Small Business Taxes for Beginners & New LLC Owners

Small business taxes for beginners. There has been a record-breaking number of LLCs created in the last two years according to US business formation statistics. Of course, this means there will be a lot of new business owners who need to learn how to handle their taxes.
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Timestamps
Preview/Intro (0:00)
Individual Income Tax (1:54)
Corporate Taxes (3:38)
Payroll Taxes (4:40)
Self-Employment Taxes (5:31)
Other Uncommon Taxes (6:54)
How to Pay Business Taxes (8:27)
Business Tax Deductions (11:44)
Compliance Checklist (13:33)
IRS Receipt Requirements (15:45)
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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).

[@allasiahyett8801]

I love the way you break it down. So helpful. Thank you!

[@niecymitchell5033]

Omg!!! You have really broke everything down. Thanks a bunch sir 😊

[@joshimmordino9164]

Appreciate all the videos you have made!

[@josephinebardot8403]

Usually, I never comment on videos, but your video is so convincing that I am unable to stop myself from doing something about it. You’re doing a great job Man, Keep it up.

[@AdelitaWilliam-dl7ci]

Found your post interesting to watch. I can't wait to see your new videos soon. Good Luck with the upcoming update. This KZbin channel is really very informative and effective.

[@Nun2395]

Literally been looking for someone to explain this for weeks. I couldn’t understand which specific ones I needed on the IRS website

[@mastertechnicianmindset2181]

Great Job Man. Thank you for the Business Protecting Information!

[@lavenderhaim]

Hands downs the best explanation EVER ! THANK YOU!

[@boobookyri]

fire explanations, you're awesome dude, keep on doing what ur doing!!🙏🙏

[@RayaFlora]

I extremely like the video, man. Very helpful and informative. Thank you very much. It is presented so well too. Great, positive work.

[@carrmenn_j]

I loved this soo so much. Keep up the amazing content! I Also loved your execution my guy.

[@MrCalvincdj]

So glad i came across this channel

[@karandrathod]

incredibly clear! thank you :)

[@stefaniecruz9051]

Thank you!!! Excellent video. You are very knowledgeable and intelligent.

[@TopShelfHunters]

Amazing breakdown. Subscribed.

[@colegoddin9034]

This channel is a gem!

[@andrewbourgeois9550]

Excellent breakdown. Thanks!

[@thegoldenpersona]

Appreciate the time you took to explain everything. 😊

[@user-tg1cr6we8u]

Absolutely awesome explanation ❤❤❤❤

[@adaywithasinglemom]

Great information. Thank you 👏🏾👏🏾👏🏾

[@MoneyMakingStassia]

This is the best ever. Thank you!

[@yujeonglee2378]

Thank you for a great video!

[@angelica7236]

extremely helpful video !!!!!

[@brothad4650]

Great video bro , this really helps

[@jaycon6919]

My man, great channel

[@newsjohnson]

Dude you’re good at this

[@dogdash]

Ayyy DogDash thanks youuu!! First year in busses! 🙏🐾 knowledge is a blessing

[@growwithkylee]

Hello. How are you doing in business. I hope all is well 😊

[@ActiveChupsie]

Thank you definitely subscribing ❗️

[@lifewithtoricai]

Your contents are so informative 👏 👌

[@MaryKathrynLeMaster]

Very helpful!

[@richelletvforyou8324]

Excellent video.

[@KidOaKTon]

This video helped a lot

[@Rdn55]

Such a great video I love the detail I love the graphics not only do you tell us what we need to do, but you also show us with the examples the table these are top notch videos. You are one of my top tax professionals I love to learn from you also Carlton Dennis and few others. keep cranking out these videos. Such a great content.

[@user-fn1ke9xf3t]

Great explanation 👍🏻

[@Jenny-nv9qd]

👏🏽👏🏽👏🏽👏🏽 wow thank you!

[@relanamapugilo]

Powerful Message

[@MilkybarBaby]

bro out here saving lives

[@josephpainchaud7533]

Wow, your awesome great video Ty

[@karenwhite445]

Great job

[@tealnexttimebond8859]

Actually a very good vid.

[@deewill6663]

Love this channel. I am new here.

[@martianmusicllc]

Great info

[@Lafleurbrioche]

Liked and subscribed!

[@tyrojames9937]

GREAT INFO❗

[@LYFEAccounting]

Glad it was helpful!

[@user-xz6zc3ui2s]

ohhhh Men I love you're logo sing behind.NICEEEEE

[@meetingofthemindspod]

GOOD INFO

[@Glogb3100_records]

I payed my first LLC ownership taxes this beginning of this Year I'll be up on up on it

[@pech_wake_day1153]

I would have never started a business if I didn’t watch these videos. Thank you so much .

[@LYFEAccounting]

You are so welcome!

[@LYFEAccounting]

What kind of business do you have?

[@pech_wake_day1153]

@@LYFEAccounting I started a seasonal charter business last year and am launching a medical staffing agency right now. I have learned so much by watching your videos. I would love to use you guys for tax planning but I don’t meet your qualifications maybe bc I’m not generating much income yet.

[@bmrs.g7108]

Thank you!

[@LYFEAccounting]

You're welcome!

[@tyrojames9937]

INTERESTING❗

[@shelikestoshop9803]

Great information. I started a business, and I need all the tax information I can get.

[@LYFEAccounting]

Thanks! What kind of business do you have?

[@nicolelgreen1491]

Thanks

[@edgarvarela5897]

Yes

[@bolyvang3495]

Another great video! Could you talk about how to and how much to pay for quarterly taxes during your first year of being in business? I will likely not profit the first couple quarters this year.. just opened my LLC in January.

[@LYFEAccounting]

If you aren't expecting to make any profit then you don't need to worry about quarterly taxes :)

[@naomihawkins2470]

@@LYFEAccounting So question, how do you estimate the income taxes you owe and the total self-employment taxes you owe? Like where do I get that number? Or should I not worry about that until I am making a certain amount of money? I hope that makes sense.

[@dontquitkb]

Valuable information with great nuggets to add to the small business tool box

[@LYFEAccounting]

Glad you enjoyed it

[@vincepanico188]

❤❤❤❤thanks

[@rosemarysalcedo]

Amazing video! Is it possible to share more info about paying estimated taxes for those states that require filing? Thank you!

[@leslieandastrid4282]

Hi! Just want to clarify on what you said about not needing to pay quarterly. Can i just pay once for the whole past year?

[@ellenoir5678]

My guy!!!

[@ericajones6287]

Your entire channel is so helpful! When I pay quarterly estimated taxes it ask for the social security number but I am in a partnership LLC. How do you know which social security number to use?

[@genesism9704]

You don't use you ssn you use your business EIN ") hope this helps.

[@QueenThrift]

Why they don't teach this in school? Very helpful information, thank you!

[@mr.anime2886]

They teach u to be employees not owners

[@Alexis-hm4kw]

I have 2 questions. I use QuickBooks and TurboTax to file my taxes... and I make my payments through them every year. This is okay right? Also will i get in trouble / penalized as stated for paying my taxes in whole before April 18th still? Or are you just saying if it takes longer than April 18th to pay it all off you will get taxed more? Thanks!

[@garrettpatten6312]

The 'US Turf' joke was absolute 🔥 it is a mafia make no mistake lol

[@BarryWilliams-gc7bt]

What documents are needed when ready to file?

[@gotabeadsbazaar]

Correct me if I am wrong. If you are selling through a marketplace like Amazon, Ebay, TikTok Shop, etc, then they are collecting sales tax on your behalf and sending it to state. Also, there's a threshold, economic nexus, regarding sales tax.

[@Hoodrichricooo1k]

How do you get your write offs back on your taxes?

[@Pens-and-morez]

I’m buying a laser engraver and was wondering if it would be worth it to apply for a LLC to write it off on taxes?

[@Global-Professionals]

Hello! Greetings! I started my single member LLC in Wyoming as foreigner this February 2023. When should I file my tax return to IRS?

[@aster5031]

10/10

[@JohnDoe-hn5nl]

What about paying off debts is that considered income?

[@khandibaugh23]

Hello Sean, are you a CPA, EA or CFP?

[@auhmilyonc7890]

I just opened a second business (Spa) in September. If I don't make any income for the business this year; do I carry forward my business expenses on my taxes?

[@carmenc6741]

Does an LLC only pay taxes on profits? Or total amount grossed?

[@user-jt8jv1dd4i]

Hi, I have prepared my llc in sep 2023 few days back ,not started any activity,so i have to fill return also.

[@umitbaykal4648]

I am not an American citizen and I have a limited liability company in the USA. Which tax form should I fill out for my company?

[@jamessharpe2184]

Question. If somebody send me money thru cashapp. But i never cash it out into my busness accout will the irs charge me taxes.

[@Kyler.knight]

Can you explain to me. I am in Texas getting ready to open a food truck. My husband and I will be co owners. If I do an LLC would I just file it on our tax return or would I need the additional form since there are 2 of us vs a single. Next question: I will have my teenagers working with me and I will be paying them a check for working. I was told that since they are my kids I dont have take taxes out of their checks. Can you explain that?

[@sheisdivine3678]

I HAVE 2 years with my small business ,well on april ill have 2 years , i dont really have traffic coming in,, in total its bn 4.000k loln, in 2 years.i dont receive orders much. do i still need to pay taxes?

[@connorhodge513]

So basically if I want to start a buisness they’re gonna take half

[@DingDong-gn7hj]

What if a small business is charging an extra 1% in sales tax than the states mandated. is there somewhere you can complain at?

[@bryanchambers7227]

Can I write off my payroll taxes as a sole prop with employees. For example I run payroll through adp. They automatically charge me each time I run payroll for Social security, Medicare etc. Can I write all that off?

[@charlottehyatt4208]

??? I purchased an LLC in April, 2022. I have not used it. What are the tax consequences?! Can I just file my normal 1040A?

[@allenguerrero7696]

Is there a way to pay taxes through the year instead of at the end of the year?

[@chrispena2658]

Im a new LLC, I had personal money that I transfer to my business checking account to pay a contractor for construction for my new business, do I need to start reporting that even if my business is not operating yet ?

[@jessicasanchez9346]

My husband worked and got paid by someone and ofcourse we plan on report it but the person will not report it til next year will that be a problem for us?

[@stanborup673]

Great content. I have only one question as a future LLC business. If I choose to pay for items shipped to customs, is shipping, postage, and related shipping material costs tax deductible? Thanks. -Stan

[@christopherung7058]

I believe they are tax deductible because you need those necessary expenses to conduct your business. You only pay taxes on gross profit.

[@chrisshoemaker7710]

As a sole proprietor selling liquidation pallets as a side hustle. Can I pay myself at the end of the tax year once I have an idea how much to pay myself?

[@arnoldcontreras9956]

As a sole proprietor any money left over after business expenses counts as a profit/your pay. You can’t write off your pay since you’re not an employee of the company (W2) from my understanding

[@Haynxs]

I work a 9-5 and just filed taxes. I just got a business license to start a clothing brand and owe quarterly taxes 2 weeks after receiving my license. Im so confused.

[@justinbrown2894]

Are you telling my I gotta pay taxes on all my stuff that I already own that im going to use for my business

[@ramrab8368]

C Corps don’t pay self employment taxes, but they do pay payroll taxes. Wouldn’t that be the same thing though because it amounts to the same 15.3%??? As the sole owner of a C Corp Great info as always!

[@LYFEAccounting]

Kinda the same thing and as the sole owner of a c corp the tax outcomes can be similar. However, as the name implies, self employment taxes are for those who are "self employed" and they typically can't get around it. Whereas, C Corp owners (who are not active) can avoid self employment taxes.

[@ramrab8368]

@@LYFEAccounting Much appreciated!

[@kyle___v7810]

How do they know how much you gain

[@roobensmaurice5848]

Can you get money back if you spend more than you make as a small business owner

[@leyanicoll2501]

???

[@ginggia9596]

YES, ABSOLUTELY

[@tuyenlam2557]

No, you'll be at a loss

[@Drew_Warner]

It becomes a credit toward the next years taxes. So kinda, Congrats

[@le3luLUsfandeMCDBZGTA]

Depends on you country ane your business but usually yes there is a way

[@ShawnC88]

Some of this is unclear and slightly vague. For instance, 11:00 in you say it's important to note that you don't have to pay taxes quarterly, and then it cuts like you made some kind of edit here and you say if you fail to do so you'll get hit with a penalty. Also, for the quarterly tax payments, are paying in advance or arrears? Assume if we are watching this video, we know nothing :)

[@lynej2011]

I love this channel. I am having the hardest time finding the answer to this question. Am I supposed to pay estimated payments out of my business or checking account? Could you also make a video on how to pay income tax estimated payments? Thanks!

[@coldnite01yt57]

how would it work if i only made $13, and accidentally used a personal account?

[@djendinafitchinejeanpierre8115]

If I start my business about 4 months and I don't make money should I file tax return?

[@cindiethony16]

Yes

[@jonmetcalf715]

What if you are employed by a w2 and have your own business. Do you still have to pay self employment tax on your LLC?

[@lynej2011]

I am waiting for this answer. Thanks.

[@ginggia9596]

Depends on whether you made at least $400 NET PROFIT But if you had many Expenses that exceeded that income --meaning you had a loss Then NO you dont owe self employment tax..

[@Rockythenailtech]

@@lynej2011you still have to file and pay your annual fee

[@jerrodmcelroy2884]

​@ginggia9596 that's specific to the businesses right? And not the w-2 income right?

[@thekid7831]

1:37 first time I ever seen that before wtf

[@ducktail4068]

Caculator

[@taylorbirkey6304]

If I hired this guy as my CPA I would leave once I heard him talk

[@Saliuhustle]

11:03