I am a New York CPA/attorney. I HAVE NOTHING TO ADD TO THIS DISCUSSION!! I often comment on these videos because, in my opinion, the presenter has left something out, got something wrong, or appears to have said something confusing. Tyrone, you have done a masterful job with this particular subject. VERY WELL DONE. GOOD LUCK TO EVERYONE WHO FOLLOWS YOUR ADVICE.
@@TheSelfEmployedTaxGuy You deserve it. There is nothing more dangerous than someone running around with half an understanding of a subject, especially when their irrefutable source is "my friend said..." and "I saw somebody on youtube, no I didn't watch the WHOLE video, it was thirty minutes long!" My other favorite is the twelve word PORTION of a sentence, on LAST YEAR'S instructions, for a form that does not apply. Keep up the good work.
I have been researching starting my own business and taking charge of my life. after going through RU-vid university i find a lot of things that put me off the content of peoples videos, things like talking too fast or too slow, side trackers who stray off course, unprepared content and glitchy editing.......... etc etc, Then i Met my new bro, cousin, uncle Tyrone G... Very knowledgeable, precise, engaging, systematic, influential, informative and just an all round good guy you need to keep in your computers pocket.
@@TheSelfEmployedTaxGuy hello how are you? what would you recommend for someone starting a notary business on the side? I planned on getting a EID but then a dba but when you mentioned that you can’t go out the county that defeats the purpose for me bc I’ll be online as well as all over the state. The LLC and sole proprietor seems like a headache so now I’m kinda stuck
Man you make some great, clear videos. Sometimes it seems you're reading the question in my mind because it's always the next thing you talk about. Keep up the great work!
So thankful for you doing your thang, brotha. I was halfway down the path of getting an LLC and then realized I don't need it at this stage of the journey! The DBA/sole proprietorship route makes so much more sense. Thanks so much! I've subscribed.
I don't think I've ever watched the video so informative and so easy to follow than the one that you have provided here. Thank you so much for producing this video and sharing this information.
You just became my favorite!!! I am about to sign my first documents for a deal with my new business. Your video popped up for DBA. I watched your LLC video and loved it. I am now a subscriber. This video made things so clear and yeah, I do need to get a business bank account!
Hello and thank you for watching! Welcome to the family! Yes... get that business bank account! And I wish you the absolute best of luck with your business!
I have been doing a lot of research in the past months about my business process. Thank you for this great video and answering others' questions I definitely had!
New favourite Uncle/Cousin!!! I LOVE your channel. I had so many questions this morning and I've found all I need here and MORE! You explain these concepts in a way that I can easily understand. Thanks so much for your voice 🥰
I’ve been excited to creating a dba for a long time, until now. It’s ok my bubble isn’t burst! Lol you simply made the explanation so clear and thorough I see it’s not beneficial for me. Thank you!
Thank you for this video’s, cause they don’t teach none of this in high school. So I wanted to get your take on something, since I’m trying to start my business and it’s mostly online...This makes perfect sense, cause I didn’t want to make a big investment until I see it on paper in black and white...so appreciate this video so much
Thank you, I just wonder when you test out a business, is it best to start as DBA and when it is showing great results is it a good thing to go into LLC. Like I want to protect the name and my productivity of my efforts, but I don’t want to invest too fast until I see where it’s going. What do you suggest?
Thanks, I definitely appreciate your videos, they are great with explaining to be understanding, and they don’t teach this in school so it’s like your on your own out here to find out. Like you don’t want to get copyrighted or anything as well, and originality is everything
Great information again. I would like to elaborate on the self employment taxes. Although you’re responsible for self employment taxes as a DBA or on any self employment income you can legally reduce your self employment taxes to zero alone with Federal & State income Taxes. Intact a DBA is a very powerful tax saving income resource in most cases.
Again I thank you for watching... truly appreciate it. Would you be willing to elaborate a little bit more on how we could legally reduce the self employment tax to zero? Sound like that would be most interesting.
The Self-Employed Tax Guy Absolutely I can elaborate. Just think about it like this, If you earn 5,000 in your businesses depending on what State you reside in you have to pay Federal, State, Self employment taxes otherwise known as Social Security & Medicare taxes. Now lets say you have $15,000 in legitimate documented tax deductions, in this scenario you would wipeout your Federal, State, & self employment taxes. Now before people start blowing up my phone with statements like how can you make money if you’re spending three times more than your bringing in, just understand you have deductions such as mileage in which saved my wife an I on average 17k each year that doesn’t cost us 17k a year. I hope that was simple to understand. As an employee earning income as a W2 you have zero opportunity to reduce or eliminate your Social Security & Medicare taxes.
This was perfect information for my research on DBA vs LLC. Your video with examples and informative content was what I needed to get started. I agree it was DBA university to the 100th power, Professor Uncle Cousin! I took notes and I will begin. I have subscribed and looking forward to many more of your videos.
Thanks your so much help great info saved me from alot of sleepless nights trying to figure out if llc or DBA is needed. I want to open up my own online eyelash business. My 8 month old son is my motivation
So glad that I can help! I say do it! Congrats on welcoming new life to our world. You are right... that's even more of a reason to start your business to build a solid foundation for his future.
This video was great and very informative! I've read several articles and didn't get the understanding that you gave in this short video. The information was clear and concise. Thank you!
Thank you for being so clear and informative! 2 Quick questions - do you recommend registering the d.b.a. Prior to purchasing a domain? If we aren’t opening the business banking account until after registering/paying fees to register, what’s the best way to report the business expenses made from our personal accounts when it comes to tax time? Thanks in advance! Your videos has been truly helpful!
Thank you for watching the video! That's a great question! It's like the old question... which came first? The chicken or the egg? Truth is... for us it doesn't matter for us because they are both here now. So it's almost the same with the DBA or the Domain. It doesn't matter which one you get first so long as you get them both. And just make sure you keep track of what came from the personal account and you can write it off along with everything else.
Man uncle cousin you on point. I formed a DBA in may after watching my first video by you, but I haven't really opened my business yet. I'm getting there. I actually just read tonight that I had to run an ad in the paper so I come on here and you confirmed it. My only question is if my business isn't separate from me can I use my SSN as an EIN to open a business account or do I need to register for one. I'm doing online stuff, but I want to make sure all my ducks are in a row. Thanks for your great videos
Thank you for watching the videos! Sounds like you starting off right... congrats! As a DBA you can use your SSN, just check with the bank and see if they will allow it as different banks have different rules. However if the bank that you want to use does require you to have an EIN then by all means get one... they are free.
Your information was spot on. I appreciate your clearly explained the basic and most important points in stating a business. My question is how do you determine how to select a good tax advisor. What resources do you use to hire one.
Thank you soooo much!!!! You just got a new Sub! You confirmed what I was thinking of doing because I just don't have the funds to set up am LLC yet. You answered so many of my concerns and explained things so clearly. To top it off, you look like one of my younger brother's... Thank you again, I look forward to your videos. Peace!
Thank you for watching the video! Glad I can help and welcome to the family! And since I look like your younger brother, I guess I'm now part of your family as well lol.
First person I found including the information on hiring people as a sole proprietor! Thank you for such an informative video! If I’m starting a small business from home, do I need to apply my business name and/ or design as a trademark too?
Much appreciated! Thank you for watching the video! I would wait to see if it's going to be something that you pursue beyond the 5 year mark before you look into trademarks.
Godly day to you Cousin! I think you answered my question but I need you to answer these questions for me please. #1 If I am set up as a DBA Company can I have a single or multiple trademarks (with a different name) under that DBA Company if I'm selling similar items or should I register each trademark under their own DBA Companies? #2 If you say do things separately, will I also need to get separate Bank Accounts for each DBA or Trademarks? #3 Based on your answer: If companies are separated, am I paying taxes in the same manner or all as one? #4 In having a DBA am I paying the taxes separately from my personal taxes that I file jointly with my husband who is not connected to my business. #5 If I pay for a Trademark & it gets rejected for any reason what happens to my application payment? I think that's all I have "Right Now"! Thank you for answering my questions. I truly appreciate your time.
Thank you for the knowledge bro, as soon as the video started i subscribed. And I wasn’t disappointed watching the whole video thru! Keep the content coming🤘🏽
I just commented on your video about LLC,s. I subscribed. I found this one. Yay!! You are so on point uncle/cousin!!! Thank you so much for the clarity!!!
👍👍 Some of the best information on the DBA I have heard so far. Right now I’m trying to see if I can file my DBA without going through one of the online companies, Incfile, ect. …just one question. Should I get an tax number for my DBA if I’m not planning on hiring anyone in the beginning, if at all? My understanding so far is that I need one to open a business bank account.
🙏🏽 Thank you for watching the video! You can definitely file your own DBA without using a third party. I would do a Google search for the DBA in city, town or jurisdiction and they will direct you to proper state agency website. And yes I would definitely get an EIN once you have your DBA. You can use it for banking purposes.
