Single Member LLC: What You Need to Know This Tax Season (2025)

[@LYFEAccounting]

We LOVE feedback. So if you have any questions or suggestions, please comment!

[@thestandberrys2519]

I love the video!

[@LYFEAccounting]

@@thestandberrys2519 thanks

[@moodybritish6870]

I was motivated by u n a few other KZbinr to start a llc n my company is doin great I just don’t know about tax

[@onemansjunk1252]

I don't quite understand. At tax time , do I file taxes from my W2. Then file taxes for the business separately. Or does the business get filed on the same income tax as my w2. As a sole proprietorship. I file my w2 plus my business income plus deduction. Last year I had nol of 13k

[@ちーちゃん2006]

Can a Single Member LLC create a subsidiaries? Can it invest in a bank mutual funds?

[@LindseyRexxLove]

Literally in an entrepreneurship degree program and having to do my own tax research because no classes actually cover it in detail. Thank you guys!

[@mackenzietharpe9335]

What are the classes like in the degree? What do y’all cover?

[@LindseyRexxLove]

@@mackenzietharpe9335 lots of marketing, management, accounting, organizational psychology, etc. We cover taxes in many classes but it's always a super brief overview. Maybe next semester's financial literacy class will cover it more in depth 🤞

[@waurdhiewaurchei5473]

Wow and they cost thousands of dollars

[@firsttrademarkets7511]

We are a consultant and business analyst, we trade on assets and commodities, index funds, Tesla, stocks , oil and gas and other financial markets. our trading platform is an award winning broker for 3 years now and we provide good trading signals for individuals and companies that are our investors, we’re expanding our markets across the globe and giving good offers to companies and individuals who are interested in buying stocks, cryptocurrency and investing with our platform.

[@lundongooden]

@@LindseyRexxLove you wasted your time and money, college does not teach you how to be an entrepreneur. Better using the Dummy books to get understanding and mentorships

[@sarapangilinan4539]

Wow!!! I’m in love with this channel. You have saved me hours and hours of internet searches and research. Most of what you’re saying I have found out for myself but you CLARIFY it very simply. Very professional and to the point and easy to understand

[@LYFEAccounting]

Wow, thank you!

[@Lionofjudah333]

This is the best LLC tax video, I ever saw.

[@carlosserrano7714]

I'm a tax proffesional and I'm always learning with you guys! Thanks you for the knowledge.

[@latoyajohnson5808]

I love the inclusion of the example of Mary the bakery owner. Both examples really helps the viewers to better understand the content about SMLLC!

[@midshipsport]

Yeah, but we still gotta pay taxes and their fees for filing is 500- to a 1000 USD :-)

[@NROhvac]

By far the best video I watched on taxes, thank you

[@themikejonesinvesting]

Great video and I love the way you break it down to make it easy to understand!!!

[@LYFEAccounting]

Glad it was helpful!

[@laurend3413]

I just found your channel today, and I'm SO HAPPY I did!! Thank you thank you thank you for all the helpful info!

[@LYFEAccounting]

You are so welcome! Welcome to LYFE :)

[@luvuexpressions5742]

I have listened to several tax videos, over the past three years. They were very ambiguous and, confusing. Even held back information. Which makes me waste my time watching. But, your videos are very encouraging, understandable, and informative. Thanks for being here.

[@moegaming2177]

Now when I get to your videos I hit like before the video starts to play. Y’all the best for dropping all this knowledge!

[@LYFEAccounting]

Thanks, Moe!! You the best.

[@aiichadejanee]

I’m so glad I’m came across your video, I was applying for an EIN and noticed the “disregard entity” and got nervous the terminology used seems a little discouraging, I feel better knowing more info through your video. TY TY TY 💜🙏🏾💪🏾

[@LYFEAccounting]

You are so welcome, thanks for sharing such a thoughtful comment! 💯

[@JajuanBurton]

yes there great!!

[@SuperChamp49]

I am subscribed. You guys do an excellent job of presenting your content. It is easy to follow and your videos are simple and put together well. I followed your videos during the early stages of the pandemic. I had many challenges finding employment as my company let go 500 of us one month before the country/world went on lockdown. This didn't curb my families desire to eat, nor my mortgage company wanting their money, so I used my talent to form an L.L.C and started my business. Your videos helped me navigate some confusing territories. I THANK YOU SO MUCH.

[@tamarunitamaruni4724]

how is your business doing now!?!🎉🎉😊

[@chaderice1]

I have watched 3 videos in less than an hour , feeling a lot more comfortable with the thought that I can actually do this. Thank you

[@LYFEAccounting]

You got it!

[@dvcadmin1489]

Thanks a great deal for these videos. Very good explanation

[@lourdesteano2874]

Thank you so much for your content!!! Please continue to do more

[@emanuelhernandez9843]

Thank you for putting together this video. It's very detailed and informative.

[@Jocelyn2189]

Helping a good friend out and the majority of my accounting experience is in auditing, so my knowledge of tax is not the best. This video made it extremely clear, glad we applied and received the EINs, and even more excited we don’t have to file extensions by March 15th since this flows to the personal. He’ll just have to file 2 schedule C’s, one for his addiction/mental health counseling service and the other for his general handyman business. Articles of org are filed but don’t believe a business plan is. How important is this, as I don’t foresee him seeking investors? This rocks and will be back for more!

[@tamarunitamaruni4724]

The video said Business Loans will almost always look to the operating agreement (I believe what you're terming Business Plan). I've heard Those who provide loans will always look to the OPERATING AGREEMENT (sorry my phone autocorrect is capitalizing it lol). ... also banks always want to see it for a loan...

[@josemariavivanco9611]

Very good video! Explanation is so clear, and the info is so up to date!

[@strongjohn7078]

Great video Sean. I tried to get in touch with the company but y’all are booked.

[@LYFEAccounting]

Thanks John, we'll be accepting clients again this summer

[@TCtheEmcee]

Thanks for the information! Second video i watched from you guys! Definitely looking forward to more content!

[@LYFEAccounting]

No problem! Glad you enjoyed it 😀

[@rtanaka]

You guys are doing a great job. I hope your channel and business takes off

[@LYFEAccounting]

Ryan that means so much, thank you! What do you do for work?

[@NeuraPod]

@@LYFEAccounting I'm starting a new company (will disclose more if we potentially work together in the future :)) and run this KZbin channel: Neura Pod

[@LYFEAccounting]

Wow this super cool, I'm going to check out some of your vids too

[@Gi_Lovely]

I’m in love with this channel. 😁

[@funwithrandos]

video was super helful i love you guys as soon as I get my paper up I will be hitting you up for my book keeping stuff.

[@loniscalercio4353]

Best resource ever!!,!

[@youmayberight2434]

Great information! Clear and concise. Thank you so much!

[@LYFEAccounting]

Glad you enjoyed it!

[@valm.1287]

Great information and awesome presentation of the video!! Love this channel just discovered it, so professional, to the point and helpful!!! Smashing the Like and subscribe button!!

[@LYFEAccounting]

Wow, so much great feedback Val, it means so much :) thank you

[@jaybee1930]

Amen

[@davidlee7539]

Excellent, excellent, excellent!!! Keep it coming with the good stuff. Thank you Sean!!

[@LYFEAccounting]

Thanks, David. Will do!

[@TheCreativeDad]

Covered it all! (Subscribed) Thanks for the value

[@LYFEAccounting]

Thanks for subscribing! Hope we can continue to bring you value

[@gabrielsabbs2480]

This was so helpfully and to the point. Thank you so much!

[@franciagil3935]

I truly appreciate all your help 🙏

[@kenriquemeggie9593]

Very professional thanks ❤

[@JeffSpicoli80]

My go to site to understand my business needs, thank you guys so very much.

[@LYFEAccounting]

We thank you for your continued support.

[@asfybylorna5920]

Thanks LYFE Accounting - this is helpful. I just established my LLC and registered my business.

[@LYFEAccounting]

Awesome and congratulations!! 🍾🎊🎈🎉

[@deiondyson512]

Your the man bro bout to kick this cleaning business off

[@LYFEAccounting]

I appreciate your comment bro, go out there and crush it!!

[@tyestable]

This was so informative. Thank you!!

[@LYFEAccounting]

You are so welcome!

[@WizDom21]

Amazing content, getting ready to open my first business and your channel is an excellent resource. O can have a higher level of understanding before I hire out for this, Thank you

[@LYFEAccounting]

I appreciate that! What kind of business are you starting?

[@WizDom21]

@@LYFEAccounting it will be a wellness service based business, we will be coupling localized cryotherapy with red light therapy to service our clients. Our focus will be on beauty, body sculpting and pain management. This our dream(my fiance and I) and your content is aiding in its manifestation!

[@BigGollum1]

Great video !! very Well made.

[@LYFEAccounting]

thank you so much :)

[@miguelnunes3106]

Great information.

[@LYFEAccounting]

Glad it was helpful! What profession are you in?

[@waylandgonzales1534]

Yalls channel is fire 🔥😍👌

[@LYFEAccounting]

If you know, you know!! lol Thanks.

[@andrew-neal]

So, I am just outside Atlanta. I am starting my own LLC that will be something I do part-time.. evenings/weekends. I do not expect any revenue for 2021, but I'll certainly have startup and organizational costs. Even once I am open for business, I don't expect to make any more than someone working at McDonald's for the first year - as I build up the business, a portfolio, etc. I work full time and receive W2 income from that job, so that is going to be where I'm at 40 hours a week. Would love to talk to you guys - but I may be small potatoes here..

[@mualimual]

Presentation on point bruh.

[@ab.6031]

Just subscribed. Thanks for the info

[@coacharielandersson]

Thank you! Some great info in there. Much appreciated:).

[@LYFEAccounting]

Glad it was helpful! Do you own an LLC?

[@carmenbrownell7279]

This was great information!!! Thank you so much!

[@LYFEAccounting]

You are so welcome!

[@chericobb_]

Look…… y’all do not play! I love it

[@LYFEAccounting]

We definitely do not play! Thanks for watching.

[@charleneterrell1995]

My operating agreement will detail information for adding members.

[@JK-es9wu]

Great video Very simple and understandable explanation Thank you

[@LYFEAccounting]

Glad it was helpful!

[@MharlynMerritt]

Super helpful. Thanks!

[@LYFEAccounting]

You're welcome! Thanks for watching.

[@michaelayevlogs7458]

Valuable video 🙏🏼😇

[@LYFEAccounting]

Thanks! Just curious, what did you find most valuable?

[@KenziahRubens]

Awesome, life saver!

[@dominickmollo4807]

Hey Sean! You didn’t mention anything about paying taxes quarterly for an LLC. Do you have any information on that?

[@sakaracha]

Good question. Also curious about this

[@DrAnneLeads]

Thank you. Very helpful. Can you do more videos on tax deductions for W2 earners with a business? Anything on franchise business would be a bonus. Thanks.

[@tamarunitamaruni4724]

I noticed they DID have a "more deductions " Video.... maybe click through their channel 🎉🎉🎉🎉

[@zayirod6693]

QUESTION… I used to do my single LLC taxes with an accounting firm. When I did them with them they had me use adp to pay myself and I would get w2 and report this as a regular job and then do my business tax return separately. I’m confused. Now I want to stop paying them and do them to do my tax returns and stop paying adp and just pay myself as self employed. I don’t have to do a business return anymore correct? I just do self employed return with schedule c etc and that is all?

[@williambreeze2659]

Thanks guys!

[@kryptocollects4110]

thank you very much for this, extremely helpful

[@LYFEAccounting]

You're very welcome!

[@ilovetb4life1988]

Canadian LLC but really appreciate this!!

[@solriseessentials]

gems!!! thank you.

[@tymirragraham7963]

Thank you! This is very helpful.

[@LYFEAccounting]

You're very welcome!

[@trevorleeanderson]

Thanks for sharing 💪

[@LYFEAccounting]

No problem 👍 thanks for watching again

[@faceofmalinda3532]

This info was helpful

[@timothybutler7669]

Thank you so much, YES I could use some help here.

[@PRETTYSM]

Glad I came across this. I started my online business mid of last year and have tons of expenses with set up and marketing expenses but I never had one single sale. Can I still file for Sched C? Thanks.

[@LYFEAccounting]

Yes you should! Report any loss you had to lower your other taxable income

[@mrlaurent7822]

This video is a game changer for me. Great and in-depth information. Thank you 1,000 times. I have a TD Ameritrade stock business which is not well doing and an e-commerce LLC both opened in 2021. I didn't make any sales on my online business LLC and my TD Ameritrade didn't profit either. How to file in 2022 tax season. Do I file them together with my other self-employment job or the TD Ameritrade stock and the online business LLC together. I spent a lot in my LLC set up my LLC. Thanks

[@stephaniecatmom]

Has BOI replaced the operating agreement?

[@toyboomsurprise]

TN sucks for a smllc. you have to pay 6.5% excise tax on your net income, only a few are exempt from this. Its so hard to dissolve the llc to get it all switched to a sp. would love videos on how to dissolve it and get all things switched over to sp, no one has these videos.

[@jalearowe3452]

Hi if a person is disabled and don't file taxes. How do they pay taxes on there business. Where do you get the information from.

[@DIIATX]

Thank you for this video!! Learned alot?

[@LYFEAccounting]

Glad it was helpful!

[@Jubaadisara]

GREAT information, I really needed it, and VERY HELPFUL! Please discuss the time frames to START doing business once the E.I.N. is attained?

[@BrooklynCashmere]

Question: Can you make your kids members of your LLC? And do all members have the same “powers”? Equally split profits? I’d love to legally include some family members in my business

[@rowenatalie29]

Thanks

[@Nowellintv]

Y’all are great man 🤝 Do y’all have a video on how to pay yourself as a employee in a small business

[@LYFEAccounting]

Yes we do!

[@LYFEAccounting]

Check it out here: kzbin.info/www/bejne/nYGXoKB_jLGUitE

[@NotAnnaJones]

Great video, thanks!

[@yellowrose2779]

New sub. Thanks so much for sharing. U are a blessing 💜💛

[@LYFEAccounting]

Thanks for subbing!

[@askSandra]

Omg!!! I learned so much from this 1 video! This will be my first year submitting my business taxes and this was so helpful. I’m going to give it a shot, but if I find it overwhelming I will be in touch. Mahalo! Xo

[@keenaadou4575]

Very helpful

[@LYFEAccounting]

Glad it helped

[@Naturally_T]

Just to confirm, do you know if a sole prop with a dba can keep the same ein when changing to a single member llc?

[@jss3018]

Great info. thanks.

[@michaelkijan9946]

Do you have any Mmllc Videos?

[@WillBHarris]

Is it better that I set up my LLC myself or should I let a company do it. I am also considering Wyoming and Delaware, but I live in Georgia.

[@goofhyshop2566]

Great video! Very informative!! Thank you. I created my LLC on 14th January 2021 in Delaware, I just did few sales in these last months, so can I ask you when I have to present the forms to IRS? This year or next?

[@LYFEAccounting]

Glad it was helpful! You would need to file taxes for your business next year

[@Johamo]

In the case of Joe selling car parts, should use $40,000 this year for next years inventory and take his draw of the remaining $60,000 - he would just need to pay on that $60,000 that wasn’t used for business expenses correct? Thank you for clarifying!

[@brown228228]

So question I filled out everything on legalzoom for my LLC got it all approved. Now I'm trying to set up my business bank account but it says I need the articles of organization. When I go to file it says I already have one do you know how I can get a copy to put into my bank for my business registration. Sorry it's my first time every doing this and I'm learning.

[@hongmeishao2062]

I have an LLC for my farm, should I file Schedule F ? or treat it as corp.

[@randivaughan1964]

Thanks Sean! 😊

[@NickVetter]

Relieved so much stress from me

[@LYFEAccounting]

Glad we were able to help. What type of business do you have?

[@NickVetter]

@@LYFEAccounting I have a single memeber llc for my detailing business

[@jaws7794]

If I create a solo 401k and since I'm taxed already, the money in the 401k account would be a roth 401k, because its coming from my pass thru personal account?

[@nancykramer7700]

Talk to big brokeridges like Fidelity or TD Ameritrade. I have had self employed 401Ks at both. They may not do Roth's but it is a great tax deduction if you do pretax. A great way to creat wealth.

[@cristinaalbarida5761]

very helpful. Couldn't fins the link in fliling EIN though.

[@Tr1llwillTV]

What about sales and use tax and state tax forms?

[@Martiez7]

I really appreciate the video. I created my single member LLC in October 2020. I didn’t have any revenue in 2020, but I did pay state business privilege taxes. How do I report that on my taxes with using a schedule C form?

[@LYFEAccounting]

You should add it to schedule as a registration or license fee

[@iluvthebay29]

I started my LLC at the end of 2021 and haven't made a profit yet do I still file for 2021?

[@audreyeichman1972]

Should I personally file for an EIN, or should the LLC file for an EIN? Which EIN is used for taxes? And which EIN would be used for opening a bank account for the LLC?

[@LYFEAccounting]

LLC should apply for EIN. And all business and tax accounts should use it when required

[@Cmgkingofmemphis]

@@LYFEAccounting u can’t use llc ein on a w9 ad a smllc

[@kerolverdi2660]

I got that, I will do 6 steps in my city, and my property is a tax deduction for my business.

[@ivanamilic7975]

Hello, so basically you pay tax for the business gross income, and than again on the same basis for same income you pay tax on as self employed? Did I understand right? Thank you

[@jackiejake8233]

Sooo.. after reading the comments and the LYFE responses, which is better a SMLLC or a Corporate status filing or a S-Corp filing? I'm the only member listed on my LLC, about to apply for EIN, but want to choose the best method possible. I'm currently not making any money but have start up business related expenses.

[@HealWithWelaguementalhealth]

I wish someone has responded to this. This is my worry as well

[@careyseable]

Thank you for the video and the clarification. I bought a Townhouse and my job changed so i had to move to another state, so i moved in to a rental apt, I realized that i was paying my rent and mortgage at the same time and it was becoming to costly, i then decided to just rent my house after a year and a half of paying for both my rent and my mortgage. A few days ago i received an email from my tenant with this Form W-9 and and I don’t understand it’s purpose? Thank you

[@fixairplane3624]

My wife owns LLC and she is the sole owner….we did not get a 1099 from who she works for and come to find out she filed as a c-corp. did she file incorrectly? We have no employees and do all of the work ourselves. And if we filed okay then how do we file? Is there a form we need to fill out?

[@TheGoodVibes-Channel]

Hello, My SMLLC Fon non us resident is by default a sole proprietor by IRS, which means there is no protection. I wanted to be taxed as disregarded entity separated from the owner to get that protection. Should I fill 8832 myself or I need someone to do it for me?

[@weup-next4747]

Great Video!! What are self-employment taxes? And what/how do you do them?? I'm kind of confused about that part. Or Self-Employment taxes are nothing to worry about??

[@WHATS-NEXT-]

I just started my LLC biz in 2021 due to the CA $800 fee being waived for this year. If I haven’t made any income from the business yet and it’s time to file, will I be taxed on my current job income if so what’s the percentage?