The 7 BIGGEST Tax Mistakes LLC Owners Constantly Make

Here are my 7 biggest mistakes LLC Owners make. You should know that under Title 26 of the Internal Revenue Code, it allows the IRS to conduct what is known as a compliance check. And not being compliant is the biggest mistake of all, but we have to dive deeper into why.
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So, in this video, I am going to reveal the biggest tax mistakes I see business owners making all the time.
- What the Most Popular Mistakes are
- How to Correct the Mistakes (or, even better, make sure they don’t happen at all)
- Framework for Managing Taxes
Timestamps:
Intro (0:00)
The Biggest Mistake (1:15)
Mistake #1 (2:25)
Mistake #2 (5:19)
Mistake #3 (7:20)
Mistake #4 (9:40)
Mistake #5 (11:43)
Mistake #6 (13:28)
Tax Framework (16:55)
Helpful tools I use:
- Quickbooks (for Bookkeeping): bit.ly/3ATx1F3
- ZenLedger (Crypto capital gains tax tool): bit.ly/3Lgabwf
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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).

[@boostkrazy]

Great video!

[@MrCanada4evr]

Good video, Sean.

[@FinancialFreedomMadeSimple]

Great work Sean!

[@LYFEAccounting]

Thank you 💯💯

[@thepherm]

Thank you

[@ellenoir5678]

Do we add in the QBI deductions to that 10k ??

[@BrittneySharde15]

Thank you so much!!!!

[@LYFEAccounting]

Thank you for watching and commenting, Brittney! :)

[@kevingray2437]

How do you feel about using services like ADP or PAYCHEX over Quickbooks?

[@_aboutsteffanie]

Could you do a video on new businesses? Because I know it’s hard to plan some things when it’s a businesses first year in business and filling.

[@LYFEAccounting]

Thanks for the suggestion, Stephanie! I'll put some more thought into this. Are you trying to start a new business?

[@tres89]

Ditto. For instance, I generally understand the concept of separating business and personal funds. But at the beginning, if I want to use personal money as “seed money” for the business because I don’t have a loan/investor, how does one do that but still keep things separate?

[@_aboutsteffanie]

@@LYFEAccounting this will be my first year filling taxes as a new business.

[@DeneeDubwa]

Hello there! I have a question about the Quarterly estimated tax payments, what do you do if your business hasn’t started generating income?

[@LYFEAccounting]

You don’t need to pay quarterly payments if you haven’t made income or have more deductions than income

[@DeneeDubwa]

@@LYFEAccounting Y’all are lifesavers! Thank you so much!❤️

[@LYFEAccounting]

@@DeneeDubwa "LYFE"Savers 😉

[@gildartsan1915]

Do you have any books you recommend to help people who are just starting their business?

[@LYFEAccounting]

Have you watched my videos on it? How to start a business and how to start a business without money?

[@johnmartan5108]

I hand few a w2 job and an llc which service d do I use

[@LYFEAccounting]

Is it a single member LLC?

[@johnmartan5108]

@@LYFEAccounting yes

[@ellenoir5678]

💎💎💎💎💎