Wasn't this sidelined? This is crazy that we only hear about this from KZbinrs, not one communication from the IRS.

Good advice, thanks for the heads up

Is this required if I canceled my LLC during the year?

THANK YOU for this video. I was able to get all of ours done by the end of the year. I think our CPA will appreciate it ;) Another reason we are so happy we use you!

You are a king! And great intro music 😝

What if you have a reseller cert (for eBay/Amazon) but no longer desire it? I used to utilize it all the time when I purchased candy/coffee to resell on Amazon. I no longer sell these items so I don't use the reseller cert anymore at all.

I'm a single llc owner and would like to know for 2024 can i contribute up to $66K to a solo 401k? If so, how much of that would i be able to write off in my taxes? Only a percentage? Or the full amount?

Voluntary for now after the injunction.

I've been following you for a little bit. Im also in Utah so this will be very helpful.

Couldn't have come at a better time for me - thank you for the video! I was actually going to ask a question about this for Movie Monday, but wanted to do some leg work first to read up before reaching out - turns out, you already had the wheels in motion for me! I'm an Amazon and ebay seller but am considering opening up my own Shopify-style store, as well. This is a big help as I start to progress toward that decision.

Do Sole proprietors by default or very small resellers need to file this Boi? Thank you!

Hi there. You are a lifesaver! Thank you soooo much for walking us through the process. It was greatly appreciated.

Check your state before assuming S-Corp is the way to go. For example in Tennessee you’re paying more Franchise and Excise taxes if filing as an S-Corp.

This is one of the most egregious forms of extortion I've ever seen.

Follow up silly question, Does that mean Robinhood gold Can also be a tax deduction?

Can you put your realestate in LLC? How many homes or apartments can you put in LLC. Thanks inadvance.

Is the irs going to get a warrant to check your KZbin usage?

Do sole proprietor need to file?

So I just heard about this the other day. I am way past 90 days since I filed. I ended up filing last night. So now I can expect jail time and being fined to 10 grand or more? Wtaf

i am just a nursing home singer and i have to fill out the nursing home I-9 paperwork for their taxes and i put sole proprietor but i dont sing that much like maybe 1-2k a year

What happens if I accidently submitted a duplicate and it gets rejected?

What if you are not doing any business?

This is why I also blame a lot of these reselling apps that want you to use them BUT don’t tell you all that goes with it especially when it comes to taxes. If a person was no aware how are they suppose to know to file taxes on the income that doesn’t meet the threshold? SMH I still have questions. If I start taking my business more serious do you think I should file an LLC? & if I don’t necessarily have to, do you still recommend someone to open an account to keep their money separate?

Great video 🎉

A Very Graham Stefan title

This is why I never gave my SS to these platforms. This is not exactly a business for me (and millions of others) and as a small seller I would only give my SS until payment is withheld for W9 requirements, if it ever even reaches that point.

Hi by any chance do you have a package that i can buy where it explains how can i do my own spreadsheet?

One thing I don't understand....if I have a $100k cap gain in March, and let's say the tax will be 15% or $15k. Can I just send them the $15k outright by Apr 15 or do I have to do the dumb worksheet and pay 1/4 of it per quarter? It seems to indicate it wants the equal payments. That's fine, but if I have another $100k cap gain in July, then I have to re-do the worksheet and adjust the payments? Just seems easier to reconcile each cap gain in full, individually, in the quarter in which they occur. Follow up question....let's say I do have some large cap gains and my tax on those would be $30k. In the previous year, my tax obligation was $15k. If I have already paid $17k in tax this year, it doesn't matter how much my underpayment will be, there will be no penalty because I have met the 110% rule?

I have a stupid question probably. I didn't itemize last year, and have all my receipts, but this year I continued to sell stuff I bought last year. This year I hardly bought anything at all cause I still had too much from last year to try to sell. Can I still itemize this year and deduct last year's purchases? I have all the receipts. I didn't make much this year either :( and I have it all in storage units. (which I understand can also be deducted as an expense, along with mileage)

I think starting out a sole proprietor is best and once u start making money transfer into a llc

I'm working with your spreadsheet. You have it set up so that shipping is deducted from the profit. What if you charge shipping?

Wow, I've downloaded a couple of Excel spreadsheets now to help me track my numbers before they get out of control. I feed your spreadsheet has the most detail.

Up the IRS arse

Do they reverse the fees?

Great video! You said though that getting a business license may be overkill for a reseller and that may be case where a reseller is operating out of their home and business licenses are simply a matter of a nominal amount paid to a locality for registration. The local law may not require such a license where the business is not open to the public, for example. But in states where localities can collect a local annual gross receipts tax from businesses in conjunction with the business license registration (Virginia, Pennsylvania, and West Virginia), those localities may be aggressive in using data from the IRS in finding businesses that are not registered and coming after them for the tax owed, plus interest and penalties. It can take a couple years for them to catch up and by that time the amount owed could be significant.

You didn't show the last part wher ppl should download the transcript

The .gov website wants $149.00 to file I was shocked and am going to call my accountant.

Thanks for you most valuable information. I have some items that were left to me by my father who passed a few years ago. One is a WWII knife. I recently sold it on eBay for $435. My cost in it is $0. What is my COGS? Thanks for your help.

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Thank you Mark! Done. :)

I was doing some research. Is it really wages are $10 per day? I was thinking of hiring some help overseas doing ebay listings for me.

Thank you!

Very, very helpful! Thank you so much

Terrible Definitely gotta dot your i’s and cross those t’s! Great video

Great video 🎉

With Trump now in office, would this still be required?

What is the difference between your beginner bookkeeping course and reseller Academy? I just started eBay and Whatnot this year.

what if an LLC owns another LLC? who files BOIR?

Where is the other video?

That's so cool!