I’ve been avoiding filing my taxes bc this is my first year owning a LLC, but breaking it down and approaching it step by step really helped me. Thank you!!
This video made me feel a lot more confident about filing my taxes with my first year as an LLC. Free, public education is so important so people don't lose money paying for overly verbose advisors. Thank you!
Outstanding! I've just finished my first year with my LLC and have thought about seeking a tax professional for my return. Your presentation, along with a little research on my own, has given me the confidence to prepare it myself. Thanks!
I simply used the HR Block online software. I printed a schedule C and worked everything out by hand with my business before logging in. That made things fairly simple.
Wow this was by far the best video I have watched regarding business taxes. So much information but it was so easy to follow due to the perfect explanations. THANK YOU!
Life is so simple why do finance guys just make things complicated for no reason. This is by far the simplest video on taxes i have come across so far.
Estimated tax payments. Each year is so different. I chose to pay the penalty because if you over pay they never give it back to you. I’d rather keep my hard earned money than give it away to someone who never answers the phone. 👍
I just love the way you break the process down and step by step. I use to be intimidated just to look or talk about taxes. Your videos have helped me tremendously. I wish I had known about you when I first got started. I'm only 3 years in so there's hope. Thank you!
I’m starting my business at the end of this year and I’m soaking up all of this knowledge. I had to hit that bell to be notified of new videos ! Thanks for lacing us with the knowledge that’s needed to run a successful business
Great breakdown! Thanks man! I took note of your company for next year & I will absolutely be in touch for 2024 Filing season/ thus year is year 1 of my LLC sole proprietorship so I wanted to file it myself in order to obtain a first hand understanding but you guys will be my next year tax filing company! Very useful knowledge & I Subbed thanks much!
I started my own business this month and I am meeting with my first client today. The thought of filing an LLC can be difficult sometimes. I'm Motivated! I am grateful to Roch Dungca-Screiber, who assisted me in all my LLC endeavors and handled my business finance. I just thought of sharing this!!! Thank you for this wonderful content.
"If we expect to owe more than $1,000 in self-employment taxes, the IRS expects us to pay quarterly estimated tax payments." How do we know what to expect our self-employment taxes to be? And is the amount of each estimated payment simply one-quarter of the year's total? For example, if we think our SE tax for 2021 is $1,200, do we pay $300 each quarter?
How many years have you been in business? How many years have you omitted to file your business tax. You can all those taxes filed, and get funded without omitting any dime. Contact paul. He will sort you out ASAP
How soon after starting a LLC as a single person.. do I need to start filing my taxes.. I started February 2022.. do I need for this this 2022 tax period.
Hi there! I started my LLC in 2018 but wasn’t in business. I did a revamp when Covid started so 2020, and still was in the planning stages. If a business hasn’t made any money do they still file taxes? This is my issue right now. Hopefully i won’t get in trouble, and any accountant i reached out to never responds to my email
Confusing on how you actually run the LLC as a start up. For several years a company could actually be in the red until you gain customers and exposure. This would mean that you might invest more into the business than you take out. Is it normal to have a scenario where you invest but do not pay yourself in the initial years?
How do I file two companies on the 1040. I am a real estate agent and file my expenses as a sole proprietor. I just started up an LLC for marketing but have yet to get it off the ground. So all I have is expenses. Do I make up two Schedule Cs. I would have thoght that the LLC would be on its own IRS form like an 1120 with just a K-1 doc. This way too confusing.
I started my business in 2021 (single member LLC) and have made expenses in preparation of it and my specific industry takes a year to get the license so it will be open in May of 2022. I had expenses that would be considered write offs in 2021, however I have no revenue since I do not have the full license yet? Can I still write these off for the business even if the business didn’t bring in any revenue? My wages for the year were from a normal w2
I believe you can because it's considered a business loss. All start-up cost are tax deductible expenses. (Losses) your not technically liable until your making income that can be taxed. Based on the business there might be limits to deductions though, pct wise. Good luck, ski's the limit...
How many years have you been in business? How many years have you omitted to file your business tax, LLC tax. You can have all those taxes filed, and get funded without omitting any dime. Contact paul. He will sort you out ASAP
Hi Sean. I’m still employed with a company and ventured into starting my own business. Does this mean I have to file 2 tax returns: • a 1040 under my ssn# because I’m getting W2’s • and another under my business EIN?
I legally formed/establishibg my business in November 2021 but have startup cost that I incurred before establishing my business. I'm a single member LLC and I made no sales. What all forms I need to file. I also work a regular job. I use my Garage and my entire upstairs hallway for my business
I'm not a professional but from what I've learned I would think it depends on who is investing most money (who has the most risk at stake and therefore should have the right to control business decisions). You can always file as a single member LLC and appoint your husband as the manager ("manager-managed", NOT "member-managed"). Then I believe, if what I've learned is accurate, he will be able to make decisions on the business' behalf, but the final word still goes to you as the owner
I’m preparing my taxes for 2019. I know, I’m so behind. I had an LLC at the time but didn’t realize the LLC had been forfeited due to my failure to file tax documents. I was curious, if I incurred expenses for my business, such as advertising, etc., am I still able to deduct those expenses from my AGI/W2 income although the LLC was technically “forfeited” and I also didn’t make any profits from the business? I paid for an 800 number, website and business cards. Can I still deduct those expenses to reduce my taxable income or not?
This may sound stupid but i hope i get an answer. If i file myself, i obviously save more money from paying a CPA correct? Because they do be charging so much without clarifying to me whats happening...
Last year I got married I have a sole entity LLC before marriage, now for 2023 taxes I got married, can you give me pros and cons of married filing joint with LLC income ?
I’m in a partnership LLC which is pass through. I’m the only one that had income 2022. Will I still have to do a schedule, K-1 for my partner if he didn’t bring any income? I am a registered home daycare in my income came from government subsidy 1099 and Grant money & I’m actually working my home daycare. For my understanding I would have to do a K1 on my partner only myself? But for myself I would need to complete Form 1065, k1, schedule, C and a go m for my dependents? Thanks 😊
![14 Biggest Tax Write Offs for Small Businesses! [What the Top 1% Write-Off]](http://i.ytimg.com/vi/5YggWhLeckM/mqdefault.jpg)
![14 Biggest Tax Write Offs for Small Businesses! [What the Top 1% Write-Off]](/img/tr.png)
I’ve been avoiding filing my taxes bc this is my first year owning a LLC, but breaking it down and approaching it step by step really helped me. Thank you!!
It's my first time 2, and I haven't started it yet.
How did it go? I'm currently in the same boat. Don't wanna keep paying someone 700+ when I'm already doing the bulk of the work and organization.
@@NickyP1 welp, I have yet to hear from the IRS, so I’m gonna assume it was a success!! I’d say it’s worth it
@@rickkix ok nice, thanks for letting me know.
Exact same here! Thank you!
This video made me feel a lot more confident about filing my taxes with my first year as an LLC. Free, public education is so important so people don't lose money paying for overly verbose advisors. Thank you!
Outstanding! I've just finished my first year with my LLC and have thought about seeking a tax professional for my return. Your presentation, along with a little research on my own, has given me the confidence to prepare it myself. Thanks!
I am in the same boat. Going to learn myself to.
Best of luck!
Where are you preparing your taxes? Its my first time also and I'm planning on filing myself. Thank you
I simply used the HR Block online software. I printed a schedule C and worked everything out by hand with my business before logging in. That made things fairly simple.
Where did you submit documents? Turbo tax or via IRS directly?
Wow this was by far the best video I have watched regarding business taxes. So much information but it was so easy to follow due to the perfect explanations. THANK YOU!
This was great man! First year with an LLC. Now I feel good enough to try it on my own.
You can do it!
But reach out if you need help bit.ly/3iC6FCI
Life is so simple why do finance guys just make things complicated for no reason. This is by far the simplest video on taxes i have come across so far.
$$
Estimated tax payments. Each year is so different. I chose to pay the penalty because if you over pay they never give it back to you. I’d rather keep my hard earned money than give it away to someone who never answers the phone. 👍
This video was very complete in clearing up the mystery of what tax forms should I file. It was done in a simplified manner. Kudos to this company.
I just love the way you break the process down and step by step. I use to be intimidated just to look or talk about taxes. Your videos have helped me tremendously. I wish I had known about you when I first got started. I'm only 3 years in so there's hope. Thank you!
Hey @LYFE Accounting so to clarify a sungle member LLC needs to have a Schedule C, Schedule SE, and 1040 Form
Correct. You got it!
Would be great to know how filing tax for an LLC single member works when you and your spouse also earn employee income and file jointly.
can you make a video on how to file for an inactive LLC?
Doesn't get any better than this. Great job
I've literally been brought to tears trying to figure this out on my own. Thank you so much or this
Wow so glad I could help!
Was you able to file ?
I’m starting my business at the end of this year and I’m soaking up all of this knowledge. I had to hit that bell to be notified of new videos ! Thanks for lacing us with the knowledge that’s needed to run a successful business
Great breakdown! Thanks man! I took note of your company for next year & I will absolutely be in touch for 2024 Filing season/ thus year is year 1 of my LLC sole proprietorship so I wanted to file it myself in order to obtain a first hand understanding but you guys will be my next year tax filing company! Very useful knowledge & I Subbed thanks much!
thanks a lot! my first year having an LLC and your video is really helpful for beginners
That was a whole lot of information hahaha thanks! These videos are great!
😅 Glad you think so!
Great video! Some key points were highlighted that I hadn't heard anyone else discuss. Thank you!
Can you please make a similar video for 2024 filing - for tax year 2023 ?
I started my own business this month and I am meeting with my first client today. The thought of filing an LLC can be difficult sometimes. I'm Motivated! I am grateful to Roch Dungca-Screiber, who assisted me in all my LLC endeavors and handled my business finance. I just thought of sharing this!!! Thank you for this wonderful content.
Thanks so much I was able to find her page and I already leave her a message.
The breakdown of the tax form is great!! videos like that are helpful
Thanks so much, Bree! I love how you continue to support and appreciate our videos 💯
I love this informational Black excellence channel.
Thanks for the support! 💯
"If we expect to owe more than $1,000 in self-employment taxes, the IRS expects us to pay quarterly estimated tax payments." How do we know what to expect our self-employment taxes to be? And is the amount of each estimated payment simply one-quarter of the year's total? For example, if we think our SE tax for 2021 is $1,200, do we pay $300 each quarter?
How many years have you been in business? How many years have you omitted to file your business tax. You can all those taxes filed, and get funded without omitting any dime. Contact paul. He will sort you out ASAP
Great video. I did fill out the form for tax planning and preparation. Hopefully someone will get back with me.
I'm a fan!
Thank you for taking the time to make these bro!!
Criminally underrated video. Thanks dude
Sean, you're my guy. Thank you. Love your channel.
Man, I felt good to hear. Thanks leaving this comment my brother! 💯
💙 best accounting channel
I like your video presentation. It is informative too, at the same time. Thanks a lot for your guidance!
Thank you for the information and adding a little humor.
Thank you for the excellent video!
Thanks for sharing this marvelous post. I'm very pleased to watch this video. I enjoy this site - it's so useful and helpful.
Thanks so much! Now I know how to fow my taxes and build more welf!
Thank you for this! Appreciate it
Thanks for the help ! Love your channel
That means so much, thanks for sharing!
This is so helpful, thanks for putting up this video!
Thanks Sean, this video was well organized, to the point and concise.
how do I file when i own a single member llc but the llc has a DBA ?
Very Good! I'm a laymen and I could follow it
Great video! Very helpful.
thank you, this was super helpful
Nice job man!
How soon after starting a LLC as a single person.. do I need to start filing my taxes.. I started February 2022.. do I need for this this 2022 tax period.
thank you so much for this info
I needed this
Thank you for this your a life saver!
okay but how do I actually file it? can I do it online or do I have to mail this in?
I use taxact to file. Pretty ez
Thanks for a great video
I open my LLC as non USA resident on oct 2022 when should I do my tax return ? It’s been 6 months only when should I do my tax return plz
That suit is on point. Thx for the info
I just filled my llc 2023 , and I was not aware about the taxes deadline until now and I have a tax delinquent letter for back taxes I’m guessing
Great information 👍
What would be considered “ individual activities ?
Thank you guys!
I’m learning so much thank you
I started a business and quit my job in the same year. Not sure how to do W2 and single mbr LLC.
Hi there!
I started my LLC in 2018 but wasn’t in business. I did a revamp when Covid started so 2020, and still was in the planning stages. If a business hasn’t made any money do they still file taxes? This is my issue right now. Hopefully i won’t get in trouble, and any accountant i reached out to never responds to my email
So, what if my LLC is a partnership between and my wife and we file a "Married filing Jointly" tax return. How do we handle that?
Thank you.
lets do it
Super easy to follow, great video
Confusing on how you actually run the LLC as a start up. For several years a company could actually be in the red until you gain customers and exposure. This would mean that you might invest more into the business than you take out. Is it normal to have a scenario where you invest but do not pay yourself in the initial years?
Do you have a video for foreigners that are not residents in the US?
How do I file two companies on the 1040. I am a real estate agent and file my expenses as a sole proprietor. I just started up an LLC for marketing but have yet to get it off the ground. So all I have is expenses. Do I make up two Schedule Cs. I would have thoght that the LLC would be on its own IRS form like an 1120 with just a K-1 doc. This way too confusing.
I started my business in 2021 (single member LLC) and have made expenses in preparation of it and my specific industry takes a year to get the license so it will be open in May of 2022. I had expenses that would be considered write offs in 2021, however I have no revenue since I do not have the full license yet? Can I still write these off for the business even if the business didn’t bring in any revenue? My wages for the year were from a normal w2
Same . I had mines for building business credit for the first year so Revenue wasn’t the goal . So I’m wandering the same ?
I believe you can because it's considered a business loss. All start-up cost are tax deductible expenses. (Losses) your not technically liable until your making income that can be taxed. Based on the business there might be limits to deductions though, pct wise. Good luck, ski's the limit...
How many years have you been in business? How many years have you omitted to file your business tax, LLC tax. You can have all those taxes filed, and get funded without omitting any dime. Contact paul. He will sort you out ASAP
Is there a video like this for a C-Corp?
Is this video applicable to quarterly taxes or should I search for a different video?
And where does the Form 568 Return of Income fit into all of these?
Grateful thank you 🙏
Great vid. You should do one of these for C-Corps & Holding companies
Do you need to file c corp tax return?
I’m confused, what if you end up starting your business at home? Would you still have to file it as your home address?
I have to disagree when it comes to an LLC rental with no employees you can still file it on Sch E!
Hi Sean. I’m still employed with a company and ventured into starting my own business. Does this mean I have to file 2 tax returns:
• a 1040 under my ssn# because I’m getting W2’s
• and another under my business EIN?
if you are single llc then you can file it all on the same return. turbo tax will walk you through it step by step.
I have booked a call but not received any link of call confirmation. Is my meeting booked??
I legally formed/establishibg my business in November 2021 but have startup cost that I incurred before establishing my business. I'm a single member LLC and I made no sales. What all forms I need to file. I also work a regular job. I use my Garage and my entire upstairs hallway for my business
Is it better to create a single member LLC or to include my husband and create a multi member LLC?
I'm not a professional but from what I've learned I would think it depends on who is investing most money (who has the most risk at stake and therefore should have the right to control business decisions). You can always file as a single member LLC and appoint your husband as the manager ("manager-managed", NOT "member-managed"). Then I believe, if what I've learned is accurate, he will be able to make decisions on the business' behalf, but the final word still goes to you as the owner
I’m preparing my taxes for 2019. I know, I’m so behind. I had an LLC at the time but didn’t realize the LLC had been forfeited due to my failure to file tax documents. I was curious, if I incurred expenses for my business, such as advertising, etc., am I still able to deduct those expenses from my AGI/W2 income although the LLC was technically “forfeited” and I also didn’t make any profits from the business? I paid for an 800 number, website and business cards. Can I still deduct those expenses to reduce my taxable income or not?
This might be out of context , but can I add a member to my llc at any time? And how
Thank you!!!
Question my company is an LLP but now I'm the only owner. Do I file normally as Inwpuld with an LLC? Thanks
Over 220k subs. I was one of the OGs here
You are appreciated! Become an OG here for me 🙏🏽 ua-cam.com/channels/CJBY2Yy6Pjo1Jcoalh6Szg.html
How do i report my employee wages to the irs
This may sound stupid but i hope i get an answer.
If i file myself, i obviously save more money from paying a CPA correct?
Because they do be charging so much without clarifying to me whats happening...
Is the K 1 needed for an LLC with three members? Or only two?
if I have a scrops and llc can I pay myself as a employer and file a w2 ????
What state fees or taxes do you have once you have an llc?
Can i elect to have Google issue a 1099 to my S corp as opposed to me as an individual? I intend to form a single member S Corp.
Do single member LLC s have to fill out SE form? I heard single member LLC don't need to file employment tax and that it's reserved for s Corp o Corp.
It a handmade business and indidnt make a lot money. Do i need to do it?
Thanks for the video,I do not see any link to book for consulting to file tax for LLCs'
lyfetaxes.com
The Contact US form on your website is broken. I'm trying to contact you for my tax preparation.
Try here lyfeaccounting.com/new-client-application/
How do you file if your sole proprietor?
You file just like a single member LLC as mentioned in the video.
Last year I got married I have a sole entity LLC before marriage, now for 2023 taxes I got married, can you give me pros and cons of married filing joint with LLC income ?
If you didn’t make more than you spent this year, can you get money back like filing personal taxes ? My first year in business
I’m in a partnership LLC which is pass through. I’m the only one that had income 2022. Will I still have to do a schedule, K-1 for my partner if he didn’t bring any income? I am a registered home daycare in my income came from government subsidy 1099 and Grant money & I’m actually working my home daycare. For my understanding I would have to do a K1 on my partner only myself? But for myself I would need to complete Form 1065, k1, schedule, C and a go m for my dependents? Thanks 😊
What is the deadline for a single owner llc?
Do each multi member have to file a 1065 or would it be filed once for all members?
Does a single member llc with no partners and zero employees have to pay estimated quarterly taxes?
No
if you don't file by 15mar as a single-member LLC what will happen? can u get an extension?