Small Business Tax Filings - Everything You Need to Know to Avoid IRS Penalties!
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- čas přidán 21. 07. 2024
- Filing taxes can complicated, especially as a business owner. In this video, I will explain the specific forms and filings you need to file to avoid owing penalties to the IRS.
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Intro: 0:00
Sole Proprietorship Filings: 1:44
Partnership Filings: 3:11
S-Corporation Filings: 4:51
C-Corporation Filings: 6:09
Additional Filings to be Aware of: 7:02
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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).
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I have a bachelor's degree in account and am brushing up on some things. This video was so enjoyable to watch. I was never so happy to subscribe to a channel.
What an amazing video. Really great clarity and detail on the different types of business structures and taxes. Thank you! I’ll definitely be rewatching this one
So Helpful. I am glad I found your page. It's a digestible Tax game changer for us. Blessings
love her. Well spoken, articulate and great energy!
Thank you so much for this informational video. I needed this and it came right on time.🙌🏾😎
Glad it was helpful!
I was looking for this video to explain the forms… Great job … LYFE Accounting. When will you guys do a live? I have a few questions…
Thanks, Darrel! We try to go live on or around the second Monday of each month. Hope to see you on the next one.
Amazzzing!! SOO well done and Beautifully Presented and Imagery!
Glad you enjoyed it!
I started my CZcams monetization in October last year and got my first check in February. I needed to see this video since I found out that I needed to pay taxes as a new Sole Proprietor for 2021. I was a bit stressed the last few months about how much I needed to pay and save up for taxes. I subscribed too by the way 👍🙂
Love it. Good luck on the channel and great to see a fellow Georgian on here.
@@LYFEAccounting Thank you so much! Wow, cool your from Georgia too, awesome! I'm a New Yorker too born in Brooklyn.
You give me hope for our future, thanks young lady!
This is fantastic! Keep up the good work
Will do if you keep watching 😉
Fantastic video! Thank you for putting this together!👏🏿👏🏿👏🏿👏🏿
I started a LLC stump removal business with a 50/50 partner. When we opened a small business account the bank asked if we were s Corp or c Corp. we are s Corp. we’ve been in business for about 7 months, we are just finding now we may be needing to file tax reports quarterly and don’t know which forms to use or what to do about the previous quarters. Only one quarter was profitable. Thanks for your help in advance
I had the same issue and the IRS told me that when you file your first year, they will allow you to file however you decided to file that best fits your business. This happens allot for first time business owners but once you file your first year that manner cannot change going forward. Legal Zoom started me as S Corp but I’ll be filing sole proprietor.
This video was on point , thank you so much 🙏😊
Thanks for watching
Instablaster.
Hello thank you for this!
Is there such thing as quarterly estimated state taxes?
Extremally well done, thank you.
Do you file all of these taxes quarterly or just wait till you file your personal taxes to report them and pay at that time?
Really helpful. Thanks so much, Krystal.
You're so welcome! Thanks for supporting the channel.
sooo i only have my DBA and EIN no llc, i didnt file last year cuz i wasn't thinking about it so hopefully this will help me figure out what to do now
Hello
I have a single member LLC. I've allocated 15% of my payments/ income for taxes. My question is, should my payments to the IRS be 15% or more? Great info thank you
I’m new to to wanting to start a business I just watched your video which was extremely helpful I do have a question so because I’m in the start up phase I have processed my ein with the irs and started my business account but should I have waited till I have constant income from my business to create my ein . When taxes come around if I file & don’t make enough will I owe penalties .
The Best! God Bless You!
Very Very helpful 👏 Thank you 😊
Awesome info, thank you!
Thank you for sharing. Good information
Amazing information!
Thank so much for making this! :)
Yall are Awesome!!!
Can you explain or make a video on how to remove business tax penalties for not filing (1040/CIV PEN/1040 SEPARATE ASSESSMENT 6672/CIV PEN)
Thanks for simplifying this. I recently started a LLC of which me and my husband are owners. We normally filejoint returns. With that said, do we need to file a 1065 or a Schedule C? We have not generated any income with the business in 2020. Your help is appreciated!!
Do you both own a stake in the LLC? Like, are yall 50/50 partners for example?
@@LYFEAccounting Well, I just added his name as a member, he is listed as VP.
So no 50/50
This was helpful💕💕💕 thank you
You're so welcome!
Great work! Thx for the info.
Glad it was helpful!
Do you have a video on how to fill out the tax form for small business? I could definitely use the help.
No, but noted! We'll come up with something
@@LYFEAccounting can you make the video about filing out tax form for small business owners. And LLC ?
@@mymym5462 I agree
Did you finally make this?
@@LYFEAccountinghow's that video coming along??? Or at least a "to-do list" for everything u need to list and items required to file
Thank you for this!
Glad it was helpful!
Video was great
Learned a lot from you. Thanks
Thanks for watching!
Hi, do I have to amend my prior individual taxes in order to file my my prior LLC.
Am I required to file a return if my LLC had expenses but $0 income? Can me filing under these circumstances generate a return? Thanks
Great explanation of taxes for an LLC. So I can keep filling my personal and use schedule C for my business.
what about retail sales taxs can you explain
Thanks!
Right now I'm making myself a website for my online business that I want to start hopefully before next year. Once everything is up and running, now what?
Okay Im new to this business info! Okay I got my state taxes in check but this federal is kind of confusing. Do I pay the 15% from my profit or from total sales?
What if I got my LLC but no EIN code do I need to file . I have a small handmade business in PA?
If I have a single member LLC taxed as a s- corp, do I file a schedule c on my personal tax return and a separate form 1120s for the business?
Very helpful. Also just letting you know if someone has not already, that you have some sort sound that keeps repeating itself in the background of your audio; it's almost like a phone ringing. Peace and thanks for the great info
Its a sound effect in the video for their pop up bullet points I believe
I have a single member llc, If I am understanding correctly irs to receive income tax return while states receive the sales and withholding taxes, am I right? And what is the difference between withheld and withholding taxes?
Hello,
I am part owner of a company in California (the other owner resides in California still) and have just moved to Georgia permanently. In order for our company to withhold hold the correct amount of state taxes for me, Quickbooks is asking for the following information...
GA Account Number (Unemployment Insurance):
GA Account Number (Withholding):
GA SUI Rate:
GA AA Rate:
Deposit Schedule:
Where can I find the above information and what are the necessary steps I need to take?
Thank you so much,
Alejandro
Can you explain filing sales tax?
Great Work!!
Thank you! Cheers!
So my son who lives in UK and has single person LLC, files a 1040 which includes biz profit or loss from Schedule C form. If he has a profit it is taxed 15% then again for (SE form) self employed tax (although he's living in UK) and then a further tax on aggregate income is made? Is that correct?
Do u have to pay taxes ? If u make less than 12,000 a year? Some say they don’t pay taxes since they don’t make much
Have you dropped the video about how to pay the quarterly taxes , I have an LLC , is there another way I can reach you?
I also missed what to do if shipping out of state
Thank you for this
No problem 😊
If I’m a single member LLC can I get taxed like an s-corp? If so how often can I change my tax preference?
Can I. Add weekly expenses from rentalbox truck for losses
Hello, thank you so much for the video. However, I'm a little lost. I'm not sure how to set up my home-based business (Tutoring). Also, my husband is looking at real estate as a business & we're not sure how to set that up either.
Check out our video 'How to Start a Business' Once you have your business set up, be sure to refer back to this video on which tax forms you need to file!
Can you deduct half of the self-employed tax?
What to do if havent made the money for business?which way to go?thanks
Am I able to include "doing business as" income for my registered LLC's income please? Otherwise my income would have to be filed as 0..
If you filed a personal tax with a spouse and forgot to file a business tax until it was too late, can you file a schedule c separately?
Wondering that rn
Thank you
As a Sole proprietor I earned 9.5k last year, so I would have to pay 15% of that 9.5k?
Hello
How do a I file a Pennsylvania Corporate tax report and information return for my LLC?
Cherie
Great video 🔥
Thanks 🔥
I started my business 4 months ago. When do I file my taxes?
Hello im asking about CZcams channel for choosing ,
individual account in youtube and business accounts . By the way if i choose business accounts do i have to open bank account using my CZcams channel? Or its fine using my name?
And if i use individual account can i still add my expenses in there?
I hope you notice my comment. And please make some video for differences of individual and business account and how is the difference of applying tax for that im so much appreciated . Godbless you . Im Filipino and currently living in Virginia .
Because im starting my youtube channel and still struggling about choosing individual and businesses . And what is the most easiest way and more benefits for this .
can you start a llcc in ga if your military and home of residence is florida?
You left out that a rental property business that is doing business as a sole-proprietor or single-member LLC does not pay self-employment taxes. Additionally they use Schedule E for filing, not Schedule C.
This was very helpful. Have a question as a 3 member partnership all members are taxed based on the percentage of ownership in the company? For example the business makes 60k each partner will be taxed on 20k?
So that depends on the ownership equity. In this case, if everyone owned 1/3 of the business yes
Great thank you!
Does a single member LLC have to self pay and use form 941 as well as 940 IF they are not paying any payroll taxes to self pay?
You just fill out the schedule C 940 and 941 are for S-Corp.
How would I calculate the value of my Musical Inventory as a Rap Artist? ....Great video. #subbed.
What if you hire a contractor? (Under $600/year) what form do I need to provide them ( I’m a single owner LLC)
What happens if no one is paid anything on a S corp, what happens if every dollar goes back into the small business ?
Hii, Is this in the USD or CAD?
I file my st-1 taxes quarterly. It’s my first time going to file and I’m so scared .
I'm doing my taxes and I have an LLC, I didn't make a profit...What shall I do?
I'm doing good watching these videos before I start my business 🤑
These are some well educated persons. They guiding me well.
Love it! What type of business do you have?
@@LYFEAccounting nun right now just looking up what I need to know before I start one proper planning prevent poor performance
@@LYFEAccounting I have just begun all the steps of a Healthcare Staffing Agency. Where I plan to contract and also do Per Diem shift for RN's, LPN's, and CNA's. As I am a RN myself and soon to a NP student; I do plan to work for my company as well. I have watched to videos of certain forms that I will need and receive for my LLC. I am getting a better understanding of those forms from the LYFE Accounting videos. I do have a question on how to pay myself. As I have mentioned, your videos are very thorough and concise. My question I have is this: My L.L.C. will employ others as well as myself; is there a different in anyway when I file taxes? In other words, I actively will receive an income and while the others staff work for my L.L.C., I will be receiving a passive-income from those employees through my L.L.C.?
This helped a lot! Thank you🙏🏼
Glad it helped!
Thanks 😊
You're welcome!
OK my small business structure is C corp with S corp filing- started just paying myself as an employee. 1 year in oct 2022. Gusto payroll is what I run- federal and SS taxes are taken out there. Do they send the info to IRS automatically? form 941 or 940? I thought they did. Also my husband is shareholder of c corp- but he is not employee (I do all work), so does he need to be an employee and a reasonable amount be paid since we are s corp tax status? Do you have an email or phone consult? Would love to chat via phone. Thanks
Excellent video. Thanks for sharing this great info. Thinking about contacting your team
Glad it was helpful!
I have some tax questions for my business how may I contact you directly
Hi, I live in Texas and I form my LLC in January 2021 as a home baking business, but have not make any money yet. Do I have to file a tax return if I haven’t make any money? Do I have to apply for an EIN? Thanks!
I'm trying to find that out also
Me too. Seems no one here knows.
Still have to file even if your business made no money
I need help with my business taxes
The ringing is so distracting for some reason guys. Great videos just edit that Part out please.
I'm so confused. I'm Llc in Arkansas. ALL ME. NO partner. what did i do wrong? was i supposed to register my business with the irs? my California accountand was never helpful in keeping me informed.
please help i just want to make my art and sell it and live in our house this shisss is so overwhelming.
1:20 Let's get started
And where is for LLC?????
I’m from United States of America I feel like your doing a good job teaching but honestly I may just be thinking too hard . Please help me
Hello does your co services Maryland?
Hello! I am wondering what STATE forms need to be filed for S Corp. You mentioned 1120 S that is for Federal. For transportation (delivery, moving) company S corp.. Thank you in advance.
So if I start a business and make 150k a year, how do I pay tax? Do i write a check, or have them take tax from my salary? Thanks
Not exactly. You’d need to do your business books (Video: czcams.com/video/bJTZbfq7amQ/video.html ) to find your profit and loss. Then you’d file your tax return based on your business net profit. Your payments to yourself are not taxed. Here’s a video on how to pay yourself from your business
czcams.com/video/1XrzwsCGycM/video.html
@@LYFEAccounting is it similar to filing personal taxes?
How much money does a small business have to make before it has to start paying taxes 🤔? Thank you 😊 for any helpful advice.
400 a year
What should I do if I’ve been in business for 3 years with a single member LLC and haven’t filed taxes for none of those years
Hey Willian, did your business have a net profit any of those years?
Thank you for this video. Very helpful. The only thing I would suggest is removing the annoying ringing phone in the music. :)
If I started my business feb 2021 do I file taxes April 2021 ?
Nope, in 2022
For federal taxes
S-Corpration : 4:55
Because i need help
The best video I’ve watched but the phone going off every 3 seconds was very unpleasant 😣