Thank you for watching! I just announced a new FREE training that reviews the exact 10 Step Process I use for starting an Online Business: www.obfoundations.com/10steps
Mr. Hawthorn I owe you so much. I watched your content secured a LLC and felt accomplished. So I applied for a copywrite to apply creative expressions to to ppe and I secured that too! You have propose; I'm forever in your corner. Thank you sir S.🤜🏻🤛🏾
Could you do a video of how to start up your business with regards to companies house, utr numbers how to start up your taxes how to store all your invoices / reciepts basically everything step by step that we need to do on the accounts / legal side
Hey Jim! Quick (possibly dumb) question. I just recently filed for a Single Member LLC. Just two weeks prior, I had spent money for things that would be needed for the business for when it got approved. Can I not put those expenses on my tax filings for next year as a "Business Expense" since technically they were made prior to the founding of the business. (I'll see an account later this year, but it would help for personal records to know.) Thanks for everything you do here; you're awesome! We all appreciate the time you take to freely talk about all the info that you do.
If you google there is something called like set up fees or something that includes the price for your LLC etc that can be deducted. Try googling. I bet you find help
Hello, I would like to ask some information about tax return 2020. I opened the LLC company . I am the owner and only employee. What should I do If I made all my product by myself in Europe. I purchased the stuff here. How I going to file my tax returns? Thank you very much for your ℹ️🙂
Thanks for the informative video(s). New subscriber here recently getting caught up on your content. That being said, I absolutely have to ask a question: What's up with that post-it note stuck on your door?! Have a great New Year~
Can you please do a video on opening an single payer LLC for the disabled population who want to be entrepreneurs or just sell their craft items to make ends meet. The SSDI laws are totally different for working (collecting a paycheck) and self employment (they take away your SSDI used to pay for housing and expenses (but let you keep worthless Medicare) because self employment is considered SGA (substantial gainful activity) no matter if you earn nothing in that month or make over the (working for someone else) SGA limit. T2W forces you to work 80 hrs, have transportation and many other rules in order to qualify protection of SSDI benefits for a short period, but alot of disabled people who have a desire to work cannot meet the their criteria due to the instability of their disability. SSA policy says that LLC is not beneficial for people on SSDI. (notwithstanding SSI). No one will address this issue. It's a catch 22 designed to keep us impoverished. If you would like to PM me for additional details please respond with an email addy. Trying to change policy to make it less discriminatory so we can afford to live and not become homeless. Thank you.
Welcome aboard Fear Not God Is Faithful! I just want to let you know that if you have any questions or a topic that you want me to make a video about, just include the hashtag #hawthornlaw in your comment and I'll see what I can do! If you haven't already, please check out my channel to see all of the topics that I have covered so far: ru-vid.com/show-UC6t5e6r-JEVoz_yn6SdvLRw I look forward to seeing you on the channel!
I formed my LLC, single member. We are a home based embroidery & Direct to garment business. We are using a dedicated room as our office. My question is can my room dedicated as a home office be given a tax break? Also am I required to purchase a liability insurance separate from my home insurance to cover my business in Florida. Thank you
Hi Marco. In case you haven't found an answer to the insurance question. The answer is you should get separate liability insurance for the business operation. Home insurance liability does not extend coverage for a business operation, incorporated or not. The coverage forms and exclusions will tell you that. Also your insurance agent will tell you that. Florida Insurance Agent for 20 years.
The video gave the basic information I needed and more! Did you record the free training class on what you need to know from a legal stand point when starting a business?
Nice video, question how do I get the most back for an LLC only member no workers only issue is I ordered tons of repair equipment for customers with not much income for the year of the business no one can to pick up there bill due to COVID, I also workout of my home no i
I have a question. Say I have a day job that pays me 50k a year and I start an LLC that that has a capital gain of 50k for the year. My taxes would be flow through taxes so I would have to pay state and federal tax on 100k? Also, does the Self employment tax apply to the whole 100k I made throughout the year, or only the 50k that the llc was responsible for?
I have just filed for a California manager managed LLC. Personal training company. I'm thinking C Corp? What will change in my personal tax return for next year? And how will my llc file its taxes? How do i take money from business to myself?
Hi Jim just found your content ,you are great at explaining things you get straight to the point 👍🏻👍🏻. I had a question on this subject , so I dissolved my SMLLC in 2019 and am ready to file my last taxes for my closed business, so my question is, do I need to do anything different given the fact that this will be my last time filing taxes for the business. Or will it be just like any other year that I’ve filed before. I know you are busy but I would really appreciate your help. THANK YOU 😃
@@jimhart I believed to my knowledge with a single-member LLC you need to file regardless of income amount; $0 or $100,000 either way required to file. Please corrrect me if this is otherwise?
Must I pay an occupational tax as I operate my small business from my garage. I'm an LLC. Denver govt. has told me repeatedly that no biz license is needed in my case but a monthly occupational tax is needed to be compliant.
My LLC is mostly as a delivery service, using my own vehicle. What's the best way to take advantage of the 58-cents per mile Federal gas deduction? I will likely be putting 30,000-40,000 miles per year on my vehicle. Can you deduct actual gas charges, car maintenance (ie, oil changes) in addition to the 58-cent deduction?
Probably a dumb question. How does it work to pay yourself from your single member llc? You have separate bank account and personal expenses to manage. Do you have to pay just as much in taxes on the personal side after the llc is taxed?
I’ve been needing this so much They have been wanting me to pay quarterly with the state offices If I miss those quarterly periods what are the downfalls go I just have to file more at the end of the year
Q: Hey Jim, re. filing taxes as a Single Member LLC - if understand correctly from other videos, I don't *need* an EIN number for my solo LLC or business checking acct, but if I get an EIN, how much more filing does that require if I have both an EIN for the LLC and SSN, as before, for other non-business income, like investments ?
For a 2nd home - non rental, does a LLC partnership files as a disregarded entity make the most sense for a long time couple (not concerned about separation) ?
Liked. Question-since LLC is recognized by the IRS as a sole proprieter and taxes are on Schedule C, does this mean you can deduct biz expenses for the LLC that might not be in the name of the LLC? For example - my home office and car mileages used solely for the LLC, but registered under my name...please help.
First, THANK YOU for creating this content! I'm very appreciative of the information. Second, the online course you reference at the end of your video, is it still available and how do I get to it?
what if host 2 events per year (as a single member llc) january & july. when would i have to file my taxes? quarterly or is there a once per year "at the end of the year" option? since i'll have a 6 month gap without no income // 8 overall months without business income.
What about single member llcs who have elected to be classified as a separate entity, like a c Corp or s corp? Then you would be filing separate returns for business and personal. ??? Not filing everything on one schedule c, but 1120 or 1120s...
Helloy husband halls scrap do clean outs. We started in 2019. we had not been steady in saving receipt and filling taxes on the business. Someone told him that he did not have to file taxes because he was helping the community,or something like that So what should we do since we have not filed taxes
as a single member llc, do I have to file 'federal' taxes quarterly or yearly? I cant find the right answer for that, I'm just starting my business at the end of March this year 2020 , some people told me I have to wait till 2021, other people told me I have to wait till 2nd quarter of this year . which one is right?
Hi, I like your video and I have one question now... I am not from states so I don't file my personal return but in my last visit(aug2019) I open my single-member LLC in state IOWA, I have EIN for my LLC, now can you please share with me what should I do to file the tax return. There are no business transactions happen yet on my this LLC
I set myself up as an LLC with a EIN so that I won't have to provide a W9 with my social security number AND so that payment can be made to my business. Do I need to list my EIN and entity details on my 1040? Will my EIN expire in 3 years if I prepare my taxes this way? Thanks so much!
I open my LLC as non USA resident on 15 oct 2022 when is my tax return filing due date plz do I have to file tax return ? And my LLC is form only 6 months ago
Hi, thank you for this video. Very helpful. Do I have to pay taxes 4 times per year as a business owner, rather than one lump sum annually? If so, would I just write a check to the IRS 4 times per year?
@@jimhart hi! Well. I'm used to get paid directly to my name but now I applied to create an LLC. So I thought I had to pay myself a salary and use two separate different accounts. My personal and the business. But you mentioned that the salary is not necessary. So can I mix personal credit card to pay gas? Or vice versa? Can I pay a business expense with my personal debit card? I can keep track of the receipts but maybe not the payment method.
Great video. I am on w2 and this year i got contract job too. my big concern is high tax bracket because of making almost double amount. I can consider business expense for the second contract job 1099. but still need much deduction, one way is establishing a LLC as you mentioned. question is if I do that in middle of year then can I put all entire year i income for the LLC? Thank you
I used Zen Business to form my LLC and they offer a $50 per month CPA package, I'm considering using it it has alot of features and just takes care of everything...is $600 a year way too much? Thanks!
I recently launched my business but I didn’t make any profit with in this last year how do I add that when filling my 1040 cause U worked also through TurboTax
I'm a little confused so you pay up to 37% on the net profit of the business, and the self employment tax at 15% on the same profit when you pay it to yourself? So a total of 52%?
@@jimhart oh ok. Thank you. Im the sole member of my LLC. I run an online retail store where I sell my branded apparels. I plan on attending tradeshows and conventions to sell my product, but would I be able to accept cash? If so, would I simply deposit it into my business checking? I'll appreciate any input.
When working with a client as independent contractor (would I still be considered one if I'm a single member LLC?) would either us need to send each other tax documents like a W9?
Thank you for your informative videos! I am currently a sole proprietor and plan on leasing a place with employees in the future, should I pay myself like the way I pay employees or can I pay myself as self employed LLC and employees different? Whats they best way to keep things simple? Thanks!
I plan on starting an amazon FBA business, opening an LLC. Its sounding to me that it would be more beneficial to purchase anything I need AFTER I have opened my business and have the business bank account and purchase things FROM that account. Am I correct in my assumption? Thanks
