Thank you SO much for your explanation. You helped fill in a lot of holes in my understanding with just this video and the How to start a sole proprietorship video. Awesome!!!!
Really great info here! Getting my LLC was a huge weight lifted off my shoulders to finally be able to get a business checking account. Very great info about the tax stuff too. It’s something that more people need to be aware of.
Question if I start an llc for streaming and buy all my equipment through the business and don’t make money, I can operate at a loss. Would I get tax breaks?
If there’s something to offset, are you making income/paying taxes elsewhere? Are your losses more than your standard deduction? Th owe are the big questions surrounding whether you’ll get money back from those business losses in year 1 as a single member LLC.
Thank you, I see that you reached out to me but I am really low on bandwidth at the moment...but maybe we can work together at some point in the future!
A lot of attorney's help out businesses but I understand that sometimes it's hard to pin point what attorney will be the best suited for your needs. Here's an article that may help you out, and as it says one great way is to use google believe it or not -- bizcounsel.com/articles/How-to-Find-the-Right-Small-Business-Lawyer
If I already have lots of equipment to start a mobile dj business, which means I won't be able to prove via purchase receipts, how do I file the expenses to offset my incomes?
Hey there, I responded under another video, but google it and there is information out there on how to convert personal property to business property - smallbusiness.chron.com/convert-personal-property-business-2221.html
partnerships are wonderful things. I worked for a management company that managed cable tv businesses. They'd sell a cable co to a different partnership every 5 years - and teh new company would depreciate all the assetts all over again....lather rinse repeat. Basically you'd sell, or lease, the equipment you own to teh 'business'.
You will have to take care of your taxes but TurboTax has some great offerings, including a live person to help you along with them. Don’t stress the taxes part, there’s help out there at a reasonable cost. Thanks for watching, glad this was helpful. I have some new business content videos that I am working on getting out there.
LLC's were designed for doctors that can't incorporate, so that if one dr in a practice of 3 gets sued, the other two don't lose anything. YOU screwed up, YOU get sued AND the business too. So...if you're a one man biz the LLC won't do much for ya. Also, consider what as a DJ can you possibly do to get sued, that insurance won't cover? Say you DO get sued, and you lose in court - no judge on earth is gonna take you house for playing the wrong song, breaking the marble dance floor. Even if you short out the plug and burn half the hall down - INSURANCE! it's way too easy to 'cross' the line mixing personal with LLC. Like...you drive your personal car to work...need separate banking (don't need an LLC for a biz CC or bank account), etc. Remember a new LLC has NO CREDIT...so, um, you co-sign or use your peronal credit then well, you pierced the veil. If you have taxable income over 50k there may be tax advantages for an LLC. if you are a multi-op it's certainly worth considering.
Thank you for this comment! I see all these people who want an LLC because someone told them it’s the end all be all, it’s the only way to be legit and it’s necessary to avoid liability - and that upsets me!! It’s NOT the best choice for everyone nor for every business and I appreciate you helping to spread the word!!!
@@BlakeHeart BFF from HS is a lawyer, he explained it very well. From a liability standpoint. Also, my CPA, when I need one, is a college buddy. 4th gen CPA, straight shooter, and explained it from the tax perspective.
Thank you SO much for your explanation. You helped fill in a lot of holes in my understanding with just this video and the How to start a sole proprietorship video. Awesome!!!!
Really great info here! Getting my LLC was a huge weight lifted off my shoulders to finally be able to get a business checking account. Very great info about the tax stuff too. It’s something that more people need to be aware of.
That's great to hear!!! Thanks for leaving watching and commenting!
Live your content! Thanks for inspiring artist/creators to don’t feel hunted by the business side! Super useful content ! ❤❤❤
Thanks so much!!
Wow! Thank you. That was super informative.
You’re very welcome, glad to help!!
great vid!
Thank you so much😮 idk how I’m barely finding out about some of this stuff, wish I had learned when I was younger😢
Great info!
Thanks for watching!
Question if I start an llc for streaming and buy all my equipment through the business and don’t make money, I can operate at a loss. Would I get tax breaks?
If there’s something to offset, are you making income/paying taxes elsewhere? Are your losses more than your standard deduction? Th owe are the big questions surrounding whether you’ll get money back from those business losses in year 1 as a single member LLC.
good stuff, much appreciated
Thanks for the video. Really helpful
Thanks for taking the time to leave a comment, glad to hear this was helpful!!
Do you have a video how much a dj should withhold from gigs for taxes?
No, Google it but my opinion is 30%
soo on point!
Thank you!
Thank you for taking the time to watch and comment!
Good job keep it up! Thanks 🙏🏼
Thank you!
Appreciate the info, keep em coming :)
Hey, thanks for watching and commenting! Appreciate it!
Great video 💜🤗
Thank you, I see that you reached out to me but I am really low on bandwidth at the moment...but maybe we can work together at some point in the future!
@@BlakeHeart I totally get it! Let's keep in touch! :)
Thank you so much for the information!!!
Glad it was helpful, you are very welcome!
you're awesome. thank you so much.
Ahhh, thank you! Glad this is helpful for your!!
I appreciate all your information 💯💯. What kind of attorney would i contact for legal advice in this space ?
A lot of attorney's help out businesses but I understand that sometimes it's hard to pin point what attorney will be the best suited for your needs. Here's an article that may help you out, and as it says one great way is to use google believe it or not -- bizcounsel.com/articles/How-to-Find-the-Right-Small-Business-Lawyer
If I already have lots of equipment to start a mobile dj business, which means I won't be able to prove via purchase receipts, how do I file the expenses to offset my incomes?
Hey there, I responded under another video, but google it and there is information out there on how to convert personal property to business property - smallbusiness.chron.com/convert-personal-property-business-2221.html
@@BlakeHeart Thank you so much for the info.
partnerships are wonderful things. I worked for a management company that managed cable tv businesses. They'd sell a cable co to a different partnership every 5 years - and teh new company would depreciate all the assetts all over again....lather rinse repeat.
Basically you'd sell, or lease, the equipment you own to teh 'business'.
Great job breaking it down🤓
Also forgot that you are a former or certified CPA🤓
Thanks for watching!
Will incfile take care of your taxes for you or you will still have to do your taxes yourself regardless?
You will have to take care of your taxes but TurboTax has some great offerings, including a live person to help you along with them. Don’t stress the taxes part, there’s help out there at a reasonable cost. Thanks for watching, glad this was helpful. I have some new business content videos that I am working on getting out there.
LLC's were designed for doctors that can't incorporate, so that if one dr in a practice of 3 gets sued, the other two don't lose anything.
YOU screwed up, YOU get sued AND the business too. So...if you're a one man biz the LLC won't do much for ya.
Also, consider what as a DJ can you possibly do to get sued, that insurance won't cover?
Say you DO get sued, and you lose in court - no judge on earth is gonna take you house for playing the wrong song, breaking the marble dance floor. Even if you short out the plug and burn half the hall down - INSURANCE!
it's way too easy to 'cross' the line mixing personal with LLC. Like...you drive your personal car to work...need separate banking (don't need an LLC for a biz CC or bank account), etc. Remember a new LLC has NO CREDIT...so, um, you co-sign or use your peronal credit then well, you pierced the veil.
If you have taxable income over 50k there may be tax advantages for an LLC.
if you are a multi-op it's certainly worth considering.
Thank you for this comment! I see all these people who want an LLC because someone told them it’s the end all be all, it’s the only way to be legit and it’s necessary to avoid liability - and that upsets me!! It’s NOT the best choice for everyone nor for every business and I appreciate you helping to spread the word!!!
@@BlakeHeart BFF from HS is a lawyer, he explained it very well. From a liability standpoint.
Also, my CPA, when I need one, is a college buddy. 4th gen CPA, straight shooter, and explained it from the tax perspective.
How do I get my hard copy print off wit the LLC
Hey, sorry for the late reply - I am not sure what you are asking for?