I started a Single-member LLC on 9/16/2022. Based on quarterly payments schedule, I pay estimate 4th quarterly payment on Jan 15, 2023. On April 15, 2023 I pay estimated 1st quarter payment for 2024. This video is great. Will be viewing other of your videos. Thank you.
Good morning and I so appreciate your videos! I am a new LLC (1/1/2023), and I am wondering if I didn't make money last year, how do I file taxes this coming April 15? I have yet to receive any monies, however, as I finish quilts that is when I get paid. Just need to know. Thank you so much!
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
Thanks for watching! No, I haven't moved, just got busy with life but I'm aiming for at least 2 videos per month now! Hope to see you again soon! You have a great day too! Thanks for commenting!
Thank you for sharing this video about Paying Quarterly Taxes. I believe these things, you discussed in the video, are things to be kept in mind. I am self-employed, and I do have my own Bookkeeping and Accounting business. I don't have any employees working under me; and even so, I may have to watch this video again so I can understand it better. If I have any questions later about this, I will let you know. So far, I don't have too many clients, and if I have to pay any quarterly taxes, I believe I have to follow instructions on how to do it. Again, I thank you for sharing this video, and I look forward to seeing more of your videos if you will have any. Keep up the good work.
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! :)
Hello , I came across your post on RU-vid on , Tax1099 , I did the 1099a on Tax1099 and I was wondering should I add a 1099c with it or does it come automatically? Thank you for everything you do .
