Hello Bryan ! I drive Uber part time. Last year, I did spent $4255 to replace my engine. Can I claim the $4255 on top of the total mileage I put on my cas as well. Thanks for your assistance.
Thank you so much for just getting to the point and keeping it short and sweet. I had already watched two 15 minutes videos and still had no idea what the hell I was actually supposed to do but you made it crystal clear. Thanks!
After all I've been through, if someone would've just got to the point like you.... You are greatly appreciated. Thank you so much for this great content!!!!
Thank you, I enjoy your simplified versions on "Sole Proprietorships." Your explanations are the meat and potatoes of real world application without all the filler green salad and breadsticks..
According to Cassandra the tax lady on UA-cam. You should set up a separate saving business account for your taxes only. Second tip is you should save 33% of your gross income for taxes.
Thanks so much JTL1722, I appreciate those kind words!! I thought about Instagram... but don't you think posting tax pictures would be EXTREMELY boring though?
@@clearvaluetax9382 I would follow that page. Think about @Pot_Brothers_At_Law where they tell you and remind you your rights each day. Please! definitely consider this, it might take 5 minutes a day just to make short clips talking about important things and just general things that are happening. This video is really helpful! look forward to watching more
I have to thank you. I've been watching your videos for years and you really do break it down simple. I'm so clueless with anything that you help so much. I've been clueless on how to pay quarterly tax and how to know how much to pay
Thank you. I appreciate when people explain things like I am a slow child. If I put ego aside, I can admit that I AM a slow child and I need it explained like this
Me as well. I need someone to sit beside me (literally) set up a tax program like software. Then go through some of my receipts and explain what is a supply, what is a material, why there are separate supplies and office supplies. If I have office supplies, tools, materials used in a product all on one receipts snd I didn’t use my tax exempt(which I never do) do I have to figure out the tax for each category? If so where do I put that (state form) or schedule C, or both and where? It makes me rush I sold under the table like half the sold does. Does a sole proprietor have to keep track of inventory, or just put 0 in COGS each year? It’s all so confusing
I pay at the end of the year. When the IRS asked me "why aren't you sending in your payments through out the year?" I told them, "I need that money to live off of all year long because taxes are so high and so many." Crickets.....then they hung up.
thank you so much! i've been wanting to start a small online business for nearly a year and 2021 is the year i'm starting. i had no idea where to begin with filing taxes or anything relating to taxes on my business and you really cleared up my confusion! thanks again!
Hey! Thanks for clearing up my questions, was thinking about filling as an LLC but wasn't sure if I could write off expenses via deductions as a sole proprietorship and will be starting out with this as I begin my e-commerce journey until I have more profits
I have two more questions. How do I know how much my estimated taxes are gonna be? And how do I exactly send them in? I assume it’s not as easy as just sending a check to the irs labeled estimated taxes
Brian...Could you do a video comparing the advantages and disadvantages of a sole proprietorship to a LLC and a S-Corporation? I want to eliminate or minimize the unlimited liability of a sole proprietorship. Thanks.
So I work a 9-5 working a full time but I also started a small business last year. I got an EIN number. My business made less then $1000. But I spent more to get it going. How do I filed my tax and what to claim on my taxes? Please help me
Hi Mimi, you'll be filing the business activities on Schedule C of your individual income tax return. Schedule C is for sole-proprietors, which you are as an unincorporated business. So you'll report the $1,000 as your sales but you'll also report all the expenses that went along with the business. If you're at a net loss, you can use the loss as a deduction, which is good to offset the income you made at your 9-5. I hope that helps Mimi, thanks for watching and the comment, I appreciate it!
It is so enlightening to listen to you. There is so much that I need to know for me not to get in trouble. I guess the following question may be answered once i speak to you. How should we handle taxes on a business that is a "cash only" type. Do I report whatever I want? I am a little ahead of myself as I want to open a taco place on a trailer in the coming two years. I am glad to found you. You will be of a lot of help when is time to guide me. I know nothing is free. Thanks again.
Hi E Galindo, haha of course over the internet in public I have to say YOU NEED TO REPORT EVERY SINGLE PENNY THAT YOU RECEIVE. Thank you so much for the feedback, it's very motivating to me!
So if we want to file estimated taxes throughout the year to avoid interest and fees, where do we file and send the money in? To the IRS or our state’s website?
You’re a great human being Brian. You’re my financial advisor! Can you make a video for people that do Turo. This video was very incite full. Just want to make sure I’m taking the correct path. I’d ask if you’re taking new clients but I’m super small potatoes lol. When I make my first million I’ll hire you for sure! Cheers!
Your library videos are amazing, I was stuck and worried to almost death, I earn money in many other countries from touring for entertainment, sometimes only in a country 1 to 3 days. I do my own taxes now and save a lot of money, not that difficult!
Hey Brian, love your content!! Seeing if you can help: I currently work as a f/t employee and work on the side as an independent contractor. Do I file a w-2 AND a schedule C? And if so, which form do I put down my deductions on, like my IRA and 403b? Thanks for taking the time to educate us UA-camrs!!
Thank you so much for such great information Brian! As a Sole Proprietor, when your business begins making some profit, how does paying yourself work and how is that treated for tax purposes? Are there two separate income taxes that will be applied? One for Business income and one for Personal income paid from your business? Or does all of the Net Profit go to the business owner and then you can apply deductions like the single taxpayer $12,200 standard deduction to it?
Hi David, no, it will be taxed all the same. You can take out money from your business (so basically from your business checking account to your personal checking account) with any frequency and any amount whenever you want. It's called an owner's distribution. It'll be taxed the same whether you leave those profits in your business or distribute them out (pretty much just move them from your business to your personal). I hope that helps! Thanks for your support David!
@@clearvaluetax9382 Woww! Thank you so much! I really appreciate your quick and detailed response. Now since it's all taxed the same, does that mean that the business (aka myself) won't have to pay any taxes for the first $12,200 it generates since we can apply the standard deduction (single taxpayer)? If so, then I'm not sure how that also impacts the quarterly taxes? Do I still have to do that?
I'm still learning. Thank you for sharing. I mainly been freelancing and working on my etsy shop 2020 after being laid off from my job. I am still lost and new to the world of taxes lol D:
Let’s say I worked for an employer for the entire year but started a business as a sole proprietor late-year, which operated at a loss due to start up expenses. What is the best way to file? Deductions exceed income?
Would you suggest opening a business savings account to put tax money in? My thought is writing myself a check for my gross earnings once a month and then transferring a percentage of that check into a personal tax savings account for when it's time to file my quarterlies. However, I'm not sure how this would look to the IRS if it's coming from a personal account. Thoughts anyone?
I’m afraid of paying too much or too little if I pay estimated tax payments. But if I wait until the end of the year then I know for sure what I have to pay. Any advice to help me with this would be awesome and greatly appreciated. Please haha.
I also want to add that the past 3 years I didn’t pay estimated tax payments and I barely had to pay anything at the end of the year because I didn’t make any profit really.
Hi Kyle, yes, there's a bit of guesswork involved, especially in the first half of the year. And then you kind of have a better sense of how the year will end when you're in installment period 3. So you'll just have to use your best estimate on whether to send in a payment for Installs 1 and 2 and/or 3. So if you want to be conservative, send a little bit in. But since you know your business and expectations better than anyone, you'll just have to use your best judgement. Thanks for watching and for your support Kyle!
So after I calculate my federal income tax and self-employment tax and make all quarterly estimated tax payments, where in my individual tax return (form 1040) do I calculate my true federal income tax and self-employment tax for the year to see if I over-underpaid my taxes during last year's quarterly estimated tax payments and potentially get some money back?
It's sad that the coronavirus stimulus check is his most watched videos, people would rather wait for something to happen rather than to make it happen smh
Thanks for this valuable information. How do you know what to pay in estimated taxes if you don't know how much money you will earn during the year. And how do you set it up to do this. Thanks
Thank you for the videos! I freelance and work for several Production Companies throughout the year so my income comes from more W2s than 1099s. I file Ind/SoleProprietor but have never paid estimated taxes based on the 1099s. So far I have not been penalized - is this bc they take taxes from the W2's? Do you have a video for someone like me who's income consists of W2's and 1099s?
Hi HK, yes, you're correct, it's because they withhold taxes from your W-2s. However, it is really case-specific because a big factor of how much of your income is weighted towards your employee W-2 income vs. how much of your income is earned as a contractor 1099-MISC. It just so happens that enough taxes are taken out of your W-2 employee income where you're not getting penalized. But that's a good topic to discuss, thank you for the suggestion HK!
Can you calculate 15.3% of any kind of payment and set it aside and do the calculated payment more accurate? Instead of guessing how much money you would make in a year and send a messed up calculated payment?.
Hello. I have a question.... does the estimated tax consist of me paying the self employment tax, federal income tax, and payroll taxes on a quarterly basis all together or is the estimated tax a completely different tax I have to pay separately??
When my husband takes a draw or money from his account do we need to take out SECA or some taxes from his draws in paying himself some money? I am a wife does his taxes each year, yes I save all his receipts for deductions. I do not know how to pay him so its done correctly.
To put simply, schedule C is where you report your self-employment income and expenses. Schedule SE is where you calculate the self-employment tax owed on the self-employment net income.
What if I start my business on 04/2019 when do I pay my quarterly taxes. I am really lost. And now it's 2020 I haven't pay any quarterly taxes yet and I am scare. At first I thought I have have to pay all tax at once when I do my personal taxes. Now someone told me that I need to be file quarterly. Thank you for this video and if you can , help me answer the question
Hi Charlotte, forget about 2019, it's too late. For 2020, you need to calculate or best guess how much you made in Jan/Feb/Mar and send in that estimated tax payment by April 15th, 2020. I hope that helps! Thanks for your support and thank you for watching!
My question is, do I need to register the business despite not having any sales? I just launched my online website almost two weeks ago. In addition, I don’t need to file taxes in 2022 If I again have no sales? Thanks in advance. Anyone can answer this.
Okay I think I get it now, like for example if I run a supplies and distribution company and we buy stock from out side the country in order to supply retailers inside the country, then the money I spent on transport to acquire the goods is a tax deduction?
My kids and I want to start a small business here in our community. I estimate that we could make $30,000 or more if we market well. My husband is not wanting us to do that because he makes a very good amount of money and fears that if they tax me on the money the kids and I make, the IRS will tax us in the 40% which he is in because he makes high 6 figures. So he's thinking all the work we do will be for pennies bc the IRS will be taking a lot of it out. I was hoping that if I file separate from him, the IRS would only tax me according to what kind of money I made and his income would be a nonissue and would not even be linked with mine. Help me please. BTW, loved how you explained it so easy!!!
I have never filed taxes, because I have always been on government assistance. However, I would like to start my own home-based business. How do I file and when, please? Thank you.
How do we estimate the amount? For instance, if I wanted to do the monthly option how would I know how much to put? or Do I just do the income and deductions on Schedule C. Also, let's say I don't make any profits... How would that work? I'm new to this.
Hi Spigmy, thank you for the feedback and thanks for your support! Jeez, that's a very broad question since we handle a lot of brokers and there's so much to deduct. Obviously the biggest ones are the mileage and/or vehicle, the commissions and/or desk fees, but don't forget about your structuring (whether you should be operating as an S-Corp).
Hi, I started my own online retail business. How do I pay taxes collected from customers with online transactions. Can I pay it every January when filling taxes? Thank you in advance
We've opened up a business mid February and only made $250 in total sales. Do we have to file taxes on such a small amount? We spent more money on inventory. Thanks in advance for any information offered.
![14 Biggest Tax Write Offs for Small Businesses! [What the Top 1% Write-Off]](http://i.ytimg.com/vi/5YggWhLeckM/mqdefault.jpg)
For more information, check out our helpful website: clearvaluefinance.com/
link doesnt work
❤🔥❤🔥❤🔥❤🔥❤🔥❤🔥❤🔥❤
It came up as a loan offer
Hello Bryan !
I drive Uber part time. Last year, I did spent $4255 to replace my engine. Can I claim the $4255 on top of the total mileage I put on my cas as well. Thanks for your assistance.
Thank you so much for just getting to the point and keeping it short and sweet. I had already watched two 15 minutes videos and still had no idea what the hell I was actually supposed to do but you made it crystal clear. Thanks!
Thanks for the great feedback No Content! I appreciate it!
After all I've been through, if someone would've just got to the point like you.... You are greatly appreciated. Thank you so much for this great content!!!!
Thank you, I enjoy your simplified versions on "Sole Proprietorships." Your explanations are the meat and potatoes of real world application without all the filler green salad and breadsticks..
According to Cassandra the tax lady on UA-cam. You should set up a separate saving business account for your taxes only. Second tip is you should save 33% of your gross income for taxes.
this video literally helped me so much .. you guys should definitely make an instagram and get it poppin' .. you deserve to be noticed more
Thanks so much JTL1722, I appreciate those kind words!! I thought about Instagram... but don't you think posting tax pictures would be EXTREMELY boring though?
@@clearvaluetax9382 no, sir! any content is good content .. especially to people who actually wanna learn!
@@clearvaluetax9382 I would follow that page. Think about @Pot_Brothers_At_Law where they tell you and remind you your rights each day.
Please! definitely consider this, it might take 5 minutes a day just to make short clips talking about important things and just general things that are happening.
This video is really helpful! look forward to watching more
Literally?
@@clearvaluetax9382 Get that IG set up. There are business professionals like your self who I would definitely follow.
This just helped me so much. Thank you for putting it so clearly. I feel a lot less overwhelmed now!
Just started a business and decided to see what information you had! I am a tax professional and I explain this to my customers all the time.
I have to thank you. I've been watching your videos for years and you really do break it down simple. I'm so clueless with anything that you help so much. I've been clueless on how to pay quarterly tax and how to know how much to pay
The teacher who brung the public out of ignorance
Thank you. I appreciate when people explain things like I am a slow child. If I put ego aside, I can admit that I AM a slow child and I need it explained like this
Me as well. I need someone to sit beside me (literally) set up a tax program like software. Then go through some of my receipts and explain what is a supply, what is a material, why there are separate supplies and office supplies. If I have office supplies, tools, materials used in a product all on one receipts snd I didn’t use my tax exempt(which I never do) do I have to figure out the tax for each category? If so where do I put that (state form) or schedule C, or both and where? It makes me rush I sold under the table like half the sold does.
Does a sole proprietor have to keep track of inventory, or just put 0 in COGS each year?
It’s all so confusing
I can't believe you give us so much free information.... You are literally the best
I have a business never learned this - would love to learn I always see people getting work cars and expensing it
wow fantastic clear simple explanation for me a person considering becoming a electrical contractor
I pay at the end of the year. When the IRS asked me "why aren't you sending in your payments through out the year?" I told them, "I need that money to live off of all year long because taxes are so high and so many." Crickets.....then they hung up.
thank you so much! i've been wanting to start a small online business for nearly a year and 2021 is the year i'm starting. i had no idea where to begin with filing taxes or anything relating to taxes on my business and you really cleared up my confusion! thanks again!
Thank you SO much! All the info is so needed for me, even the "estimated tax payments". It makes total sense.
Hey! Thanks for clearing up my questions, was thinking about filling as an LLC but wasn't sure if I could write off expenses via deductions as a sole proprietorship and will be starting out with this as I begin my e-commerce journey until I have more profits
Same
I have two more questions. How do I know how much my estimated taxes are gonna be? And how do I exactly send them in? I assume it’s not as easy as just sending a check to the irs labeled estimated taxes
Brian...Could you do a video comparing the advantages and disadvantages of a sole proprietorship to a LLC and a S-Corporation? I want to eliminate or minimize the unlimited liability of a sole proprietorship. Thanks.
Just want to say Thank You for sharing this very important information. We appreciate all you do to help us all.
Thank you for your videos.
Clear and straightforward
So I work a 9-5 working a full time but I also started a small business last year. I got an EIN number. My business made less then $1000. But I spent more to get it going. How do I filed my tax and what to claim on my taxes? Please help me
Hi Mimi, you'll be filing the business activities on Schedule C of your individual income tax return. Schedule C is for sole-proprietors, which you are as an unincorporated business. So you'll report the $1,000 as your sales but you'll also report all the expenses that went along with the business. If you're at a net loss, you can use the loss as a deduction, which is good to offset the income you made at your 9-5. I hope that helps Mimi, thanks for watching and the comment, I appreciate it!
ClearValue Tax it’s exactly what I needed to hear
@@clearvaluetax9382 --Is there a limit on how much you can deduct as a loss to offset the 9-5 income? Nice video by the way!
ClearValue Tax is the schedule c is sent to u?
This is why I subscribed to this dude
Thanks! I really appreciate your informative and clear videos.
Thank you Silva for the super thanks, I appreciate it so much!
You are the best explainer ever 💰💰💰
It is so enlightening to listen to you. There is so much that I need to know for me not to get in trouble. I guess the following question may be answered once i speak to you. How should we handle taxes on a business that is a "cash only" type. Do I report whatever I want? I am a little ahead of myself as I want to open a taco place on a trailer in the coming two years. I am glad to found you. You will be of a lot of help when is time to guide me. I know nothing is free. Thanks again.
Hi E Galindo, haha of course over the internet in public I have to say YOU NEED TO REPORT EVERY SINGLE PENNY THAT YOU RECEIVE. Thank you so much for the feedback, it's very motivating to me!
I like how we pay interest and penalties, but here we are almost July and I still haven’t gotten my federal back.
So if we want to file estimated taxes throughout the year to avoid interest and fees, where do we file and send the money in? To the IRS or our state’s website?
Thought he only did news updates. He's awesome thank u
You’re a great human being Brian. You’re my financial advisor! Can you make a video for people that do Turo. This video was very incite full. Just want to make sure I’m taking the correct path. I’d ask if you’re taking new clients but I’m super small potatoes lol. When I make my first million I’ll hire you for sure! Cheers!
Thank you for clearly and succinctly explaining taxes for self employed. Thank you sir for invaluable help. Best wishes
Thank you Urman for the kind words, I appreciate it!
Can you make a video on Schedule K-1 and form 1065 for partnerships?
❤❤❤thank you so much ...wow the way you just simplified everything
Thank you LMathews, I am so happy that I helped clarify this topic. Thank you so much for the feedback, I appreciate it!
This was extremely helpful and ever so simply put...thank you
Thank you Seanie for your feedback, I appreciate it! Thanks for watching and for your support!
Your library videos are amazing, I was stuck and worried to almost death, I earn money in many other countries from touring for entertainment, sometimes only in a country 1 to 3 days. I do my own taxes now and save a lot of money, not that difficult!
Thank you for your helpful videos. I'm a Tax Preparer.I appreciate you.
great info by a expert not stupid people who repeat non sense on you tube
Thanks for this, right to the point!
Unless your an ag biz I file a scheduled f instead of a C. Great video keep it up!
Ha, you got me there. Thanks for watching James, I appreciate it!
Hey Brian, love your content!! Seeing if you can help: I currently work as a f/t employee and work on the side as an independent contractor. Do I file a w-2 AND a schedule C? And if so, which form do I put down my deductions on, like my IRA and 403b? Thanks for taking the time to educate us UA-camrs!!
Thankz for getting straight to the point !
Thank you so much for such great information Brian! As a Sole Proprietor, when your business begins making some profit, how does paying yourself work and how is that treated for tax purposes? Are there two separate income taxes that will be applied? One for Business income and one for Personal income paid from your business? Or does all of the Net Profit go to the business owner and then you can apply deductions like the single taxpayer $12,200 standard deduction to it?
Hi David, no, it will be taxed all the same. You can take out money from your business (so basically from your business checking account to your personal checking account) with any frequency and any amount whenever you want. It's called an owner's distribution. It'll be taxed the same whether you leave those profits in your business or distribute them out (pretty much just move them from your business to your personal). I hope that helps! Thanks for your support David!
@@clearvaluetax9382 Woww! Thank you so much! I really appreciate your quick and detailed response. Now since it's all taxed the same, does that mean that the business (aka myself) won't have to pay any taxes for the first $12,200 it generates since we can apply the standard deduction (single taxpayer)?
If so, then I'm not sure how that also impacts the quarterly taxes? Do I still have to do that?
You are awsome! Help me so much! Thank you!
As an owner/landlord investing in single-family properties to rent, I alway report all my income/expenses on Schedule E.
I'm still learning. Thank you for sharing. I mainly been freelancing and working on my etsy shop 2020 after being laid off from my job. I am still lost and new to the world of taxes lol D:
World of taxes for freelance I meant.
Excellent video. This clarified things.
Let’s say I worked for an employer for the entire year but started a business as a sole proprietor late-year, which operated at a loss due to start up expenses. What is the best way to file? Deductions exceed income?
Schedule C
Irma Abraham Thanks. It worked well last year.
Left me with tons of questions! However good short video !
Do you have a video going over line by line of how to do your tax return as a self employed?
I’ve found your video to be very helpful. Thank you so much
Excellent information, thank you so much!
Oh wow the channel has changed so much
I know right!
Would you suggest opening a business savings account to put tax money in? My thought is writing myself a check for my gross earnings once a month and then transferring a percentage of that check into a personal tax savings account for when it's time to file my quarterlies. However, I'm not sure how this would look to the IRS if it's coming from a personal account. Thoughts anyone?
Your videos give me hope
This was very helpful. Thank you
You deserve a million subs! This channel helped me so much
Thanks! Lookin sharp!
Thanks for the information!
Very helpful video, thank you
Thank you so much, this was very helpful!
I’m afraid of paying too much or too little if I pay estimated tax payments. But if I wait until the end of the year then I know for sure what I have to pay. Any advice to help me with this would be awesome and greatly appreciated. Please haha.
I also want to add that the past 3 years I didn’t pay estimated tax payments and I barely had to pay anything at the end of the year because I didn’t make any profit really.
Hi Kyle, yes, there's a bit of guesswork involved, especially in the first half of the year. And then you kind of have a better sense of how the year will end when you're in installment period 3. So you'll just have to use your best estimate on whether to send in a payment for Installs 1 and 2 and/or 3. So if you want to be conservative, send a little bit in. But since you know your business and expectations better than anyone, you'll just have to use your best judgement. Thanks for watching and for your support Kyle!
How do I make an estimated tax payment??? This is great can you please do more!!!
IF your are solely self employed do you have to file quarterly taxes and file annual taxes as well? Or just one of whichever one?
So after I calculate my federal income tax and self-employment tax and make all quarterly estimated tax payments, where in my individual tax return (form 1040) do I calculate my true federal income tax and self-employment tax for the year to see if I over-underpaid my taxes during last year's quarterly estimated tax payments and potentially get some money back?
Very informative, thank you!
It's sad that the coronavirus stimulus check is his most watched videos, people would rather wait for something to happen rather than to make it happen smh
Hay just think of it this way less competition
Because the game is rigged that why in whatever you do. The competition ect
Thanks for this valuable information. How do you know what to pay in estimated taxes if you don't know how much money you will earn during the year. And how do you set it up to do this. Thanks
Thank you for the videos! I freelance and work for several Production Companies throughout the year so my income comes from more W2s than 1099s. I file Ind/SoleProprietor but have never paid estimated taxes based on the 1099s. So far I have not been penalized - is this bc they take taxes from the W2's? Do you have a video for someone like me who's income consists of W2's and 1099s?
Hi HK, yes, you're correct, it's because they withhold taxes from your W-2s. However, it is really case-specific because a big factor of how much of your income is weighted towards your employee W-2 income vs. how much of your income is earned as a contractor 1099-MISC. It just so happens that enough taxes are taken out of your W-2 employee income where you're not getting penalized. But that's a good topic to discuss, thank you for the suggestion HK!
I don't want to pay quarterly tax anymore how can I just pay at the end of the year.
I did find it helpful thank you!
This was so helpful, thank you!
How do you compute your estimated tax for the year to be sent?
No racism but how is he asian & i understood everything he said but watched 20 videos from americans & dont understand nothing thanks dude your gnarly
any tools recommended for single owned business? quikbooks? etc?
Can you calculate 15.3% of any kind of payment and set it aside and do the calculated payment more accurate? Instead of guessing how much money you would make in a year and send a messed up calculated payment?.
Thank you for this 🙏
Thank you verymuch chief
Could you do a video on how to report the self-employed health insurance deduction?
Hello. I have a question.... does the estimated tax consist of me paying the self employment tax, federal income tax, and payroll taxes on a quarterly basis all together or is the estimated tax a completely different tax I have to pay separately??
Super helpful!
Thanks!!!
Thank you
When my husband takes a draw or money from his account do we need to take out SECA or some taxes from his draws in paying himself some money? I am a wife does his taxes each year, yes I save all his receipts for deductions. I do not know how to pay him so its done correctly.
Thank you for the video It really helped me out. also I have a question, what's a schedule(SE) and what's the difference from the schedule(C)?
To put simply, schedule C is where you report your self-employment income and expenses. Schedule SE is where you calculate the self-employment tax owed on the self-employment net income.
@@willoughbykrenzteinburg thank you
What if I start my business on 04/2019 when do I pay my quarterly taxes. I am really lost. And now it's 2020 I haven't pay any quarterly taxes yet and I am scare. At first I thought I have have to pay all tax at once when I do my personal taxes. Now someone told me that I need to be file quarterly.
Thank you for this video and if you can , help me answer the question
Hi Charlotte, forget about 2019, it's too late. For 2020, you need to calculate or best guess how much you made in Jan/Feb/Mar and send in that estimated tax payment by April 15th, 2020. I hope that helps! Thanks for your support and thank you for watching!
I think you have to file quarterly with the state. IRS is once a year??? I think???
My question is, do I need to register the business despite not having any sales? I just launched my online website almost two weeks ago. In addition, I don’t need to file taxes in 2022 If I again have no sales? Thanks in advance. Anyone can answer this.
Okay I think I get it now, like for example if I run a supplies and distribution company and we buy stock from out side the country in order to supply retailers inside the country, then the money I spent on transport to acquire the goods is a tax deduction?
Hi WSTWOOD, that's correct. Thanks for supporting out channel WSTWOOD!
How do you send in quarterly tax payments?
My kids and I want to start a small business here in our community. I estimate that we could make $30,000 or more if we market well. My husband is not wanting us to do that because he makes a very good amount of money and fears that if they tax me on the money the kids and I make, the IRS will tax us in the 40% which he is in because he makes high 6 figures. So he's thinking all the work we do will be for pennies bc the IRS will be taking a lot of it out. I was hoping that if I file separate from him, the IRS would only tax me according to what kind of money I made and his income would be a nonissue and would not even be linked with mine. Help me please. BTW, loved how you explained it so easy!!!
Does estimated tax payments equal as quarterly taxes?
My understanding overpaents just gets returned in tax return
should a court appointed family guardian claim the incapicated person as a dependent or other credit?
I have never filed taxes, because I have always been on government assistance. However, I would like to start my own home-based business. How do I file and when, please? Thank you.
this dudes funny, but very informative
How do we estimate the amount? For instance, if I wanted to do the monthly option how would I know how much to put? or Do I just do the income and deductions on Schedule C. Also, let's say I don't make any profits... How would that work? I'm new to this.
Hey thank you for the super helpful video! As a real estate agent what are some of the business expenses I can write off?
Hi Spigmy, thank you for the feedback and thanks for your support! Jeez, that's a very broad question since we handle a lot of brokers and there's so much to deduct. Obviously the biggest ones are the mileage and/or vehicle, the commissions and/or desk fees, but don't forget about your structuring (whether you should be operating as an S-Corp).
Hi, I started my own online retail business. How do I pay taxes collected from customers with online transactions. Can I pay it every January when filling taxes? Thank you in advance
Who has more benefits or more tax break sole proprietor or
S Corp?
We've opened up a business mid February and only made $250 in total sales. Do we have to file taxes on such a small amount? We spent more money on inventory. Thanks in advance for any information offered.