Year 1 Owning Your LLC (6 Must Knows - You've Been Warned)

Getting set up with an LLC is an excellent move for your business, but you want to make sure you understand all of the important dates of your first year in business. In this video I walk you through 6 things you must know in that first year of owning your LLC.
To get an updated accounting calendar you can do so by opting in for the LLC checklist and checking out the bonus section which will have this year's accounting calendar.
bizbuddy.com/l...
The Accounting Calendar will cover important dates in your first year of owning your LLC.
Then take the following steps:
1. Save the image to your phone
2. Mark it as a favorite for easy reference
3. Add 888-532-1317 to your contacts and change the name to BizBuddy
4. Reply to the autoresponders if you want automated texts
One of the questions in the text service is it will ask you the date when you started your LLC. This can be found on your original formation documents. It's important to provide this date so we can send you a reminder to renew with your State.
Resources mentioned in the video:
Gusto Payroll (referral link) ➡️ thebizbud.co/g...
(you get a Visa Debit card worth between $100-$800 with my referral link 30 days after you run your first payroll)
Bizee (Formerly Incfile) LLC Formations (paid link) ➡️ bizbuddy.com/b...
Great service for starting your LLC if you haven't done that already
Thank you for using our affiliate link as we earn commissions if you use our links. There is no additional charge for you and we make a $20 donation to charity on your behalf when you use our LLC formation links.
Table of Contents:
0:00 Intro
1:50 Day 366
2:12 Pass-Through Taxation
2:40 Typical W2 Paystub Breakdown
4:55 Self-Employment Taxes
5:25 Hypothetical 1st Year
7:35 Quarterly Estimated Taxes
9:55 15th Explained
10:54 Tax Extension Dates
11:20 Calendar and Text Reminders
12:43 W2 Filings
14:05 1099 Filings
15:25 Tax Planning Window
17:30 December 31st and 401(k)
19:20 LLC Renewal?
#LLC #Year1 #importantdates
Disclaimer- I am not an attorney or a CPA, just a small business owner who has researched this information thoroughly while setting up my own LLC (S-Corp now). This is meant as educational information but now legal advice in any way. If you need legal advice please consult with your attorney and CPA on the best fit for your needs.

[@bizbud]

For most people, Bizee (formerly Incfile) is the way to go because it's fast, easy, and cost-effective. Setup your LLC today bizbuddy.com/bizee-llc

[@eagles79]

Man I don't no too much about business but the information that you are putting out is great. I don't feel lost as much. Spot on

[@russelllion4645]

I like the info. I am in the process of setting up my llc now, and this is very helpful.

[@Taino300]

Bro, your tutorials are top notch! Thank you!

[@TheFoldedForm]

Thank you for all of the great data. I am a month into my LLC and have not yet considered these items.

[@abundantlife23]

Thanks Buddy good info👍🏾

[@StealthTinyhomes]

Great Info brotha. Just know your videos are definitely helping people.

[@ranjithak765]

Thanks for the informations,I am planning to set up an Llc in virginia your videos helping me so much..looking forward for more..

[@AntiHeroFett]

Thanks for taking the time to put out this type of content. I was all ready to set up an LLC recently, but there's definitely more to it than just filing through incfile and going along your merry way! You've definitely given me reason to pump the breaks a bit and continue looking into the finer details of what operating a business entails and what an owner should be aware of. It helps knowing we're both from NY and your practical experience comes from dealing with the same state laws I'll be encountering when I get going. Much appreciation for putting in the work and making these vids...new sub earned! 👍🏻

[@bizbud]

Thanks I appreciate it. I’d say it’s finding that sweet spot between preparation and action. You could have the best business plan in the world but if you never take action it doesn’t mean anything. I wish at times I took more time to research and learn things but also happy I jumped in. It’s a crazy ride and I wish you the best of luck with it.

[@jaredbork2586]

Your channel is such a gem man, I think you saved me a lot of future headaches :)

[@bizbud]

Thank you so much. This video didn’t do as well as I had hope in terms of views but I believe the content is really crucial to understand when getting setup. So I appreciate hearing this feedback. Thanks Jared.

[@jenopenhearts]

Really useful information thank you

[@curtssallee9807]

Dam I need you..thanks

[@Macias1809]

Thanks..

[@Luanhsf]

In how many time after filling the SS4 form will I get the EIN number?

[@digiduck]

Awesome video! Didn't this channel used to be called "BizBud"? I got confused with the new name. When and why did you change the name?

[@bizbud]

Good eye! I was trying to purchase a domain to match the name and ended up getting BizBuddy.com and decided to match that. Working on the site now!

[@digiduck]

​@@bizbud Hey, thanks for getting back to me! 😊 Just curious, around which time in February did you update your KZbin channel name?

[@dmartinez95]

phone text doesn't work for 2024

[@bizbud]

Wasn't getting enough people using it to justify the $100 a month cost unfortuantely.

[@thehardrockhippie7118]

So how does this work if you form an LLC but are still working another completely separate job as an employee?

[@bizbud]

Take this as you will from a non CPA without full understanding of your situation but LLCs are a flow through entity. So if you make 50k at your job and 60k at your business at the end of the year it’s a 110k on your personal taxes. However that 50k is being taxed every paycheck where the money in your llc isnt. So then you’re doing quarterly taxes on that 60k. A CPA can help determine what the amounts should be for estimated quarterly taxes.

[@thehardrockhippie7118]

@@bizbud I was not expecting such a fast reply lol, thanks so much! I binged about an hour and a half of your videos lastnight, they are so helpful and informative!