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@MarkhamUp 2 күн бұрын
Wow amazing... Thank you for this. I have been wanting to create my own bookkeeping software for 10 years now haha. This with Simple ML for Sheets (Extension) you can train the AI on 1 month of transactions/data and you can have it do the rest. Thousands saved in software and time now.
@lydiamartinbiz 2 күн бұрын
I had a CPA recommend I set up an S Corp in 2015 without explaining to me all of the extra steps and fees I would have to pay. She focused on "all this money I would save" and I ended up paying more the first 2 years. Very glad I have an S Corp now, but I wish I had educated myself more before jumping in! And I definitely got a different CPA! Very thankful for people like you who share so many great tips on this topic!
@JamieTrull 2 күн бұрын
I hear this more often than you can imagine!! We trust our service providers to know what is best for us so it frustrates me to hear how common this is!! Trying to spread the word to others!!
@ellenmarceau5179 3 күн бұрын
I have the Hiring your kids toolkit (love it!) and signed up for Roll by Adp today. Trying to onboard my kids, but they won't let me add a birthdate younger than 2010 (14). How did you get around this?
@JamieTrull 3 күн бұрын
That’s weird- I pay my 7 and 10 year old and didn’t have an issue! I would see if you can use chat support and ask. Maybe it’s a state thing? What state are you in?
@ellenmarceau5179 2 күн бұрын
@@JamieTrull Washington. I did contact help and they are supposedly working on it!
@JamieTrull 2 күн бұрын
@@ellenmarceau5179 Great!! Please report back with what you hear. If they've made a change I definitely want to know about it as that is my preferred provider for hiring your kids due to how easy and affordable it is!
@ellenmarceau5179 2 күн бұрын
@@JamieTrull Roll hasn't got back to me yet, but I think I figured it out. It's definitely a state thing. I'm getting ahead of myself over here! There are quite a few hoops to jump through in WA before you can hire anyone under 18, especially under 14, even if they are your child.
@JamieTrull 2 күн бұрын
@@ellenmarceau5179 We added a state resource recently with some links, etc. to help with the process. Most states are fairly straightforward but there are some with more stringent rules! Definitely check that out too!
@yellowlilax 3 күн бұрын
Curious if the amount we pay ourselves for a self employed 401k contribution each year is considered part of our compensation?
@JamieTrull 2 күн бұрын
Nope - that wouldn't count toward reasonable comp
@CodyRushDriving 4 күн бұрын
Fringe question for you, in regard to entertainment not being deductible: what if your business is entertainment? As an example: if I were a youtuber, using my channel for income (I'm currently not, btw) and my channel's focus was playing laser tag at different facilities around the country/world. Would travel/laser tag equipment/laser tag games be deductible, as it is directly related to the business of the youtube channel? Another example: if I were a youtuber, using my channel for income and my channel's focus was reviewing hotels and theme parks around the country/world. Would hotel stays, theme park passes, food at theme parks/hotels be deductible? If I were to drive around the country to do either of these things, would the mileage be deductible?
@ianglenn2821 4 күн бұрын
If I have a great question, would you consider answering it directly even if I only comment it just right here? This is your youtube channel, right? Or have you hired a 3rd party to run this channel and only respond to comments with a form response?
@JamieTrull 3 күн бұрын
I can answer some questions personally but not all of them, especially if they really need a more nuanced answer (which is most questions on topics like these!). With over 400 videos on my channel, responding to every specific question would be my whole job ;)
@JamieTrull 4 күн бұрын
Join us for our Savvy S Corp Owner: Getting Your Salary Right Masterclass: jamietrull.com/salary
@junxtaposition7973 4 күн бұрын
what about if the business does not have enough profit to actually pay yourself a reasonable salary, but you are willing to work for that amount. also, what if you want to leave some of the profit in the business for next year's expenses? curious your idea about that.
@RosaNoreenDance 4 күн бұрын
@@junxtaposition7973 If the business is not profitable enough to pay the owner a reasonable salary, it probably should not have an S-corp election. Reasonable compensation is not a requirement for SMLLCs. However, I don't know the rules for removing the S-corp election.
@JamieTrull 4 күн бұрын
Great question! You can submit your questions here for Jamie to anwser it on her next live show: www.JamieTrull.com/KZbin
@JamieTrull 3 күн бұрын
Hey there! In general, if your business doesn't have enough profit to pay yourself a reasonable salary, it may mean that S Corp isn't the best status for you. The tax savings only kick in when you have profit to pay yourself above and beyond your reasonable salary. Also, be sure to jump on our Masterclass next week all about Reasonable Salary jamietrull.com/salary
@DentalProInst 4 күн бұрын
When calculating reasonable compensation, are expenses paid through the business, such as automobile expenses, added to the salary to determine the compensation amount, or is this simply the gross salary you pay yourself on the P&L that is considered?
@JamieTrull 4 күн бұрын
Great question! You can submit your questions here for Jamie to anwser it on her next live show: www.JamieTrull.com/KZbin
@JamieTrull 3 күн бұрын
I recommend handling these as reimbursements if they are for your personal automobile and not through salary. If you do them as reimbursements (with an accountable plan which is basically a reimbursement plan) they will be tax free. If you add them to your salary you'll end up paying taxes on them, so no real benefit.
@jumpswimshreveport8696 5 күн бұрын
You need a Credit Card for protection for fraud and disputing of charges.
@JamieTrull 5 күн бұрын
Agree 100%!!
@timl9495 5 күн бұрын
Maybe a stupid question. Can I deduct the monthly price for QB off my taxes for my business?
@JamieTrull 5 күн бұрын
Not a stupid question and absolutely you can! Any costs for accounting for your business are tax deductible, including software!
@gretchenrodriguez 6 күн бұрын
Thank you for this! I wish I would have known years ago. I've been a published author and never took travel expenses for my research trips. Ugh! I can do this even if I'm considered a self-employed author!?
@JamieTrull 4 күн бұрын
Yes absolutely, just make sure to follow the rules and seek advice from your accountant to double check what can and can't be wrtitten off for your particular circumstance.
@taxguruette 7 күн бұрын
There is no economic substance to this. Not really legal.
@JamieTrull 6 күн бұрын
If done properly (and documented well), it will have economic substance. If the FMC is actually managing the child, logging time, invoicing the S Corp - it absolutely has substance. Additionally, especially in cases where a child is working for multiple family-run companies, it can centralize and simplify the payment of family employees. Entities that centralize certain activities are quite common and generally acceped when it comes to business structure (again, so long as proper documentation exists). If desired, to prove that economic substance you could even pay the management company an additional fee for its services, meaning it will post a profit which can further prove economic substance. I understand that some CPAs may be very conservative from a risk perspective, but like most decisions it isn't black and white. The resources I provide to people explain how to ensure you have proper documentation in place to defend economic substance if you ever need to.
@keetovic 7 күн бұрын
Relay is not convenient at all It's nice feature to have 20 checking accounts but it is so complicated and annoying to receive money. No zelle or any immediately payment. Wait 3 days to get your money through ACH
@billburns2289 8 күн бұрын
Do you have a comparison of these to Quicken’s business banking services? If I’m setting up a new llc, and setting up Quickbooks online, why not use the “built in” option from intuit? There must be a catch…:)
@JamieTrull 4 күн бұрын
You can pick whatever software fits for you and your business, I just give advice based on what I like and use.
@GregMiddlebrooks-y2g 10 күн бұрын
tring to sell us a cpa service... we want to keep our work in house, and dont want to farm it out...
@rmcclellan4362 10 күн бұрын
Hi, If you pay your kids with a company check for part of the year and want to switch to a payroll service (like roll adp) can you add in what was paid by check to their calculation so the w2 is correct?
@JamieTrull 4 күн бұрын
Great question! You can submit your questions here for Jamie to anwser it on her next live show: www.JamieTrull.com/KZbin
@debcadi 10 күн бұрын
Very helpful. Thank you. 🌺
@JamieTrull 4 күн бұрын
Glad it was helpful!
@rickwalton2734 10 күн бұрын
Thanks for the Video. Can your promo work for us in Canada? I want to sign up for Quickbooks Online in Canada. Thanks.
@duncanbauer1618 11 күн бұрын
Its obvious to anyone with a Brain, Quickbooks Self employed premise is a Roundabout way of Mass Daling their Product to Small Businesses.
@JamieTrull 11 күн бұрын
Do you have questions about creating an online course? Let me know in the comments below.
@WHATZINTHEWATER 12 күн бұрын
I need u in my life I hate taxes
@JamieTrull 11 күн бұрын
You can check out ways to work with me here: jamietrull.com/shop
@TheMrsroy1 12 күн бұрын
Hello! Thank you so much for this video! I just got my EIN for my management company as a sole prop. My business is an s corp. I wanted to know how to categorize the expense for writing the check to the management company. I don't know if to expense it as management fees or professional fees. Wouldn't it look weird on the S corp tax return to see a big sum of the management fee ( based on how much I paid)? Thank you very much!!
@JamieTrull 11 күн бұрын
Thanks for this question, its a bit more complex than I can answer in the comments, but feel free to submit it here for my next KZbin live show: www.JamieTrull.com/KZbin
@kobelim4018 14 күн бұрын
Hi Jamie, they need me to show my personal bank account statement, will low personal bank account balance affect the application ?
@JamieTrull 11 күн бұрын
Thanks for this question, its a bit more complex than I can answer in the comments, but feel free to submit it here for my next KZbin live show: www.JamieTrull.com/KZbin
@rc8850 14 күн бұрын
Seems complicated... How would you file the paperwork / 941 as an LLC?
@rc8850 14 күн бұрын
What payroll provider would not require withholding social security?
@JamieTrull 11 күн бұрын
Thanks for this question, its a bit more complex than I can answer in the comments, but feel free to submit it here for my next KZbin live show: www.JamieTrull.com/KZbin
@fer557 14 күн бұрын
Thanks for the video
@JamieTrull 11 күн бұрын
No problem! Thanks for watching :)
@JamieTrull 16 күн бұрын
Which business bank account are you going to open next to keep your finances organized? Let me know in the comments below
@Trump2024-b3r 17 күн бұрын
MY husband had a W2 income ~91k till August. A on going 1099, close to 100k. New vendor (same 1099 assignment) he plans to work with starting in October has two options either C2C (no 1099) or W2. Should he create a LLC/Scorp this late in the year considering two form of insurance will cost approximately $1200 and other costs you have mentioned in this video? He plans to use the the S-Corp in 2025.
@JamieTrull 16 күн бұрын
Great question, its bit too complex to answer here, but please submit it for my live KZbin show here to qualify to have your question answered: www.JamieTrull.com/KZbin
@WendyKulas-TC 17 күн бұрын
Are you able to add additional income categories or are we limited to just the 10 you have provided?
@JamieTrull 16 күн бұрын
Great question, its bit too complex to answer here, but please submit it for my live KZbin show here to qualify to have your question answered: www.JamieTrull.com/KZbin
@jacobmerkley6466 18 күн бұрын
Parent owned LLC, filing as a single member S-Corp. It sounds like I can't hire a kid under 14 based on what has been shared, correct?
@JamieTrull 16 күн бұрын
Great question, its bit too complex to answer here, but please submit it for my live KZbin show here to qualify to have your question answered: www.JamieTrull.com/KZbin
@AccountingEducation979 18 күн бұрын
Jamie, keep your child away from iPads and phones as much as you can. These devices are destroying our children’s mental and physical health.
@JamieTrull 16 күн бұрын
Thanks for the advice.
@mnrusticdecor 19 күн бұрын
hi there you were suggested from KZbin I had a question for you I will be doing online and fairs and markets and shows what are your thoughts of what banking system would work best for my situation?
@JamieTrull 16 күн бұрын
Great question, its bit too complex to answer here, but please submit it for my live KZbin show here to qualify to have your question answered: www.JamieTrull.com/KZbin
@alley-oop522 19 күн бұрын
Jamie, please tell me how simple start is good for taxes when it doesn't permit a detailed profit and loss report. How do I get a breakdown of my different expense categories without it. I would need breakdown of expenses to correctly file my taxes, correct? How do you do it with simple start?
@JamieTrull 16 күн бұрын
Great question, its bit too complex to answer here, but please submit it for my live KZbin show here to qualify to have your question answered: www.JamieTrull.com/KZbin
@dagsterblaster4973 20 күн бұрын
What about 941, 940 etc? Good grief, thumbs down...
@JamieTrull 20 күн бұрын
This video covers deadlines specific to S Corps. For payroll reports, it’s the same deadline regardless of entity type.
@JamieTrull 20 күн бұрын
Have questions about growing your email list? Drop them below.
@JamieTrull 20 күн бұрын
Have more Quickbooks questions? Drop them in the comments below.
@JamieTrull 20 күн бұрын
What kind of business does your child want to start? Let me know in the comments below.
@cesarduverge9993 22 күн бұрын
Thank you it really worked!
@JamieTrull 20 күн бұрын
Glad it helped
@M1318R 24 күн бұрын
Love that you gave examples as to how you were employing your child. Great video keep it up!
@JamieTrull 20 күн бұрын
Thank you! Will do!
@dr.teresachapa-cantu1271 24 күн бұрын
OMG, you just saved me hours of work on my accounts! Thank you so much for sharing. 🤗
@JamieTrull 20 күн бұрын
Glad it helped!
@bry14661 26 күн бұрын
Wow. You're fantastic. Thanks for the lesson.
@JamieTrull 20 күн бұрын
My pleasure, thank you!
@ThePolishedapple 26 күн бұрын
Hi Jamie, can I use your referral if I'm an existing Quickbooks Essentials user?
@JamieTrull 20 күн бұрын
Hey Jamie, I believe it is for new customers only, but give it a try :)
@bettywhiteandtheboondockers 26 күн бұрын
i think the thing is that quickbooks connects to bank accounts and stuff which saves time trying to track and enter expenses. that makes a few hundred dollars worth it, I think.
@JamieTrull 20 күн бұрын
Yes definitely! Make sure to check out my other videos on the different Quickbooks plans if you are wondering which one would be best for you.
@alexandercontreras4809 28 күн бұрын
It's better to have 1099, if you have a lot of tax rights off tho, I'm I correct?
@JamieTrull 20 күн бұрын
Great question, I would love to answer that for you on my next live show! You can submit this question here for me to answer: www.JamieTrull.com/KZbin
@paigec9956 28 күн бұрын
Would this same exemption apply for a grandparent that has a company? As in they could hire/employ their grandchild or is it for parents only? Thanks for the great video!
@JamieTrull 27 күн бұрын
The exemption only applies to parents, BUT there is a way to work this for grandparents involving a family management company. I did a full Masterclass and this is something I talk about in it - I recommend checking it out! JamieTrull.com/masterclass
@GripeGlobe 28 күн бұрын
Clickbait. No alternatives presented. Intuit seems like the gestapo, should be ashamed of themselves. If you have multiple entities, no discounts, another subscription for each.
@JamieTrull 20 күн бұрын
Sorry you feel that way, I do think Quickbooks is a good product, otherwise I would never recommend it.
@GripeGlobe 19 күн бұрын
@@JamieTrull Good product and recommended by many because it's the only real option, ubiquitous with all accounting professionals. Some support other options, but all support this product. Thanks for your kind reply.
@leoisidro5476 Ай бұрын
Would you recommend this for a sole prop? I won't have any employees as I provide professional services myself. Or do you think Novo would be better suited for this?
@JamieTrull Ай бұрын
Great question! I still use and love Novo too. One thing Relay doesn't have (yet) that Novo does have is the ability to send invoices, which I think is great for sole prop service providers. I'd say Novo is really geared toward self-employed people like you, whereas Relay is geared toward businesses with employees. But either will work!
@leoisidro5476 Ай бұрын
@@JamieTrull thank you for getting back to me. I think I'll look a bit more at Novo to see if it can offer me what I really need. I'm just now thinking of separating my personal/business finances (after 2yrs). I know terrible. But I figured now is better than never!
@MrBrianDuga Ай бұрын
Do I need a fancy bank like Relay if I'm using QB Online? Will the reporting tick all the boxes of profit first (in a virtual way).
@JamieTrull Ай бұрын
It depends on you! If you can manage all the accounts in QB and are ok with manually moving balances around just on paper, that can be an option. I've found most business owners like to use bank balance accounting though where they can log in at any time and instantly see what their available cash balance to spend is. Relay also allows you to set up an actual savings account and make some interest for longer-term business savings. Personally, I prefer to track my balances in Relay and feel it allows for more automations and ease. Plus, it's free (and you get $50 after depositing your first $100 if you use my link to sign up! jamietrull.com/relay )
@MrBrianDuga Ай бұрын
@@JamieTrull thank you! 😊
@Mohrenberg Ай бұрын
Great video. Thanks!
@JamieTrull 20 күн бұрын
You're welcome! Glad you liked it.
@PeterCianci Ай бұрын
Great job, it's the most underrated thing a small business can do to grow exponentially!
@JamieTrull 20 күн бұрын
I completely agree!