Thank you for watching! I just announced a new FREE training that reviews the exact 10 Step Process I use for starting an Online Business: www.obfoundations.com/10steps
Mr. Hawthorn I owe you so much. I watched your content secured a LLC and felt accomplished. So I applied for a copywrite to apply creative expressions to to ppe and I secured that too! You have propose; I'm forever in your corner. Thank you sir S.🤜🏻🤛🏾
I formed my LLC, single member. We are a home based embroidery & Direct to garment business. We are using a dedicated room as our office. My question is can my room dedicated as a home office be given a tax break? Also am I required to purchase a liability insurance separate from my home insurance to cover my business in Florida. Thank you
Hi Marco. In case you haven't found an answer to the insurance question. The answer is you should get separate liability insurance for the business operation. Home insurance liability does not extend coverage for a business operation, incorporated or not. The coverage forms and exclusions will tell you that. Also your insurance agent will tell you that. Florida Insurance Agent for 20 years.
I have a question. Say I have a day job that pays me 50k a year and I start an LLC that that has a capital gain of 50k for the year. My taxes would be flow through taxes so I would have to pay state and federal tax on 100k? Also, does the Self employment tax apply to the whole 100k I made throughout the year, or only the 50k that the llc was responsible for?
Hey Jim! Quick (possibly dumb) question. I just recently filed for a Single Member LLC. Just two weeks prior, I had spent money for things that would be needed for the business for when it got approved. Can I not put those expenses on my tax filings for next year as a "Business Expense" since technically they were made prior to the founding of the business. (I'll see an account later this year, but it would help for personal records to know.) Thanks for everything you do here; you're awesome! We all appreciate the time you take to freely talk about all the info that you do.
If you google there is something called like set up fees or something that includes the price for your LLC etc that can be deducted. Try googling. I bet you find help
Could you do a video of how to start up your business with regards to companies house, utr numbers how to start up your taxes how to store all your invoices / reciepts basically everything step by step that we need to do on the accounts / legal side
Hello, I would like to ask some information about tax return 2020. I opened the LLC company . I am the owner and only employee. What should I do If I made all my product by myself in Europe. I purchased the stuff here. How I going to file my tax returns? Thank you very much for your ℹ️🙂
Nice video, question how do I get the most back for an LLC only member no workers only issue is I ordered tons of repair equipment for customers with not much income for the year of the business no one can to pick up there bill due to COVID, I also workout of my home no i
Probably a dumb question. How does it work to pay yourself from your single member llc? You have separate bank account and personal expenses to manage. Do you have to pay just as much in taxes on the personal side after the llc is taxed?
I have just filed for a California manager managed LLC. Personal training company. I'm thinking C Corp? What will change in my personal tax return for next year? And how will my llc file its taxes? How do i take money from business to myself?
Must I pay an occupational tax as I operate my small business from my garage. I'm an LLC. Denver govt. has told me repeatedly that no biz license is needed in my case but a monthly occupational tax is needed to be compliant.
Liked. Question-since LLC is recognized by the IRS as a sole proprieter and taxes are on Schedule C, does this mean you can deduct biz expenses for the LLC that might not be in the name of the LLC? For example - my home office and car mileages used solely for the LLC, but registered under my name...please help.
The video gave the basic information I needed and more! Did you record the free training class on what you need to know from a legal stand point when starting a business?
My LLC is mostly as a delivery service, using my own vehicle. What's the best way to take advantage of the 58-cents per mile Federal gas deduction? I will likely be putting 30,000-40,000 miles per year on my vehicle. Can you deduct actual gas charges, car maintenance (ie, oil changes) in addition to the 58-cent deduction?
Q: Hey Jim, re. filing taxes as a Single Member LLC - if understand correctly from other videos, I don't *need* an EIN number for my solo LLC or business checking acct, but if I get an EIN, how much more filing does that require if I have both an EIN for the LLC and SSN, as before, for other non-business income, like investments ?
For a 2nd home - non rental, does a LLC partnership files as a disregarded entity make the most sense for a long time couple (not concerned about separation) ?
I used Zen Business to form my LLC and they offer a $50 per month CPA package, I'm considering using it it has alot of features and just takes care of everything...is $600 a year way too much? Thanks!
I open my LLC as non USA resident on 15 oct 2022 when is my tax return filing due date plz do I have to file tax return ? And my LLC is form only 6 months ago
I set myself up as an LLC with a EIN so that I won't have to provide a W9 with my social security number AND so that payment can be made to my business. Do I need to list my EIN and entity details on my 1040? Will my EIN expire in 3 years if I prepare my taxes this way? Thanks so much!
Can you please do a video on opening an single payer LLC for the disabled population who want to be entrepreneurs or just sell their craft items to make ends meet. The SSDI laws are totally different for working (collecting a paycheck) and self employment (they take away your SSDI used to pay for housing and expenses (but let you keep worthless Medicare) because self employment is considered SGA (substantial gainful activity) no matter if you earn nothing in that month or make over the (working for someone else) SGA limit. T2W forces you to work 80 hrs, have transportation and many other rules in order to qualify protection of SSDI benefits for a short period, but alot of disabled people who have a desire to work cannot meet the their criteria due to the instability of their disability. SSA policy says that LLC is not beneficial for people on SSDI. (notwithstanding SSI). No one will address this issue. It's a catch 22 designed to keep us impoverished. If you would like to PM me for additional details please respond with an email addy. Trying to change policy to make it less discriminatory so we can afford to live and not become homeless. Thank you.
Welcome aboard Fear Not God Is Faithful! I just want to let you know that if you have any questions or a topic that you want me to make a video about, just include the hashtag #hawthornlaw in your comment and I'll see what I can do! If you haven't already, please check out my channel to see all of the topics that I have covered so far: ua-cam.com/channels/6t5e6r-JEVoz_yn6SdvLRw.html I look forward to seeing you on the channel!
@@jimhart I believed to my knowledge with a single-member LLC you need to file regardless of income amount; $0 or $100,000 either way required to file. Please corrrect me if this is otherwise?
Thanks for the informative video(s). New subscriber here recently getting caught up on your content. That being said, I absolutely have to ask a question: What's up with that post-it note stuck on your door?! Have a great New Year~
Hi, thank you for this video. Very helpful. Do I have to pay taxes 4 times per year as a business owner, rather than one lump sum annually? If so, would I just write a check to the IRS 4 times per year?
what if host 2 events per year (as a single member llc) january & july. when would i have to file my taxes? quarterly or is there a once per year "at the end of the year" option? since i'll have a 6 month gap without no income // 8 overall months without business income.
I'm a little confused so you pay up to 37% on the net profit of the business, and the self employment tax at 15% on the same profit when you pay it to yourself? So a total of 52%?
as a single member llc, do I have to file 'federal' taxes quarterly or yearly? I cant find the right answer for that, I'm just starting my business at the end of March this year 2020 , some people told me I have to wait till 2021, other people told me I have to wait till 2nd quarter of this year . which one is right?
Hi, I like your video and I have one question now... I am not from states so I don't file my personal return but in my last visit(aug2019) I open my single-member LLC in state IOWA, I have EIN for my LLC, now can you please share with me what should I do to file the tax return. There are no business transactions happen yet on my this LLC
Helloy husband halls scrap do clean outs. We started in 2019. we had not been steady in saving receipt and filling taxes on the business. Someone told him that he did not have to file taxes because he was helping the community,or something like that So what should we do since we have not filed taxes
I plan on starting an amazon FBA business, opening an LLC. Its sounding to me that it would be more beneficial to purchase anything I need AFTER I have opened my business and have the business bank account and purchase things FROM that account. Am I correct in my assumption? Thanks
Hi Jim just found your content ,you are great at explaining things you get straight to the point 👍🏻👍🏻. I had a question on this subject , so I dissolved my SMLLC in 2019 and am ready to file my last taxes for my closed business, so my question is, do I need to do anything different given the fact that this will be my last time filing taxes for the business. Or will it be just like any other year that I’ve filed before. I know you are busy but I would really appreciate your help. THANK YOU 😃
When working with a client as independent contractor (would I still be considered one if I'm a single member LLC?) would either us need to send each other tax documents like a W9?
So I just formed my Single Member LLC in April of 2020 and need to know if I have to pay my taxes quarterly? I heard that you are fine the first year but the second year you have to estimate your profit for the year and pay tax on that quarterly? Can someone please clarify, thanks!
Thank you for your informative videos! I am currently a sole proprietor and plan on leasing a place with employees in the future, should I pay myself like the way I pay employees or can I pay myself as self employed LLC and employees different? Whats they best way to keep things simple? Thanks!
Great video. I am on w2 and this year i got contract job too. my big concern is high tax bracket because of making almost double amount. I can consider business expense for the second contract job 1099. but still need much deduction, one way is establishing a LLC as you mentioned. question is if I do that in middle of year then can I put all entire year i income for the LLC? Thank you
Got a question what if starting a llc then had to get a w2 job to support that llc i.e. to get capital to infuse into your llc but claim exempt on your w4 for that temporary employer
I have SM LLC in Connecticut and new york as foreign. after filling 1040 C, where to send form by mail? and can i do efile if i do not have social security?
Hey Jim I have a very important question,I filed out for my LLC Twice and it keeps getting denied,the second name I chose is not taken and is different from the names that are listed..My question to you is Do I need an LLC? Or can I just start my buisness without ever getting one??
What about single member llcs who have elected to be classified as a separate entity, like a c Corp or s corp? Then you would be filing separate returns for business and personal. ??? Not filing everything on one schedule c, but 1120 or 1120s...
@@jimhart oh ok. Thank you. Im the sole member of my LLC. I run an online retail store where I sell my branded apparels. I plan on attending tradeshows and conventions to sell my product, but would I be able to accept cash? If so, would I simply deposit it into my business checking? I'll appreciate any input.
Thanks for your video. I opened up a single member LLC in Jan 2019. When is my federal business tax and personal tax due date? When you have a job(W2), your fed tax of 2019 is due on April 15 of 2020. Is it same if you have a LLC?
Hi Becerra, I live in TX and fed tax is usually due in apr 15, but this year because of Coronavirus, it is July 15, 2020. Also, I found out that I need to file a franchise tax with the state of Texas. It is due on May 15. You can do it online.
Asif Mishu I started my LLC March of this year and filed my personal (w2) the end of March. Not sure if I messed up by not putting my LLC in there even if I didn’t make any income, still haven’t because of this mess. I’m CA and I did read about that franchise tax which I’ll be paying this week but would I file my income from this year in 2021?
@@blancam.becerra9393 , if you have oppened the LLC in 2020 then fed and franchise tax will be due in 2021. However I have to file sales tax, which is a state tax, quarterly. You can check with CA comptrollers office.
I recently launched my business but I didn’t make any profit with in this last year how do I add that when filling my 1040 cause U worked also through TurboTax
First, THANK YOU for creating this content! I'm very appreciative of the information. Second, the online course you reference at the end of your video, is it still available and how do I get to it?
Thank you for watching! I just announced a new FREE training that reviews the exact 10 Step Process I use for starting an Online Business: www.obfoundations.com/10steps
My LLC got finalized today. Your videos are very helpful
Glad to hear it! Did you do it yourself or use a service/attorney?
Hawthorn Law kind if a late response sorry. I did it my self online.
I'm a 1099 employee with an LLC. I will be changing my docs to my LLC info. Thanks so much! 💞🙌🏾
I was so relieved to find out that I am filing correctly! Whew! Thanks for your helpful information. I love the way you break everything down!
Mr. Hawthorn I owe you so much. I watched your content secured a LLC and felt accomplished. So I applied for a copywrite to apply creative expressions to to ppe and I secured that too! You have propose; I'm forever in your corner. Thank you sir S.🤜🏻🤛🏾
I think I need a more detailed version of this video
indeed
Your the man! Thanks for all the knowledge. Just registered my LLC 2 days ago
Could you do a video regarding LLC for non-US Residents/Citizens, and if there's any difference on how it would be managed, requirements, etc?
You have no idea how helpful this was! Thank you so much! Your teachings are beyond valuable.
I formed my LLC, single member. We are a home based embroidery & Direct to garment business. We are using a dedicated room as our office. My question is can my room dedicated as a home office be given a tax break? Also am I required to purchase a liability insurance separate from my home insurance to cover my business in Florida. Thank you
Great questions. I'll use this for a future video.
Hi Marco. In case you haven't found an answer to the insurance question. The answer is you should get separate liability insurance for the business operation. Home insurance liability does not extend coverage for a business operation, incorporated or not. The coverage forms and exclusions will tell you that. Also your insurance agent will tell you that.
Florida Insurance Agent for 20 years.
This is a valuable public service, thank you
How to file taxes is not what I would consider amazing and crazy video...
This was so straight forward thank you
I have a question. Say I have a day job that pays me 50k a year and I start an LLC that that has a capital gain of 50k for the year. My taxes would be flow through taxes so I would have to pay state and federal tax on 100k? Also, does the Self employment tax apply to the whole 100k I made throughout the year, or only the 50k that the llc was responsible for?
Hey Jim!
Quick (possibly dumb) question.
I just recently filed for a Single Member LLC. Just two weeks prior, I had spent money for things that would be needed for the business for when it got approved. Can I not put those expenses on my tax filings for next year as a "Business Expense" since technically they were made prior to the founding of the business. (I'll see an account later this year, but it would help for personal records to know.)
Thanks for everything you do here; you're awesome! We all appreciate the time you take to freely talk about all the info that you do.
I would assume you can deduct those expenses - but talk to your accountant to confirm. You're very welcome!
If you google there is something called like set up fees or something that includes the price for your LLC etc that can be deducted. Try googling. I bet you find help
Do I have to file two different taxes. My personal tax then my LLC tax
Did you ever find out the answer to this?
No. It's your form 1040 with a schedule C if you have an LLC
Could you do a video of how to start up your business with regards to companies house, utr numbers how to start up your taxes how to store all your invoices / reciepts basically everything step by step that we need to do on the accounts / legal side
Hello, I would like to ask some information about tax return 2020.
I opened the LLC company . I am the owner and only employee.
What should I do If I made all my product by myself in Europe. I purchased the stuff here.
How I going to file my tax returns?
Thank you very much for your ℹ️🙂
Nice video, question how do I get the most back for an LLC only member no workers only issue is I ordered tons of repair equipment for customers with not much income for the year of the business no one can to pick up there bill due to COVID, I also workout of my home no i
Probably a dumb question. How does it work to pay yourself from your single member llc? You have separate bank account and personal expenses to manage. Do you have to pay just as much in taxes on the personal side after the llc is taxed?
If your business expenses exceed your business income, then does that mean you don’t owe any income tax? Will you get a credit for the lost funds?
I have just filed for a California manager managed LLC. Personal training company. I'm thinking C Corp? What will change in my personal tax return for next year? And how will my llc file its taxes? How do i take money from business to myself?
Please make a video on a small business with o income
Must I pay an occupational tax as I operate my small business from my garage. I'm an LLC. Denver govt. has told me repeatedly that no biz license is needed in my case but a monthly occupational tax is needed to be compliant.
Do a video on software you can use to track profits and losses for schedule c llc's
Liked. Question-since LLC is recognized by the IRS as a sole proprieter and taxes are on Schedule C, does this mean you can deduct biz expenses for the LLC that might not be in the name of the LLC? For example - my home office and car mileages used solely for the LLC, but registered under my name...please help.
Would be interested to understand amounts allowed and options for contributing to solo 401k for single member LLC entity. Thanks.
I am an accountant and my professor in college taught individual tax and corporate tax and she is an attorney...
Thank you for making these videos
I love listening to you! You are funny and explain so well! Thank you for being here for all of us!
The video gave the basic information I needed and more! Did you record the free training class on what you need to know from a legal stand point when starting a business?
SMLLC owner. Schedule C and E here.
My LLC is mostly as a delivery service, using my own vehicle. What's the best way to take advantage of the 58-cents per mile Federal gas deduction? I will likely be putting 30,000-40,000 miles per year on my vehicle. Can you deduct actual gas charges, car maintenance (ie, oil changes) in addition to the 58-cent deduction?
I recommend you talk to an accountant about this. It would depend on a lot of factors.
I know you can’t do both. It’s either a standard per mile deduction or gas costs. Lots of information if you google
Can you file business expenses if you are not making anything within the business yet?
Q: Hey Jim, re. filing taxes as a Single Member LLC - if understand correctly from other videos, I don't *need* an EIN number for my solo LLC or business checking acct, but if I get an EIN, how much more filing does that require if I have both an EIN for the LLC and SSN, as before, for other non-business income, like investments ?
For a 2nd home - non rental, does a LLC partnership files as a disregarded entity make the most sense for a long time couple (not concerned about separation) ?
I used Zen Business to form my LLC and they offer a $50 per month CPA package, I'm considering using it it has alot of features and just takes care of everything...is $600 a year way too much? Thanks!
Thank You In advance. Every question I have about an LLC on my UA-cam searches? Your face has popped up with an answer lol.
Hello. can you provide the training link you spoke of in the video? I am not finding it anywhere. Thank you in advance.
hypest introduction to a tax tutorial
I open my LLC as non USA resident on 15 oct 2022 when is my tax return filing due date plz do I have to file tax return ? And my LLC is form only 6 months ago
thank you for great videos...
Do you have a video on filing your quarterly SE taxes?
I am looking to know the same thing...
Hello, as single owner of the llc do I need to pay tax if had no income from business or even if I had lose , llc is based in California.
If you have your LLC and file but also have income from a job. Do you do the regular 10-40 and just add a schedule C for both?
I set myself up as an LLC with a EIN so that I won't have to provide a W9 with my social security number AND so that payment can be made to my business. Do I need to list my EIN and entity details on my 1040? Will my EIN expire in 3 years if I prepare my taxes this way? Thanks so much!
Let's not forget the quarterly taxes u gotta pay too.
For real? That sounds like a hassle. Nobody I've found talks about that yet but I definitely believe you
If I form a LLC now (May 2019) can I calculate my income/losses for the whole year or just day forward from when I file as a LLC?
Great question. its my question too. Hope we get answer soon.
What about using business credit for business expenses and then writing off on taxes?
if you dont make a profit do you still have to file? and what happens if you dont file?
Can you please do a video on opening an single payer LLC for the disabled population who want to be entrepreneurs or just sell their craft items to make ends meet. The SSDI laws are totally different for working (collecting a paycheck) and self employment (they take away your SSDI used to pay for housing and expenses (but let you keep worthless Medicare) because self employment is considered SGA (substantial gainful activity) no matter if you earn nothing in that month or make over the (working for someone else) SGA limit. T2W forces you to work 80 hrs, have transportation and many other rules in order to qualify protection of SSDI benefits for a short period, but alot of disabled people who have a desire to work cannot meet the their criteria due to the instability of their disability. SSA policy says that LLC is not beneficial for people on SSDI. (notwithstanding SSI). No one will address this issue. It's a catch 22 designed to keep us impoverished. If you would like to PM me for additional details please respond with an email addy. Trying to change policy to make it less discriminatory so we can afford to live and not become homeless. Thank you.
Welcome aboard Fear Not God Is Faithful! I just want to let you know that if you have any questions or a topic that you want me to make a video about, just include the hashtag #hawthornlaw in your comment and I'll see what I can do!
If you haven't already, please check out my channel to see all of the topics that I have covered so far:
ua-cam.com/channels/6t5e6r-JEVoz_yn6SdvLRw.html
I look forward to seeing you on the channel!
Hawthorn Law thank you, I'll take a look!
What if my LLC didn't gain any profits - how would that affect my taxes?
You wouldn’t pay any if you don’t have income!
@@jimhart I believed to my knowledge with a single-member LLC you need to file regardless of income amount; $0 or $100,000 either way required to file. Please corrrect me if this is otherwise?
Thanks for the informative video(s). New subscriber here recently getting caught up on your content. That being said, I absolutely have to ask a question:
What's up with that post-it note stuck on your door?!
Have a great New Year~
Reminder to turn the heater off at my old office!
@@jimhart Haha, well that beats a string tied to your finger!
I read you have to fill and file form5472/1120 for Single Member LLCs with Nonresident Alien foreign Owners.
If i owe the IRS under my personal sS#..Will they take my return via my LLC taxes (single member)?
Hi, thank you for this video. Very helpful. Do I have to pay taxes 4 times per year as a business owner, rather than one lump sum annually? If so, would I just write a check to the IRS 4 times per year?
what if host 2 events per year (as a single member llc) january & july. when would i have to file my taxes? quarterly or is there a once per year "at the end of the year" option?
since i'll have a 6 month gap without no income // 8 overall months without business income.
Every situation is different. I would talk to an accountant.
I'm a little confused so you pay up to 37% on the net profit of the business, and the self employment tax at 15% on the same profit when you pay it to yourself? So a total of 52%?
No they're separate. It's not a total.
as a single member llc, do I have to file 'federal' taxes quarterly or yearly? I cant find the right answer for that, I'm just starting my business at the end of March this year 2020 , some people told me I have to wait till 2021, other people told me I have to wait till 2nd quarter of this year . which one is right?
SUGA Shoop wondering the same thing
When you're self-employed you have to pay taxes quarterly. The IRS has the estimated tax payment schedule on their website.
You save me everytime! 🤜🏾🤛🏻
Hi, I like your video and I have one question now... I am not from states so I don't file my personal return but in my last visit(aug2019) I open my single-member LLC in state IOWA, I have EIN for my LLC, now can you please share with me what should I do to file the tax return. There are no business transactions happen yet on my this LLC
What’s the best way to pay the IRS what you owe for the income of your LLC like Medicare and Social Security
?
You will pay when you file your 1040 - it is calculated into the tax
First year of llc with two partners . In total we are 3 partner on llc . Do we get any kind of tax paper to file if we just file in schedule c
Just sold my single llc business as an asset purchase. Any suggestions on how account for the sale for tax purposes.
Does this apply if I have a single member LLC and a regular job where I receive a w2?
Asking the same question... hope we can get an answer.
If I am using a home office, do i use my personal account to pay my bills like internet and rent and reimburse myself?
1- love your name!
2- did you ever get an answer to your great question? I'm curious about this myself
Thanks,
Sadie
Helloy husband halls scrap do clean outs. We started in 2019. we had not been steady in saving receipt and filling taxes on the business. Someone told him that he did not have to file taxes because he was helping the community,or something like that So what should we do since we have not filed taxes
Does a Single member LLC has to pay quarterly taxes? Or is it every April 15?
I plan on starting an amazon FBA business, opening an LLC. Its sounding to me that it would be more beneficial to purchase anything I need AFTER I have opened my business and have the business bank account and purchase things FROM that account. Am I correct in my assumption? Thanks
Hello, sir. Thanks a lot for your video. Can you tell me where I can find state regulation regarding filling llc tax?
How is this affected if you file married jointly?
Hi Jim just found your content ,you are great at explaining things you get straight to the point 👍🏻👍🏻. I had a question on this subject , so I dissolved my SMLLC in 2019 and am ready to file my last taxes for my closed business, so my question is, do I need to do anything different given the fact that this will be my last time filing taxes for the business. Or will it be just like any other year that I’ve filed before. I know you are busy but I would really appreciate your help. THANK YOU 😃
When working with a client as independent contractor (would I still be considered one if I'm a single member LLC?) would either us need to send each other tax documents like a W9?
So I just formed my Single Member LLC in April of 2020 and need to know if I have to pay my taxes quarterly? I heard that you are fine the first year but the second year you have to estimate your profit for the year and pay tax on that quarterly? Can someone please clarify, thanks!
Thank you for your informative videos! I am currently a sole proprietor and plan on leasing a place with employees in the future, should I pay myself like the way I pay employees or can I pay myself as self employed LLC and employees different? Whats they best way to keep things simple? Thanks!
You'll pay taxes on your net income. No need to "pay" yourself like you do your employees if you're just a regular sole proprietor.
Great video. I am on w2 and this year i got contract job too. my big concern is high tax bracket because of making almost double amount. I can consider business expense for the second contract job 1099. but still need much deduction, one way is establishing a LLC as you mentioned. question is if I do that in middle of year then can I put all entire year i income for the LLC? Thank you
Is it best (for tax liability) to be disregarded as a separate entity on IRS form 8832 as a single member LLC
Got a question what if starting a llc then had to get a w2 job to support that llc i.e. to get capital to infuse into your llc but claim exempt on your w4 for that temporary employer
I have SM LLC in Connecticut and new york as foreign. after filling 1040 C, where to send form by mail? and can i do efile if i do not have social security?
Anyone here in 2021?
Hey Jim I have a very important question,I filed out for my LLC Twice and it keeps getting denied,the second name I chose is not taken and is different from the names that are listed..My question to you is Do I need an LLC? Or can I just start my buisness without ever getting one??
Should I pay myself on payroll even if I am the only owner on the llc
What about single member llcs who have elected to be classified as a separate entity, like a c Corp or s corp?
Then you would be filing separate returns for business and personal.
??? Not filing everything on one schedule c, but 1120 or 1120s...
Do I fill out a schedule C and schedule SE? Or just C?
This didnt tell us how to file lol i need more videas because you talk so good!! Do a fake Schedule c/1040 next time pleeeeease
I read a lot on quarterly taxes, but I'm having a hard time understanding what that means. I have a single member LLC, would I have to pay quarterly?
You pay ¼ of your estimated federal tax liability based off your taxes from the previous year. There’s a formula.
@@jimhart oh ok. Thank you. Im the sole member of my LLC. I run an online retail store where I sell my branded apparels. I plan on attending tradeshows and conventions to sell my product, but would I be able to accept cash? If so, would I simply deposit it into my business checking? I'll appreciate any input.
I appreciate this video!
Thanks for your video. I opened up a single member LLC in Jan 2019. When is my federal business tax and personal tax due date? When you have a job(W2), your fed tax of 2019 is due on April 15 of 2020. Is it same if you have a LLC?
Every state is a little different. You will need to check with your state department of taxation.
@Asif Mishu did you end up figuring it out? I started my LLC this year too and was wondering the same thing
Hi Becerra, I live in TX and fed tax is usually due in apr 15, but this year because of Coronavirus, it is July 15, 2020. Also, I found out that I need to file a franchise tax with the state of Texas. It is due on May 15. You can do it online.
Asif Mishu I started my LLC March of this year and filed my personal (w2) the end of March. Not sure if I messed up by not putting my LLC in there even if I didn’t make any income, still haven’t because of this mess. I’m CA and I did read about that franchise tax which I’ll be paying this week but would I file my income from this year in 2021?
@@blancam.becerra9393 , if you have oppened the LLC in 2020 then fed and franchise tax will be due in 2021. However I have to file sales tax, which is a state tax, quarterly. You can check with CA comptrollers office.
Good thing the IRS just extended the 2021 tax filing deadline!
I saw that! May 17th!
Thank you for this video.
I used your link, made a purchase but haven't heard anything else after confirmation. I don't see a way to contact your office for a follow up.
I just sent a question too him. I notice that theere was responses a year ago,from him but not since. I hope everything is ok.
@@tracyrainey8743 His office contacted me. They competed my request
I recently launched my business but I didn’t make any profit with in this last year how do I add that when filling my 1040 cause U worked also through TurboTax
Thank you sir!
Can you add expenses for penske rental truck
Good Information 👍🏾
This viedo gets a well deserved "like".
First, THANK YOU for creating this content! I'm very appreciative of the information. Second, the online course you reference at the end of your video, is it still available and how do I get to it?
THANK YOU!!!!
What line does Sch. C go on the 1040 / 2020
dear, can a single member llc have an employee?
Sure it can.