Small Business Taxes for Beginners & New LLC Owners

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Small business taxes for beginners. There has been a record-breaking number of LLCs created in the last two years according to US business formation statistics. Of course, this means there will be a lot of new business owners who need to learn how to handle their taxes.
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Timestamps
Preview/Intro (0:00)
Individual Income Tax (1:54)
Corporate Taxes (3:38)
Payroll Taxes (4:40)
Self-Employment Taxes (5:31)
Other Uncommon Taxes (6:54)
How to Pay Business Taxes (8:27)
Business Tax Deductions (11:44)
Compliance Checklist (13:33)
IRS Receipt Requirements (15:45)
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Disclaimer: The information provided in this video is for informational purposes only and is not meant to take the place of professional legal, accounting, or financial advice. If you have any legal questions about this video or the subjects discussed, or any other legal matter, you should consult with an attorney or tax professional in your jurisdiction (i.e. where you live).

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7 июн 2024

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Комментарии : 139

@lavenderhaim 6 месяцев назад

Hands downs the best explanation EVER ! THANK YOU!

@Nun2395 3 месяца назад

Literally been looking for someone to explain this for weeks. I couldn’t understand which specific ones I needed on the IRS website

@AdelitaWilliam-dl7ci Год назад

Found your post interesting to watch. I can't wait to see your new videos soon. Good Luck with the upcoming update. This RU-vid channel is really very informative and effective.

@allasiahyett8801 Год назад

I love the way you break it down. So helpful. Thank you!

@stefaniecruz9051 3 месяца назад

Thank you!!! Excellent video. You are very knowledgeable and intelligent.

@boobookyri 3 месяца назад

fire explanations, you're awesome dude, keep on doing what ur doing!!🙏🙏

@RayaFlora 8 месяцев назад

I extremely like the video, man. Very helpful and informative. Thank you very much. It is presented so well too. Great, positive work.

@carrmenn_j 6 месяцев назад

I loved this soo so much. Keep up the amazing content! I Also loved your execution my guy.

@joshimmordino9164 8 месяцев назад

Appreciate all the videos you have made!

@niecymitchell5033 Год назад

Omg!!! You have really broke everything down. Thanks a bunch sir 😊

@colegoddin9034 Месяц назад

This channel is a gem!

@MrCalvincdj Год назад

So glad i came across this channel

@thegoldenpersona 2 месяца назад

Appreciate the time you took to explain everything. 😊

@andrewbourgeois9550 Месяц назад

Excellent breakdown. Thanks!

@adaywithasinglemom 4 дня назад

Great information. Thank you 👏🏾👏🏾👏🏾

@mastertechnicianmindset2181 Год назад

Great Job Man. Thank you for the Business Protecting Information!

@user-tg1cr6we8u 3 месяца назад

Absolutely awesome explanation ❤❤❤❤

@TopShelfHunters 9 месяцев назад

Amazing breakdown. Subscribed.

@dogdash Год назад

Ayyy DogDash thanks youuu!! First year in busses! 🙏🐾 knowledge is a blessing

@growthwithkylee 3 месяца назад

Hello. How are you doing in business. I hope all is well 😊

@newsjohnson Месяц назад

Dude you’re good at this

@karandrathod Год назад

incredibly clear! thank you :)

@MoneyMakingStassia 2 месяца назад

This is the best ever. Thank you!

@jaycon6919 Год назад

My man, great channel

@richelletvforyou8324 Месяц назад

Excellent video.

@MaryKathrynLeMaster Месяц назад

Very helpful!

@angelica7236 9 месяцев назад

extremely helpful video !!!!!

@yujeonglee2378 6 месяцев назад

Thank you for a great video!

@ActiveChupsie Год назад

Thank you definitely subscribing ❗️

@MilkybarBaby 2 месяца назад

bro out here saving lives

@brothad4650 11 месяцев назад

Great video bro , this really helps

@user-fn1ke9xf3t 4 месяца назад

Great explanation 👍🏻

@tealnexttimebond8859 Месяц назад

Actually a very good vid.

@relanamapugilo 7 месяцев назад

Powerful Message

@lifewithtoricai Год назад

Your contents are so informative 👏 👌

@KidOaKTon 3 месяца назад

This video helped a lot

@Jenny-nv9qd 10 месяцев назад

👏🏽👏🏽👏🏽👏🏽 wow thank you!

@pech_wake_day1153 Год назад

I would have never started a business if I didn’t watch these videos. Thank you so much .

@LYFEAccounting Год назад

You are so welcome!

@LYFEAccounting Год назад

What kind of business do you have?

@pech_wake_day1153 Год назад

@@LYFEAccounting I started a seasonal charter business last year and am launching a medical staffing agency right now. I have learned so much by watching your videos. I would love to use you guys for tax planning but I don’t meet your qualifications maybe bc I’m not generating much income yet.

@karenwhite445 Год назад

Great job

@deewill6663 2 месяца назад

Love this channel. I am new here.

@josephpainchaud7533 8 месяцев назад

Wow, your awesome great video Ty

@martianmusicllc Год назад

Great info

@user-xz6zc3ui2s 9 месяцев назад

ohhhh Men I love you're logo sing behind.NICEEEEE

@Lafleurbrioche 7 месяцев назад

Liked and subscribed!

@tyrojames9937 Год назад

GREAT INFO❗

@LYFEAccounting Год назад

Glad it was helpful!

@leslieandastrid4282 Год назад

Hi! Just want to clarify on what you said about not needing to pay quarterly. Can i just pay once for the whole past year?

@shelikestoshop9803 Год назад

Great information. I started a business, and I need all the tax information I can get.

@LYFEAccounting Год назад

Thanks! What kind of business do you have?

@meetingofthemindspod 5 месяцев назад

GOOD INFO

@bolyvang3495 Год назад

Another great video! Could you talk about how to and how much to pay for quarterly taxes during your first year of being in business? I will likely not profit the first couple quarters this year.. just opened my LLC in January.

@LYFEAccounting Год назад

If you aren't expecting to make any profit then you don't need to worry about quarterly taxes :)

@naomihawkins2470 Год назад

@@LYFEAccounting So question, how do you estimate the income taxes you owe and the total self-employment taxes you owe? Like where do I get that number? Or should I not worry about that until I am making a certain amount of money? I hope that makes sense.

@rosemarysalcedo Год назад

Amazing video! Is it possible to share more info about paying estimated taxes for those states that require filing? Thank you!

@bmrs.g7108 Год назад

Thank you!

@LYFEAccounting Год назад

You're welcome!

@nicolelgreen1491 4 месяца назад

Thanks

@Alexis-hm4kw 9 месяцев назад

I have 2 questions. I use QuickBooks and TurboTax to file my taxes... and I make my payments through them every year. This is okay right? Also will i get in trouble / penalized as stated for paying my taxes in whole before April 18th still? Or are you just saying if it takes longer than April 18th to pay it all off you will get taxed more? Thanks!

@tyrojames9937 Год назад

INTERESTING❗

@dontquitkb Год назад

Valuable information with great nuggets to add to the small business tool box

@LYFEAccounting Год назад

Glad you enjoyed it

@carmenc6741 Год назад

Does an LLC only pay taxes on profits? Or total amount grossed?

@BarryWilliams-gc7bt Год назад

What documents are needed when ready to file?

@Hoodrichricooo1k Год назад

How do you get your write offs back on your taxes?

@garrettpatten6312 Год назад

The 'US Turf' joke was absolute 🔥 it is a mafia make no mistake lol

@ericajones6287 Год назад

Your entire channel is so helpful! When I pay quarterly estimated taxes it ask for the social security number but I am in a partnership LLC. How do you know which social security number to use?

@genesism9704 11 месяцев назад

You don't use you ssn you use your business EIN ") hope this helps.

@edgarvarela5897 6 месяцев назад

Yes

@khandibaugh23 Год назад

Hello Sean, are you a CPA, EA or CFP?

@Pens-and-morez 6 месяцев назад

I’m buying a laser engraver and was wondering if it would be worth it to apply for a LLC to write it off on taxes?

@gotabeadsbazaar 5 месяцев назад

Correct me if I am wrong. If you are selling through a marketplace like Amazon, Ebay, TikTok Shop, etc, then they are collecting sales tax on your behalf and sending it to state. Also, there's a threshold, economic nexus, regarding sales tax.

@auhmilyonc7890 7 месяцев назад

I just opened a second business (Spa) in September. If I don't make any income for the business this year; do I carry forward my business expenses on my taxes?

@JohnDoe-hn5nl 3 месяца назад

What about paying off debts is that considered income?

@Global-Professionals Год назад

Hello! Greetings! I started my single member LLC in Wyoming as foreigner this February 2023. When should I file my tax return to IRS?

@QueenThrift 8 месяцев назад

Why they don't teach this in school? Very helpful information, thank you!

@mr.anime2886 6 месяцев назад

They teach u to be employees not owners

@user-jt8jv1dd4i 9 месяцев назад

Hi, I have prepared my llc in sep 2023 few days back ,not started any activity,so i have to fill return also.

@jamessharpe2184 7 месяцев назад

Question. If somebody send me money thru cashapp. But i never cash it out into my busness accout will the irs charge me taxes.

@Kyler.knight 4 месяца назад

Can you explain to me. I am in Texas getting ready to open a food truck. My husband and I will be co owners. If I do an LLC would I just file it on our tax return or would I need the additional form since there are 2 of us vs a single. Next question: I will have my teenagers working with me and I will be paying them a check for working. I was told that since they are my kids I dont have take taxes out of their checks. Can you explain that?

@umitbaykal4648 Год назад

I am not an American citizen and I have a limited liability company in the USA. Which tax form should I fill out for my company?

@DingDong-gn7hj Год назад

What if a small business is charging an extra 1% in sales tax than the states mandated. is there somewhere you can complain at?

@sheisdivine3678 3 месяца назад

I HAVE 2 years with my small business ,well on april ill have 2 years , i dont really have traffic coming in,, in total its bn 4.000k loln, in 2 years.i dont receive orders much. do i still need to pay taxes?

@allenguerrero7696 2 месяца назад

Is there a way to pay taxes through the year instead of at the end of the year?

@chrispena2658 4 месяца назад

Im a new LLC, I had personal money that I transfer to my business checking account to pay a contractor for construction for my new business, do I need to start reporting that even if my business is not operating yet ?

@bryanchambers7227 Месяц назад

Can I write off my payroll taxes as a sole prop with employees. For example I run payroll through adp. They automatically charge me each time I run payroll for Social security, Medicare etc. Can I write all that off?

@charlottehyatt4208 Год назад

??? I purchased an LLC in April, 2022. I have not used it. What are the tax consequences?! Can I just file my normal 1040A?

@jessicasanchez9346 3 месяца назад

My husband worked and got paid by someone and ofcourse we plan on report it but the person will not report it til next year will that be a problem for us?

@ellenoir5678 Год назад

My guy!!!

@vincepanico188 11 месяцев назад

❤❤❤❤thanks

@stanborup673 11 месяцев назад

Great content. I have only one question as a future LLC business. If I choose to pay for items shipped to customs, is shipping, postage, and related shipping material costs tax deductible? Thanks. -Stan

@christopherung7058 7 месяцев назад

I believe they are tax deductible because you need those necessary expenses to conduct your business. You only pay taxes on gross profit.

@ShawnC88 6 месяцев назад

Some of this is unclear and slightly vague. For instance, 11:00 in you say it's important to note that you don't have to pay taxes quarterly, and then it cuts like you made some kind of edit here and you say if you fail to do so you'll get hit with a penalty. Also, for the quarterly tax payments, are paying in advance or arrears? Assume if we are watching this video, we know nothing :)

@Haynxs Месяц назад

I work a 9-5 and just filed taxes. I just got a business license to start a clothing brand and owe quarterly taxes 2 weeks after receiving my license. Im so confused.

@chrisshoemaker7710 10 месяцев назад

As a sole proprietor selling liquidation pallets as a side hustle. Can I pay myself at the end of the tax year once I have an idea how much to pay myself?

@arnoldcontreras9956 Месяц назад

As a sole proprietor any money left over after business expenses counts as a profit/your pay. You can’t write off your pay since you’re not an employee of the company (W2) from my understanding

@justinbrown2894 9 месяцев назад

Are you telling my I gotta pay taxes on all my stuff that I already own that im going to use for my business

@kyle___v7810 Год назад

How do they know how much you gain

@aster5031 Год назад

10/10

@djendinafitchinejeanpierre8115 Год назад

If I start my business about 4 months and I don't make money should I file tax return?

@cindiethony16 Год назад

Yes

@coldnite01yt57 7 месяцев назад

how would it work if i only made $13, and accidentally used a personal account?

@lynej2011 Год назад

I love this channel. I am having the hardest time finding the answer to this question. Am I supposed to pay estimated payments out of my business or checking account? Could you also make a video on how to pay income tax estimated payments? Thanks!

@ramrab8368 Год назад

C Corps don’t pay self employment taxes, but they do pay payroll taxes. Wouldn’t that be the same thing though because it amounts to the same 15.3%??? As the sole owner of a C Corp Great info as always!

@LYFEAccounting Год назад

Kinda the same thing and as the sole owner of a c corp the tax outcomes can be similar. However, as the name implies, self employment taxes are for those who are "self employed" and they typically can't get around it. Whereas, C Corp owners (who are not active) can avoid self employment taxes.

@ramrab8368 Год назад

@@LYFEAccounting Much appreciated!

@connorhodge513 Год назад

So basically if I want to start a buisness they’re gonna take half

@roobensmaurice5848 Год назад

Can you get money back if you spend more than you make as a small business owner

@leyanicoll2501 Год назад

???

@ginggia9596 Год назад

YES, ABSOLUTELY

@tuyenlam2557 Год назад

No, you'll be at a loss

@Drew_Warner 10 месяцев назад

It becomes a credit toward the next years taxes. So kinda, Congrats

@le3luLUsfandeMCDBZGTA 8 месяцев назад

Depends on you country ane your business but usually yes there is a way

@jonmetcalf715 Год назад

What if you are employed by a w2 and have your own business. Do you still have to pay self employment tax on your LLC?

@lynej2011 Год назад

I am waiting for this answer. Thanks.

@ginggia9596 Год назад

Depends on whether you made at least $400 NET PROFIT But if you had many Expenses that exceeded that income --meaning you had a loss Then NO you dont owe self employment tax..