Small Business Taxes for Beginners & New LLC Owners
Video Overview & Insights
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As a 5 year old, this is very helpful
Small business taxes for beginners. There has been a record-breaking number of LLCs created in the last two years according to US business formation statistics. Of course, this means there will be a lot of new business owners who need to learn how to handle their taxes.
Timestamps
For switching to a S Corp: When you say "net Profit of 60K" does this mean above and beyond any income where you pay yourself?
Preview/Intro (0:00)
Individual Income Tax (1:54)
Remember America was started in protest of a 2%tax on tea....where did we go wrong? π
Corporate Taxes (3:38)
Payroll Taxes (4:40)
Excellent review -thanks!
Self-Employment Taxes (5:31)
Other Uncommon Taxes (6:54)
great video, this is a huge service man thank you
How to Pay Business Taxes (8:27)
Business Tax Deductions (11:44)
Lost 3 jobs a week to competitors who just showed up on Google first. Took 48 hours to fix. Game changer.
Compliance Checklist (13:33)
IRS Receipt Requirements (15:45)
Great video. Ty
Other Popular Uploads:
IRS Audit & Tax Court Cases: https://youtu.be/jLtBr-aKQ-w
if you travel for a business trip how do you verify its for business? do they check?
7 Popular Tax Write-Offs That Could Trigger an IRS Audit: https://youtu.be/vbg-b9D3bsQ
IRS Receipt Requirements: https://youtu.be/R7BNZPCz310
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Single Member LLC, What You Must Know: https://youtu.be/iHy1xLYqS6Q
How to Start a Business: https://youtu.be/gEICb03wQng
Awesome breakdown
How to File Your Taxes as an LLC: https://youtu.be/vqsghJV1AbU
5 Startup Grants: https://youtu.be/FweABu-XPNM
How about states that are tax free and you own a llc
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Disclaimer: The information provided in this video is for informational purposes only and is not meant to take the place of professional legal, accounting, or financial advice. If you have any legal questions about this video or the subjects discussed, or any other legal matter, you should consult with an attorney or tax professional in your jurisdiction (i.e. where you live).
More User Perspectives
So if I start a trucking business
@seanogrady1688As a busy father, I never have time for classes on this. Thanks for making this video.
@TheJinKuroI have an LLC in Maryland that I just started and how much would I have to make per year to file to pay taxes on the money I have made over that year
@CharlesCrabb-t8si been needing this
@Freddy_CalvinThis helped me so much, thank you!
@AweRavenVery informative I was unaware of mostly all of this much appreciated π γ½οΈπ
@phattpurge78743Thank you for the information provided in this video. You gained another subscriber. Will follow you for all business related updates.
Thank you so much and have a blessed day. π
10:35 you couldβve given an example especially for those who are filing their first taxes as a business owner.
@ShavAnDemAfter I heard the word βcac-ul-ateβ I couldnβt focus on another word you said for the rest of the video.
@evanmayhew5519Thanks for helping out adults like me.
@mai_art1729As an adult this video helped a lot
@Beamervrvras a 23 year old accountant, this is extremely helpful
@mysticalbl4zeAs a 27 year old this is incredibly helpful
@jiraigatyAs an adult, I agree.
@anezyay2812Get to the point buddy
@ShawnbzillaWhat if you have an LLC but you are a sole member.
@mariewilliams8366You make people not wanna open a business buddy talk about all the tax benefits first not all the way at the end π
@jakeemjohnson3877Helpful. Thank you!
@StandupGirl918Very informative thanksππΌ
@comegetusYHWHHow can I contact your services?
@chefvivecaannetteDo you have to have an LLC
@Workingartist1? Should I be saving 37% for taxes plus the 15.3% self employed tax?
@MarkLewis401Love your work. we are looking for a tax specialist for our management holding company model. Would it be ok to arrange a call with you?
@MichaelMo-st6lsthank y ou for a great summary...really helpful...question? curious if there are tax forms created in excel format?
@paulmftiSingle member LLC's have to file quarterly? I thought that was only for S/C corp. I just opened a startup business in June. I'm still designing my product and have no revenue, only startup expenses. I still have a full time job. Can I file my LLC taxes annually along with my regular W2 from my full time job?
@The_Military_NurseAs an owner operator single truck trucking company would it be beneficial to be a S Corp?
@JameyallenroseHonestly I bet taxes were made over complicated so people make mistakes so the government can add more fees and penalties
@Moist-GravyHow will I start??
@IssacBorasuGreat info! Thank you
Does this apply to PLLC ?
Thanks for this informative video. I started my business a year ago with no business experience. I have been an employee for 34 years before taking this step. This has been the scariest thing I've ever done in my life. Your video tutorial has given me a small amount of relief from the anxiety I'm having. Thanks again!!!
@tommyfaison9112Hey, I will appreciate everybody who can just drop a form that I need to file. I have Partnership LLC (with my wife), and Yearli turnover was 3000$, and it is in NJ. What forms need to be filed? 1065 / k-1 / 1120s / 1040 (individual income) that is all ?
@next.stop.americaAs a startup, can i deduct cash I put into my new business account from my w2 income?
@scrumptiousjdpBro I am 14 and trying to start a business, I dont want to file taxes because I dont know how to do it, My yearly pay is set to $0, my workers are independent contractors and have yearly pay of less than $400. SO the only file I would have to report is probably schedule C form, but I dont want to because I dont even know how to do it :(
@CleerAISo how do I file taxes for LLC? This does not really explain it
@TuranZeynalliWe all need to focus and "CACULATE" what we need to pay. π
@jmo4347Wait Iβm confused Texas doesnβt have an income tax according to Google when did this change?
@lildinosaur8856YOu didn't cover Sales tax. I"m a reptile breeder who works reptile shows and sells misc items as well.
@daviddibble958