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
@@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 🤞
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
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.
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 💜🙏🏾💪🏾
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.
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!
The video said Business Loans will almost always look to the operating agreement (I believe what you're terming Business Plan). I've heard Those who provide loans will always look to the OPERATING AGREEMENT (sorry my phone autocorrect is capitalizing it lol). ... also banks always want to see it for a loan...
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!!
@@LYFEAccounting I'm starting a new company (will disclose more if we potentially work together in the future :)) and run this RU-vid channel: Neura Pod
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
@@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!
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..
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.
Thank you. Very helpful. Can you do more videos on tax deductions for W2 earners with a business? Anything on franchise business would be a bonus. Thanks.
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
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
TN sucks for a smllc. you have to pay 6.5% excise tax on your net income, only a few are exempt from this. Its so hard to dissolve the llc to get it all switched to a sp. would love videos on how to dissolve it and get all things switched over to sp, no one has these videos.
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?
In the case of Joe selling car parts, should use $40,000 this year for next years inventory and take his draw of the remaining $60,000 - he would just need to pay on that $60,000 that wasn’t used for business expenses correct? Thank you for clarifying!
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?
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
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?
Omg!!! I learned so much from this 1 video! This will be my first year submitting my business taxes and this was so helpful. I’m going to give it a shot, but if I find it overwhelming I will be in touch. Mahalo! Xo
My wife owns LLC and she is the sole owner….we did not get a 1099 from who she works for and come to find out she filed as a c-corp. did she file incorrectly? We have no employees and do all of the work ourselves. And if we filed okay then how do we file? Is there a form we need to fill out?
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 😅
I might be the biggest idiot on the planet... I just realized that, when filing for my EIN, I checked the box for LLC Partnership instead of Individual/sole proprietor LLC... which I am. I am the only owner and employee of my LLC. That being said, I already missed the March, 15th deadline for the 1065 form. Should I go ahead and try to change my LLC to single-owner now, before filing? Or is it far to late and I should just go ahead and file as a partnership? Thank you, your videos are extremely helpful!
Should I personally file for an EIN, or should the LLC file for an EIN? Which EIN is used for taxes? And which EIN would be used for opening a bank account for the LLC?
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.
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
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?
I was so siked starting my service business that I went overboard. I see many vids of converting from DBA to LLC but not back once you to DBA once realized that I should have been DBA. How can this be done without losing trade name, USPTO for logo and business bank account. I am the only member of this LLC
Is it good to do 1 owner? I have me and 2 of my kids. What’s the best way ? I’m just doing buying homes fixing them up and selling. Also floor polishing. What’s the best way ? I’ll have 1 worker only
Hello, so basically you pay tax for the business gross income, and than again on the same basis for same income you pay tax on as self employed? Did I understand right? Thank you
