Watch next: WHEN to Switch from an LLC to an S-CORP: kzbin.info/www/bejne/pH-6Y52sfM2WibM
@zmack18303 ай бұрын
A Legend speaks ...
@Drganguli Жыл бұрын
Your videos are very useful for new business owners
@MM-eh7ps Жыл бұрын
You are so amazing!! This is such a complicated subject and you made it look so simple!! Thank you so much for all you do! I recommend your videos to everybody!
@XYRN023 жыл бұрын
Thanks Sherman… I am a S.M. LLC and soon will need more advice from your company… Damn This was WELL EXPLAINED…!
@shermanstandberry3 жыл бұрын
Thanks, Darrell. We're not going anywhere!
@mxrevival2 жыл бұрын
Excellent video. Hands down the best one I've seen yet after watching a seemingly endless amount of them back to back
@IAmLRose2 жыл бұрын
This is soooo good!!! I’m binging right now !!!! 💯💯💯
@FinancialFreedomMadeSimple3 жыл бұрын
It was a clear explanation, great video Sherman.
@AllisonWithGodMinistries3 жыл бұрын
Excellent teaching. Thank you.
@shermanstandberry3 жыл бұрын
Thank you, Allison.
@splatterdaynightmares Жыл бұрын
Everyone always talks about the $100K startup. What about the really really super low amounts?
@hcast1992 Жыл бұрын
Thank you for explaining so many different things so well. Is there by chance a video that may go into greater detail on the estimated taxes you mention to put money aside for when trying to figure out if you can pay yourself. There was also a mention of quarterly taxes? I am on the bubble of being able to pay myself but am not too sure about if I write myself a check do I deduct from that check what would be for estimated taxes? Or is there another strategy for that?
@romondaword48813 жыл бұрын
Simply explained. I love this.
@shermanstandberry3 жыл бұрын
Thank you, Romonda!
@romondaword48813 жыл бұрын
@@shermanstandberry I tried calling because I need your services. Can you reach back out to me please.
@shermanstandberry3 жыл бұрын
@@romondaword4881 What do you need help with? We stopped accepting clients earlier in 2021 but will may have some slots becoming available soon.
@romondaword48813 жыл бұрын
@@shermanstandberry I am a small business of a FAST growing cleaning company. I have filed to be taxed as an Scorp because of the income. I am a single member llc. I need a CPA to do my taxes and I need a strategist/planner etc. I would need a bookkeeper but I just had my books balanced and reconcile through October with the completion of Nov and Dec in Jan 2022. I really would like to be a part of your team. You are easy to understand and the way you break it down is phenonmenal. I don't want to do taxes but I do want to understand them in order for my business to be in compliance and to go....PLEASE HELP!
@romondaword48813 жыл бұрын
You can reach out to me on Facebook and DM for a more private conversation.
@Understanditokay2 жыл бұрын
Great job. You all speak very well and use relatable words and examples.
@shermanehylton45183 жыл бұрын
Thank you for the information, I appreciate you.
@shermanstandberry3 жыл бұрын
You're welcome. Hope it helps
@shermanehylton45183 жыл бұрын
@@shermanstandberry it really did. Are you taking new client?
@shermanstandberry3 жыл бұрын
@@shermanehylton4518 glad to hear, what do you need help with?
@dltran31622 жыл бұрын
Can you do one for multi member LLC? Esp for one member who lives in a different state. I need more info on if 1. Estimated quarterly taxes should be paid on the 1065 or thr personal 1040. 2. Do I pay estimated taxes to the state where the LLC is or where I reside? 3. It's hard to figure if you make money the first year. Which makes it hard to estimate what you pay
@eugenehofmann40133 жыл бұрын
I definitely need this.
@YourAdjunctProfessor3 жыл бұрын
One of the most common questions I tend to see
@derekparker3913 жыл бұрын
THANKS. I HAVE THE S CORP DESIGNATION FOR MY TRUCKING CO. I want to add Members to my Business to Scale.
@shermanstandberry3 жыл бұрын
You're welcome and smart move. Good luck!
@prophetesshollihunt2 жыл бұрын
Hi. I have 3 LLC's and I've had them for a couple years. I haven't made much profit on any of them. I also don't receive W2s. What would be the best route to take for filing taxes? Thank you.
@AutumnDempsey.10 ай бұрын
thank you so much for this content!
@biancajohnson75662 жыл бұрын
Thank you so much 🙏 I love how easy to follow along and understand you made this video!! Thanks again 😃
@marybooker93943 жыл бұрын
Invaluable information
@shermanstandberry3 жыл бұрын
Glad it helps, Mary! Thanks for commenting.
@chefblaque3 жыл бұрын
Thank you. Very insightful!
@turkthemarineguy3 жыл бұрын
Thank you very much for this video.
@cjheart64753 жыл бұрын
Great Video Keep Them Coming!
@shermanstandberry3 жыл бұрын
You already know.
@Hun12233 жыл бұрын
Great reminder and accurate information
@shermanstandberry3 жыл бұрын
Glad to hear, thanks Jackie.
@Amira_Jessa2 жыл бұрын
Thank you this was very informative.
@eugenehofmann40133 жыл бұрын
Thank you
@danieldecarvalho60733 жыл бұрын
What about the money that I have used to fund the company?
@shermanstandberry3 жыл бұрын
If you used it to pay for business expenses, it's deductible from your taxable income. If its just sitting their in your bank account, then its not.
@danieldecarvalho60732 жыл бұрын
@@shermanstandberry Thank you for responding! Do I consider this money that I funded the company (LLC Single-member) as a loan? And for that, should my company pay me back before start paying myself a salary? Do I need to put this on the operating agreement? Thank you and Congrats for producing great videos!
@matthewlucas7078 Жыл бұрын
If a single member llc business receives a sum of money from a relative as kind of a good luck sum of money, is that considered business income or a gift? Would that money be subject to taxation?
@Domplive3 жыл бұрын
Yes I've started my LLC but haven't made any money just yet. I've been filling my personal tasks but i did not know I needed to add the extra form with it. Will i be penteliesed when i start doing this?
@tashabrown83012 жыл бұрын
Awesome info!!!!
@ms.danamichelle30543 жыл бұрын
Excellent information. Thank you! Peace, Blessings, Love & Light, ✨💚✨💜✨
@shermanstandberry3 жыл бұрын
Thank you, Dana!
@chrisdamian38242 жыл бұрын
I need to speak with you about my trucking business. How can I get a hold of you?
@BarukYahuah2 жыл бұрын
Do you have a video for a multi member LLC self payment? Me and my wife are the 2 members
@gunga1234 Жыл бұрын
what if u are a non-resident
@lilpudge15033 жыл бұрын
How much should i pay myself? I am a small handyman business and I'm not working fulltime.
@shermanstandberry3 жыл бұрын
Part time or full time, it doesn’t matter - You can still follow the steps I mentioned… did you watch until the end?
@GC21771 Жыл бұрын
I have one question: if you choose to file as an "S" tax structure as a single member LLC do you still file as personal taxes or are you now required to file as a Corporation ?
@yongyang29612 жыл бұрын
Ok, I just start the single LLC, did not make much. I also work full time on a regular job. Do I have to count my regular job income plus the business profit to pay the self employment tax or only pay the self employment tax on the business income?
@Brotherwes442 жыл бұрын
Thanks for asking this. I had the same question. I’ll keep trying to research and find an answer if no one else responds. Good question.
@eugenehofmann40133 жыл бұрын
I'm trying to get into a tax class so I can do my own and other ppl also
@shermanstandberry3 жыл бұрын
I'll be releasing my own group coaching program soon. Let's stay connected.
@LifeTimeDreams513 жыл бұрын
Good work, keep up the work?
@shermanstandberry3 жыл бұрын
Absolutely.
@jimburt56412 жыл бұрын
If you a LLC do you need a cpa to tax
@sammie76412 жыл бұрын
How do I file as a multi (2) LLC?
@scottellingboe84722 жыл бұрын
When you're first starting your business whether it be a SP or LLC, and you're funding all your startup costs with already taxed money from your "real job", how do you go about basically paying that money back to yourself without it being taxed again? Would this be were you are able to deduct say $5000 in startup costs comes from?
@julianjosiahmoya78992 жыл бұрын
Wondering the same.
@idaliajones18813 жыл бұрын
I am just starting up a business and have not made a profit but I have received some type of tax form from the IRS but have not opened it. I don't know what I should do when it comes to filing my taxes because I'm just starting out
@britlowkey80532 жыл бұрын
What’s estimated taxes ??? So I just guess a random number that I think I owe them
@sherry57512 жыл бұрын
I have SM LLC in Connecticut and new york as foreign. after filling 1040 C, where to send form by mail? and can i do efile if i do not have social security?
@mikesocy3292 жыл бұрын
Hey! That is so helpful man and thanks a lot. One question is to know whether or not a new LLC registered in December 2021 will still have to file for the 2021 tax as well as the types of filing that would be required.
@lisasebro28113 жыл бұрын
How to pay each member of LLC?
@shermanstandberry3 жыл бұрын
Hmm, just send them money out of the bank account?
@Thesonshine8292 жыл бұрын
I got lots of questions 😂😂 a sister having issues
@Cmgkingofmemphis2 жыл бұрын
Question can i use llc ein on w9 as a smllc or do i got to use ssn?
@Nmoney7022 жыл бұрын
Thanks
@JustLiving3052 жыл бұрын
Hey Sherman, phenomenal video and thank you for putting this video content on there. I'm curious about the S Corp, does this mean that I made a mistake opening my business as an LLC? That for tax purposes I should have opened an S Corp instead? And if so, I see other folks also mention that there's ways to operate as an LLC but have a "S-Corp" hold this company so you can stay with the flat 21% tax rate
@Wero5091110 ай бұрын
How do you pay your self as an s Corp my business is set to make around 150k in profit ?
@ProfitPotentialConsulting8 ай бұрын
If you are an s-corp, you pay yourself through payroll as an employee.
@baldwincobb3 жыл бұрын
Good info
@oluwatobidurotola51893 жыл бұрын
What if my business hasn't made any money yet?
@idaliajones18813 жыл бұрын
This is basically my question. I am just starting and haven't made any profit but I have purchased items for the business. I have also received some type of tax form from the IRS but I have not opened it yet. I have no idea what to do with filing taxes for my business as of yet
@JambalayaPlaysGames3 жыл бұрын
What should I file as a first year business that's operating at a loss for year 1? Clearly I bought equipment and things to get set up and it's exceeded my income by a couple thousand. Should I just file along with my family together? I was sort of confused by your video.
@shermanstandberry3 жыл бұрын
You'll file based on your entity type, not by your income or loss.
@islandstronghaulingjunkrem87043 жыл бұрын
Great video Sherman. How can I get a consultation?
@shermanstandberry3 жыл бұрын
Thanks. What do you need help with?
@islandstronghaulingjunkrem87043 жыл бұрын
@@shermanstandberry book keeping.
@yourownstar12 жыл бұрын
@@shermanstandberry Do you help with filing for LLC and tax preparation?
@DaveTalksBusiness3 жыл бұрын
Is this a good practice?
@shermanstandberry3 жыл бұрын
Hmm, why not?
@DaveTalksBusiness3 жыл бұрын
@@shermanstandberry Nothing really, I'm just asking if it's good for a long term business
@shermanstandberry3 жыл бұрын
@@DaveTalksBusiness Oh yeah, I'd definitely say so.