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Very. I appreciate the example of the $800 LLC tax. Although this example was specifically for California, I definitely understand that it could very well differ by state. Thanks for advising that it’s an annual tax that LLCs are responsible for regardless of business earnings or losses. And the bookkeeping software or CPA should be diligent to include this in the business financial records to the IRS before January 31. The request for an extension was the most helpful, as it allows small business owners such as myself who're unavailable to apply before the deadline ofApril 15, an extension until the month October, with some exceptions, of course. Also, the net income in reference to self-employed taxes is ideally 15.3 percent of the net, which includes the portion for Medicare and Social Security. Concluding with federal and state taxes. Will you particularly perform a breakdown video of each quailed business deduction with examples for such deductions? Other than that, awesome job!!!!
A little scary? Hell yeah! First time I did it, I got a reminder message in January from CDTFA. I was like ok but then in Feb I got another message from City of finance! I was like whew but then my regular taxes were due in April! I was like what the hell is happening!?
An LLC is obligated to file the annual LLC tax and pay the annual $800 CA tax every year regardless of income, in addition to income taxes and self employment tax
I lived a year in CO but originally from Seattle. Last year in CO I established a small healing business and at the end of year I closed the business and move back to Seattle in December. How do file tax? I am filing C schedule and my business made little to nothing last year.
Very informative video. And sorry for the newbie question: Just started as SP this late March (in CA). I’m new to this process and just used to filing standard taxes and may have already accrued some penalty fees. When do I start filing taxes since now I’m an independent contractor? Should I start with the ES for June 15? Thanks again
The IRS states you would file your income taxes for the first time after the tax year ends, and then pay estimated taxes quarterly going forward after that if you expect to owe $1k or more, but you CAN pay estimated before then which would make your tax bill much easier to manage your first year
I don’t really know how to form this question but I’ll do my best. I do not have an LLC, but I have made a good amount of money from my small business. That it has become my full time job. I know that I will have to report my income on a schedule C form, but I’m wondering if I make an LLC how am I able to show all of my income that I’ve made so far? I know that I can show it through my bank, but I saw that if you have a registered business and you get paid straight to your bank, you could get in trouble so now I’m confused and don’t know if I should register the business or just file a c form. I just don’t wanna get in trouble for doing something wrong through the IRS’s eyes.
In addition, I need proof of income so that I can apply for other things like housing I’m just not sure if I should register the business before the ‘24 tax year or after I file so there’s no grey area. Thank you I know it’s a lengthy question ❤️❤️
Hi! With an LLC you must have a dedicated business bank account - not a personal account. Income comes into this account. You will then given yourself an "owners draw" a transfer of money from your business account to your personal account. You must also keep business bookkeeping records in some way documenting your profit and loss cash flow.
I'm completely new to all this and trying to figure it out especially for my situation. I do live in CA and i'll be starting as an Independent Contractor super soon. I'll be making about 500 a month. Nearly all my bills would be used with what I make. How the heck can I calculate exactly what i'm gonna end up owing in taxes? Saving 15% would be 150 a month. Which would leave so little left over for important bills like Rent. I've been trying to find information regarding what in total I would owe overall so I can try to plan accordingly.
This was so helpful! Thank you! I wanted to double check something for the quarterly estimated taxes . Does the $1000 threshold refer to $1000 in federal taxes owed? I checked the CA website and they have threshold of $500 (I'm assuming it means $500 in state tax). So if I meet both those thresholds, I would need to be sending two different payments, one to the IRS and one to state. Also, I was wondering if the quarterly payments have to be the same every quarter, or If I can adjust the amount if my jobs increase/decease.
Than you Ginny for your video. I have a question regarding business, I am a resident outside of the US and I am not a US citizen, I am going to start working online as a freelance content writer, and I want to gain clients from the US, but there is one thing that prevents me from taking the first step to start a business, which is taxes. Should I worry about taxes? How do I deal with the issue of taxation with invoices to clients, especially from the US, and I don't have any tax number, especially since the transfer will be done either through PayPal or Wise Bank? Any advice?
You aren't selling products, so they are purchasing services from your business which is registered in your own location and you would abide by your own local tax laws. They are choosing to purchase services internationally. Consult a tax professional with all tax questions
No - you are automatically a sole proprietor by default. But you still will need to obtain your city/CC county required licenses and permits if operating a business
![14 Biggest Tax Write Offs for Small Businesses! [What the Top 1% Write-Off]](/img/n.gif)
Get instant access to a library of help for your California business: business.ginnysilver.com/california-entreprenuer-collective-small-business-membership
Who else here April 15th
❤️❤️❤️
Girl yes!!!
Unfortunately
Yes!!😂
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Thanks!
❤️❤️❤️
@@ginnysilver You are welcome! 👍🙂
@@ginnysilver You are welcome! 👍☺
Thanks!
Thank you 😊 ❤️❤️
So helpful. Thank you very much.
Was this helpful? Let me know in the comments!
Very helpful, thank you.
Very. I appreciate the example of the $800 LLC tax. Although this example was specifically for California, I definitely understand that it could very well differ by state. Thanks for advising that it’s an annual tax that LLCs are responsible for regardless of business earnings or losses. And the bookkeeping software or CPA should be diligent to include this in the business financial records to the IRS before January 31. The request for an extension was the most helpful, as it allows small business owners such as myself who're unavailable to apply before the deadline ofApril 15, an extension until the month October, with some exceptions, of course. Also, the net income in reference to self-employed taxes is ideally 15.3 percent of the net, which includes the portion for Medicare and Social Security. Concluding with federal and state taxes. Will you particularly perform a breakdown video of each quailed business deduction with examples for such deductions? Other than that, awesome job!!!!
Very helpful , Thanks !
You are always helpful, Ginny. ❤
❤️❤️❤️
A little scary? Hell yeah! First time I did it, I got a reminder message in January from CDTFA. I was like ok but then in Feb I got another message from City of finance! I was like whew but then my regular taxes were due in April! I was like what the hell is happening!?
Is this for a person who made less than 8k last year, claims no deductions, got paid in cash and has no LLC or other company title while?
YES
Would I file a Schedule C, 1040 and a SE form? @@ginnysilver
Additionally I have registered my LLC in march of this year.
An LLC is obligated to file the annual LLC tax and pay the annual $800 CA tax every year regardless of income, in addition to income taxes and self employment tax
I lived a year in CO but originally from Seattle. Last year in CO I established a small healing business and at the end of year I closed the business and move back to Seattle in December. How do file tax? I am filing C schedule and my business made little to nothing last year.
Thanks for your help !!!!!!
May I kindly ask, If you’re not a CPA, lawyer, tax professional as stated in your description, how to know if this is accurate or true?
I show all documentation from the IRS onscreen in the video.
What to do if we have no financial record for proof other than bank statements?
You are obligated to keep financial records for your business so I would create a basic profit and loss statement on a spreadsheet
Thank you Ginny! 😊
😀
Very informative video. And sorry for the newbie question:
Just started as SP this late March (in CA). I’m new to this process and just used to filing standard taxes and may have already accrued some penalty fees.
When do I start filing taxes since now I’m an independent contractor? Should I start with the ES for June 15?
Thanks again
The IRS states you would file your income taxes for the first time after the tax year ends, and then pay estimated taxes quarterly going forward after that if you expect to owe $1k or more, but you CAN pay estimated before then which would make your tax bill much easier to manage your first year
Where is the deductible video?
I don’t really know how to form this question but I’ll do my best. I do not have an LLC, but I have made a good amount of money from my small business. That it has become my full time job. I know that I will have to report my income on a schedule C form, but I’m wondering if I make an LLC how am I able to show all of my income that I’ve made so far? I know that I can show it through my bank, but I saw that if you have a registered business and you get paid straight to your bank, you could get in trouble so now I’m confused and don’t know if I should register the business or just file a c form. I just don’t wanna get in trouble for doing something wrong through the IRS’s eyes.
In addition, I need proof of income so that I can apply for other things like housing I’m just not sure if I should register the business before the ‘24 tax year or after I file so there’s no grey area. Thank you I know it’s a lengthy question ❤️❤️
Hi! With an LLC you must have a dedicated business bank account - not a personal account. Income comes into this account. You will then given yourself an "owners draw" a transfer of money from your business account to your personal account. You must also keep business bookkeeping records in some way documenting your profit and loss cash flow.
I am in the process of starting my business and I have start making any income. Do I still need to file?
If you have earned $400 or more in net income, yes.
I'm completely new to all this and trying to figure it out especially for my situation. I do live in CA and i'll be starting as an Independent Contractor super soon. I'll be making about 500 a month. Nearly all my bills would be used with what I make. How the heck can I calculate exactly what i'm gonna end up owing in taxes? Saving 15% would be 150 a month. Which would leave so little left over for important bills like Rent. I've been trying to find information regarding what in total I would owe overall so I can try to plan accordingly.
Save 30% of your income for federal, state, and self employment taxes. Self employment tax alone is 15.3%
30% of monthly income ?
This was so helpful! Thank you! I wanted to double check something for the quarterly estimated taxes . Does the $1000 threshold refer to $1000 in federal taxes owed? I checked the CA website and they have threshold of $500 (I'm assuming it means $500 in state tax). So if I meet both those thresholds, I would need to be sending two different payments, one to the IRS and one to state. Also, I was wondering if the quarterly payments have to be the same every quarter, or If I can adjust the amount if my jobs increase/decease.
Yes that is the IRS requirement - I should have included specified/clarified and included state info there
Yes they are due separately to each the IRS and the state
It's an estimation of what you will owe - just don't underestimate it is best to ask a tax professional beforehand.
@@ginnysilver Thank you for the quick reply!
Than you Ginny for your video.
I have a question regarding business, I am a resident outside of the US and I am not a US citizen, I am going to start working online as a freelance content writer, and I want to gain clients from the US, but there is one thing that prevents me from taking the first step to start a business, which is taxes.
Should I worry about taxes?
How do I deal with the issue of taxation with invoices to clients, especially from the US, and I don't have any tax number, especially since the transfer will be done either through PayPal or Wise Bank?
Any advice?
You aren't selling products, so they are purchasing services from your business which is registered in your own location and you would abide by your own local tax laws. They are choosing to purchase services internationally. Consult a tax professional with all tax questions
Do I need an LLC to be self employed?
No - you are automatically a sole proprietor by default. But you still will need to obtain your city/CC county required licenses and permits if operating a business
1x(10/10/24)…,,,done thank you excellent
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General info
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