Since the sole proprietor and the business are one, can the individual still file for an EIN? Also, my thinking is to register my business as a sole proprietor and later change it to an LLC when it becomes profitable. Is that wise or should I initially register it as an LLC? Thank you for making things clear and so easy to understand.
HERE BEFORE 500K & 1M SUBS! I'm learning so much from you, these small financial segments on how to steward your money isn't really being explained in this simplest form. Thank you!
Some of my coworkers are Independent Contractors and they have an EIN but no LLC. Is the EIN connected to them directly and why not just use their SSN? What is the difference between an EIN and no LLC and a EIN connected to an LLC. What are the Pro and Cons? They believe the EIN gives them separation of responsibility, but how can that be if they have not LLC. Others have an EIN connected to a DBA. This question will need to be in another video though.
If you have a full time job AND are an independent contractor part time, do you file them together and still deduct your independent contractor expenses OR are you filing 2 separate filings (employee and independent contractor)?
Sole proprietors file their business earnings at the same time they file if they have a typical job and are an employee. The business doesn't file for itself because you are the business, like he said. The business taxes, profits, etc "flow through" to you is how its described.
Huge fan of the videos and have learned a WHOLE lot but I do have a question: How do you and Cassidy sound exactly alike but Meek Mill screams so much? Is there a section in Philly that just screams, or do most have the same accent you and Cassidy have? I'm genuinely curious not even trying to be funny...
Hi ! So I want start an online clothing boutique but I don’t understand the Form 270 (excise tax) do I put yes or no ? I’m only going to be buying wholesale and then shipping from my home to customers
Keep records of who you sending it to. So if you are a sole proprietor and you receiving income from a source keep the receipts on that. You would put that on a schedule C self employment
Just subscribed to your UA-cam channel great content. Just starting automation and financial services. Can one LLC cover both endeavors, or will they have to be separate? I have even thought of The Jumping Jack opportunity.
You will have to do the math your self. Since you are a self employed person. For example if you made 15,000 from profits as a self employed you would owe 2,077.87 due to using the self employed formula. My tax business page is Legacytax_ I’m partnered with jumping jax tax
I need to talk to you My businesses and my work.. how May we be able to speak Non profit, but spiritually based Please let me know I am the sole proprietor in my 501(c)(3)
Since the sole proprietor and the business are one, can the individual still file for an EIN? Also, my thinking is to register my business as a sole proprietor and later change it to an LLC when it becomes profitable. Is that wise or should I initially register it as an LLC? Thank you for making things clear and so easy to understand.
I have the same question!
HERE BEFORE 500K & 1M SUBS!
I'm learning so much from you, these small financial segments on how to steward your money isn't really being explained in this simplest form. Thank you!
Thanks for the support.
I'm student of Nigerian Army University Biu studying transport and logistics management. Am lucky to find this video at first of my search....
Thank you! This was very clear and concise. I appreciate the assistance and your knowledge! Very easy to follow your discussions.
Thank you for helping us and for your online community dedication. Subscribed.
Some of my coworkers are Independent Contractors and they have an EIN but no LLC. Is the EIN connected to them directly and why not just use their SSN? What is the difference between an EIN and no LLC and a EIN connected to an LLC. What are the Pro and Cons? They believe the EIN gives them separation of responsibility, but how can that be if they have not LLC. Others have an EIN connected to a DBA. This question will need to be in another video though.
I’m considering starting a Mary Kay business. Is this considered a sole proprietorship??? Does this business have to be filed with the state??
Very informative Don and perfect timing. Thank you so much!! 💯
Glad it was helpful!
Great speaking skills
thank you!
Awesome video - well organized and very informative. Thank you!
Thank you SO MUCH! That Info was Clear and Upfront!
This was great! Loved learning about this.
Glad you enjoyed it!
Hello Prince Donnell, Will you do a topic on what a C-Corp is? Thanks in advance!!
I learned about money and the importance of not letting sit in the .001% interest savings account. You can find that laying on the ground lol.
Absolutely. Keep learning.
Absolutely fantastic video, thanks for the info!!
If you have a full time job AND are an independent contractor part time, do you file them together and still deduct your independent contractor expenses OR are you filing 2 separate filings (employee and independent contractor)?
Sole proprietors file their business earnings at the same time they file if they have a typical job and are an employee.
The business doesn't file for itself because you are the business, like he said. The business taxes, profits, etc "flow through" to you is how its described.
Is it truly the same rules for smllc?
Great content, keep up the good work.
That coin sound effect got me fucked up I started looking on the floor
Good clarity
Defnitely need to smarten up on my DBA taxes
I Actually needed that.
Glad I could help.
Givethanks king more strength more blessings 🙏🏽💎🏁
Absolutely!
Huge fan of the videos and have learned a WHOLE lot but I do have a question:
How do you and Cassidy sound exactly alike but Meek Mill screams so much? Is there a section in Philly that just screams, or do most have the same accent you and Cassidy have? I'm genuinely curious not even trying to be funny...
now when i listen to his videos all i hear is Cassidy 🤣 you right he sounds just like him.
Great info brotha, thank you
Keep these coming 💯
Absolutely. Thanks for the support.
This was great... thank you!
Hi ! So I want start an online clothing boutique but I don’t understand the Form 270 (excise tax) do I put yes or no ? I’m only going to be buying wholesale and then shipping from my home to customers
I have the same question!
The eyes, I just stare at throughout the video. hahahhaha
Great video !
So pretty much if your expenses out weigh your profit you are making from your sole proprietorship, that’s the money you must pay back?
Where do I send that money to? How does the IRS know who its coming from??
Keep records of who you sending it to. So if you are a sole proprietor and you receiving income from a source keep the receipts on that. You would put that on a schedule C self employment
When you do a tax return and put that information in the IRS will know then
On point 👌 very helpful video
Perfect video 🙌🏾💯🙌🏾💯
Nah ,
People choose to ignore the fine print.
If a person can read then They is aware
Of a tax responsibility.
What if its a loss?
Thank you.
What Is The Point Of Revealing My Profits If I’m Gonna Owe The IRS Taxes? I Would Just Record My Expenses Than
That’s how you get locked up by Uncle Sam
Because that's illegal lol. And when the IRS finds out and starts digging through bank records you'll be fucked
Just subscribed to your UA-cam channel great content. Just starting automation and financial services. Can one LLC cover both endeavors, or will they have to be separate? I have even thought of The Jumping Jack opportunity.
I will cover this in another video. Thanks.
I do my quarterly taxes and pay quarterly. Do I still need to file personal taxes? Are those fees different than what I pay quarterly
That is a good question. 🤔
My God, you ARE handsome!
Yes UA-cam, I DO wanna' learn about taxes from a beautiful brown-eyed man!
Also, I'm a 39-year-old lesbian lol... 🤣
😥
@@hockinghillsalive3624 🤣
So good.
A person not going to pay estimated payments yearly if they spending all the
Money at one time.
They going to constantly be in debt.
Value my brother!
I do music an invest how I go by doing this
Definitely not letting my girlfriend watch your videos sorry. Thank you for the info
Sole proprietorship sound as if it has plenty
Credit cards attached to it.
Will the irs let us know how much money we owe??
You will have to do the math your self. Since you are a self employed person. For example if you made 15,000 from profits as a self employed you would owe 2,077.87 due to using the self employed formula. My tax business page is Legacytax_ I’m partnered with jumping jax tax
@@Dom2_cold say for example if you making $30hr $1800 a week on 1099 for contractor how much should be put up for a taxes monthly or weekly?
Is there a video that discusses an llc with 2 owners.
Thanks for breaking it down
mmmmm dat mic doe! yeaahhhhh
tysm!
I need to talk to you
My businesses and my work.. how May we be able to speak
Non profit, but spiritually based
Please let me know
I am the sole proprietor in my 501(c)(3)
yeeee
👍🏼
You’re so pretty 😍
😥
Can I be the sole proprietor of your beard?!
🥰😍 🤤
🤣