explained in the video, you would also go under the beneficial owner if that you!
What do I do if I'm closing my LLC this year? Is there a "Final" form I also must file? Or is there a way to denote I'm closing the company (or closed the company) in the Initial filing?
What if I created an LLC because I thought I might need it for taxes, but I didn’t, and I’m the only person involved, and the LLC isn’t doing anything now? Do I still need to file?
Hey Amanda...thanks for the video. What about filing foreign entities in other states? Should 2024 entities be filed within 3 months? There are issues within the legality of FinCen, correct?
There's no legal issues that have changed anything yet. It's probably a ways away if anything does get legally changed. It doesn't effect anything by being a foreign entity. You just use your domestic state info for this filing. Yes, 2024 formed entities get 3 months. For 2025 entities and going forward it will be 30 days to file. And if the business was formed before 2024, you have until 12/31/24 to file.
I think this filling requirement is being contested in court as being unconstitutional. So for those whose businesses existed before 2024 can probably wait to see if a decision is made before end of year since they have until Jan 1, 2025 to file.
You are great. You always give such great advice. I love that you recommended freetaxUSA years ago. It’s one of the best softwares on the market for filing taxes. I have been using them for 4 yrs now because of your advice. Thanks a ton.
Could one spreadsheet system service multiple retail stores that are in separate companies ? Will balancing the intercompany amounts be an issue? Really tired of QB unnecessary complexity
Each legal business must have it's own complete accounting record (and therefore separate spreadsheet). If you are saying you have one business with separate locations - you could use one spreadsheet and we have a "category" feature that would allow you to break out income and expenses by store... Do you have an inventory system?
@@businessfinancecoach The inventory is fully handled by the POS program. We pull the inventory totals from the POS into QBs. Is it posible to have a zoom or phone discussion ?
Hi. I just watched your video after receiving a four page letter from our CPA telling us we need to file this and it comes with a bill from them. UGH! So I'm trying to do this myself and after watching your video it seems doable. However, I cannot find the second video. Where is it please??
Hi. Great video, but still confused :(... In Jan 2024 I switched from middleman (contract agency) W2 employer to going direct 1099 with same end client I knew as employee, but now a brand new client for my ongoing (many years) sole proprietor business. I earned and paid a good amount of tax for 2023 on W2, meanwhile my sole proprietor business had a loss for 2023 as it had no clients for a couple of years. Turbotax 2023 estimated payments (for 2024) tool says I don't need to make any estimated tax payments for 2024, even though I told it that I expect to make a similar good amount in 2024, but as a contractor. Does that sound correct from TTax? Is TTax essentially and correctly saying I owe no estimated tax because my sole proprietor business owed no tax in 2023? Thx.
That's the penalty exception - I talk about it in this video. Most of us business owners WANT to pay as we go though, so you don't get nailed with a big bill. I don't know if I show our spreadsheets in this video, but we have a detailed quarterly tax spreadsheet that's part of our program here. It helps you estimate each quarter if you need to make a tax payment, and how much. Plus it will help you really understand your taxes. amandarussellmba.kartra.com/page/pI5226
@@businessfinancecoach thank you very much for the knowledge. Yes, it is by fear that got me researching into LLC because I worry that working as 1099 will put my family assets like our home and rental at risk.
Is there a way to tell if a business has registered already? Or is there a problem if there are double entries? We have asked our accountant and attorney (which handle SOS renewals) if they have done this yet with no response from their offices. (Yes, frustrating!) I would like to take this off my list and just do it myself if I know they havent already...
Did you have your business set up before 2024? If so, it's pretty much guaranteed you aren't registered yet. If so, your registration isn't due until 2025. If you formed your business in 2024, you need to do the fincen registration within 90 days of getting your entity formation confirmation from your state. You only do it once and only update it if your owner information changes. If your business was formed before 2024, you might want to wait a little bit - as many organizations are challenging this requirement in courts... so we'll see what happens! I will have another video shortly going through the registration but it also looks pretty self-explanatory. Hope that helps!
