How to File Your Taxes as a LLC Owner in 2024 [Step-by-Step]

Рет қаралды 234,514

Күн бұрын

Let's look at how to file your taxes as an LLC owner in 2024. Now in order to do this, we have to look at single-member LLCs, multi-member LLCs and LLCs taxed as an S Corporation. Because although they're all limited liability companies, they file different tax returns.
Book a Tax Services Discovery Call: schedule.lyfetaxes.com/discov...
And I want to make sure you file your taxes correctly in 2024.
So today, I’ll be going over:
What tax returns do you need to file as an LLC Owner
What you need to record and need to put on your tax return
How to pay your current and future taxes
And tips and FAQs so you stay out of trouble with the IRS
So, if all that sounds good to you make sure you like this video!
Time codes:
How to File Taxes a LLC (0:00)
Step #1 (1:18)
Step #2 (4:00)
Step #3 (5:30)
Step #4 (6:10)
Step #5 (7:29)
Step #6 (8:29)
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Now, every LLC is to record information about you and your business on your tax return.
You’re going to need to enter stuff like:
- Your Business name
- Your Business address
- Your Business EIN number
- Your Principal Business or Professional (like what you sell)
- Your Principal Business Code or Activity Code
- Your Accounting Method
- If you "Materially Participated” in operations of the Business
- If you just Started or Acquired the Business
- If you Filed 1099 Forms
And other pertinent information about your business.
Please be sure to give this video a like and subscribe to our channel so you don't miss out on future videos!
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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).

Пікірлер: 220

@rickkix Жыл бұрын

I’ve been avoiding filing my taxes bc this is my first year owning a LLC, but breaking it down and approaching it step by step really helped me. Thank you!!

@Tickle77777778 7 ай бұрын

It's my first time 2, and I haven't started it yet.

@NickyP1 6 ай бұрын

How did it go? I'm currently in the same boat. Don't wanna keep paying someone 700+ when I'm already doing the bulk of the work and organization.

@rickkix 6 ай бұрын

@@NickyP1 welp, I have yet to hear from the IRS, so I’m gonna assume it was a success!! I’d say it’s worth it

@NickyP1 6 ай бұрын

@@rickkix ok nice, thanks for letting me know.

@timothygardner2974 5 ай бұрын

Exact same here! Thank you!

@shermanstandberry 2 жыл бұрын

Doesn't get any better than this. Great job

@TheFailMistress Жыл бұрын

thanks a lot! my first year having an LLC and your video is really helpful for beginners

@romondaword4881 2 жыл бұрын

I just love the way you break the process down and step by step. I use to be intimidated just to look or talk about taxes. Your videos have helped me tremendously. I wish I had known about you when I first got started. I'm only 3 years in so there's hope. Thank you!

@blackonyxtv823 2 жыл бұрын

I’m starting my business at the end of this year and I’m soaking up all of this knowledge. I had to hit that bell to be notified of new videos ! Thanks for lacing us with the knowledge that’s needed to run a successful business

@RayaFlora Жыл бұрын

I like your video presentation. It is informative too, at the same time. Thanks a lot for your guidance!

@ToddSteffy 3 ай бұрын

Wow this was by far the best video I have watched regarding business taxes. So much information but it was so easy to follow due to the perfect explanations. THANK YOU!

@FinancialFreedomMadeSimple 2 жыл бұрын

This is so helpful, thanks for putting up this video!

@henrythomas7112 Жыл бұрын

Thanks for sharing this marvelous post. I'm very pleased to watch this video. I enjoy this site - it's so useful and helpful.

@jowoods5837 4 ай бұрын

This video was very complete in clearing up the mystery of what tax forms should I file. It was done in a simplified manner. Kudos to this company.

@romondaword4881 2 жыл бұрын

Great video. I did fill out the form for tax planning and preparation. Hopefully someone will get back with me. I'm a fan!

@GroundUpProduct00 Жыл бұрын

Thank you for taking the time to make these bro!!

@elianasmith6330 Ай бұрын

Great video! Some key points were highlighted that I hadn't heard anyone else discuss. Thank you!

@loverworld9220 2 жыл бұрын

Thank you for this! Appreciate it

@be.amazingkelly 2 жыл бұрын

Thanks Sean, this video was well organized, to the point and concise.

@cococonway2504 8 ай бұрын

Thank you for the information and adding a little humor.

@nerdlabstudios7023 3 ай бұрын

Great breakdown! Thanks man! I took note of your company for next year & I will absolutely be in touch for 2024 Filing season/ thus year is year 1 of my LLC sole proprietorship so I wanted to file it myself in order to obtain a first hand understanding but you guys will be my next year tax filing company! Very useful knowledge & I Subbed thanks much!

@xo_ramoni 2 жыл бұрын

Super easy to follow, great video

@FogmanFisheries 2 жыл бұрын

Outstanding! I've just finished my first year with my LLC and have thought about seeking a tax professional for my return. Your presentation, along with a little research on my own, has given me the confidence to prepare it myself. Thanks!

@dreamcatchinbebo4080 2 жыл бұрын

I am in the same boat. Going to learn myself to.

@LYFEAccounting 2 жыл бұрын

Best of luck!

@BIGOCHUBS 2 жыл бұрын

Where are you preparing your taxes? Its my first time also and I'm planning on filing myself. Thank you

@FogmanFisheries 2 жыл бұрын

I simply used the HR Block online software. I printed a schedule C and worked everything out by hand with my business before logging in. That made things fairly simple.

@DeadOriginal 2 жыл бұрын

Where did you submit documents? Turbo tax or via IRS directly?

@Kenzinru 2 жыл бұрын

Criminally underrated video. Thanks dude

@neveriajones2079 Жыл бұрын

Great video! Very helpful.

@breew2968 2 жыл бұрын

The breakdown of the tax form is great!! videos like that are helpful

@LYFEAccounting 2 жыл бұрын

Thanks so much, Bree! I love how you continue to support and appreciate our videos 💯

@aprilwspoon 2 жыл бұрын

I’m learning so much thank you

@michaelwheeler3123 Жыл бұрын

thank you, this was super helpful

@thesalvereginacenter3839 Жыл бұрын

Sean, you're my guy. Thank you. Love your channel.

@LYFEAccounting Жыл бұрын

Man, I felt good to hear. Thanks leaving this comment my brother! 💯

@kwisclubta7175 Жыл бұрын

Thanks so much! Now I know how to fow my taxes and build more welf!

@F00dGroupie 2 жыл бұрын

I've literally been brought to tears trying to figure this out on my own. Thank you so much or this

@LYFEAccounting 2 жыл бұрын

Wow so glad I could help!

@richardmingo3470 2 жыл бұрын

Was you able to file ?

@amplify1802 2 жыл бұрын

Very Good! I'm a laymen and I could follow it

@SOLARBEARSTUDIOS 2 жыл бұрын

Thanks for the help ! Love your channel

@LYFEAccounting 2 жыл бұрын

That means so much, thanks for sharing!

@nationalleagueofconcernedc6897 Жыл бұрын

Thanks for a great video

@erikaleewilliams4997 6 ай бұрын

thank you so much for this info

@QuietBoyMusik Жыл бұрын

That suit is on point. Thx for the info

@eboniclayton1181 Жыл бұрын

Great information 👍

@abdulla_mirpur_rei Жыл бұрын

Nice job man!

@Mah_fb 2 жыл бұрын

That was a whole lot of information hahaha thanks! These videos are great!

@LYFEAccounting 2 жыл бұрын

😅 Glad you think so!

@HACStudios Жыл бұрын

This was great man! First year with an LLC. Now I feel good enough to try it on my own.

@LYFEAccounting Жыл бұрын

You can do it!

@LYFEAccounting Жыл бұрын

But reach out if you need help bit.ly/3iC6FCI

@Nedri07 4 ай бұрын

Thank you for this your a life saver!

@FMSceo 2 жыл бұрын

I needed this

@federicodonadio5624 Жыл бұрын

Thank you guys!

@travay6328 2 жыл бұрын

💙 best accounting channel

@InfinityKrom 2 жыл бұрын

Great vid. You should do one of these for C-Corps & Holding companies

@muhammadfaheemrao6156 2 жыл бұрын

Do you need to file c corp tax return?

@MyYoutubeAccount853 2 жыл бұрын

Thank you 🙏🏼

@modernkonvention8215 2 жыл бұрын

Thank you.

@alexandraallsbrook4879 2 жыл бұрын

can you make a video on how to file for an inactive LLC?

@kenji160 3 ай бұрын

Thank you!!!

@rraviravir 7 ай бұрын

Can you please make a similar video for 2024 filing - for tax year 2023 ?

@adrian.kaczmarek 2 жыл бұрын

Hey @LYFE Accounting so to clarify a sungle member LLC needs to have a Schedule C, Schedule SE, and 1040 Form

@LYFEAccounting 2 жыл бұрын

Correct. You got it!

@willylowman99 Жыл бұрын

Estimated tax payments. Each year is so different. I chose to pay the penalty because if you over pay they never give it back to you. I’d rather keep my hard earned money than give it away to someone who never answers the phone. 👍

@10365211 3 ай бұрын

I just filled my llc 2023 , and I was not aware about the taxes deadline until now and I have a tax delinquent letter for back taxes I’m guessing

@motownmommy 2 жыл бұрын

I love this informational Black excellence channel.

@LYFEAccounting 2 жыл бұрын

Thanks for the support! 💯

@BlueBrainapp Жыл бұрын

Is this applicable for LLC's owned by non-US residents/non-US taxpayers? My registered agents require an annual franchise tax for the LLCs, but I've read that they're pass-through entities

@sparklzdiamondgirl7502 Жыл бұрын

I started a business and quit my job in the same year. Not sure how to do W2 and single mbr LLC.

@Zaneandkerry 2 жыл бұрын

How soon after starting a LLC as a single person.. do I need to start filing my taxes.. I started February 2022.. do I need for this this 2022 tax period.

@JohnPasterik Жыл бұрын

So, what if my LLC is a partnership between and my wife and we file a "Married filing Jointly" tax return. How do we handle that?

@quintezrashi5566 Жыл бұрын

I’m preparing my taxes for 2019. I know, I’m so behind. I had an LLC at the time but didn’t realize the LLC had been forfeited due to my failure to file tax documents. I was curious, if I incurred expenses for my business, such as advertising, etc., am I still able to deduct those expenses from my AGI/W2 income although the LLC was technically “forfeited” and I also didn’t make any profits from the business? I paid for an 800 number, website and business cards. Can I still deduct those expenses to reduce my taxable income or not?

@kingsleyoseiabrah1 2 жыл бұрын

Life is so simple why do finance guys just make things complicated for no reason. This is by far the simplest video on taxes i have come across so far.

@Amatullah.574 2 жыл бұрын

@blueberry._.muffin Жыл бұрын

I’m confused, what if you end up starting your business at home? Would you still have to file it as your home address?

@X3000LCE Жыл бұрын

If you didn’t make more than you spent this year, can you get money back like filing personal taxes ? My first year in business

@user-jo7wo3eq3l Жыл бұрын

how do I file when i own a single member llc but the llc has a DBA ?

@Fraustyair 9 ай бұрын

Is there a video like this for a C-Corp?

@Teee_777 Жыл бұрын

Hi there! I started my LLC in 2018 but wasn’t in business. I did a revamp when Covid started so 2020, and still was in the planning stages. If a business hasn’t made any money do they still file taxes? This is my issue right now. Hopefully i won’t get in trouble, and any accountant i reached out to never responds to my email

@Theundisputedtruth Жыл бұрын

This might be out of context , but can I add a member to my llc at any time? And how

@dequashapoplar7966 Жыл бұрын

What would be considered “ individual activities ?

@affanmohammed1631 Жыл бұрын

I have booked a call but not received any link of call confirmation. Is my meeting booked??

@chriss4365 Жыл бұрын

What state fees or taxes do you have once you have an llc?

@I-own-your-feelings Жыл бұрын

What if I JUST started an llc? Mid-February. Do I still file taxes for 2022 or wait until next year?

@sshah3324 Жыл бұрын

I open my LLC as non USA resident on oct 2022 when should I do my tax return ? It’s been 6 months only when should I do my tax return plz

@candiedsoul 10 ай бұрын

very short intro lol but just enough time to like.

@DevoraFierroGrande 7 ай бұрын

Question my company is an LLP but now I'm the only owner. Do I file normally as Inwpuld with an LLC? Thanks

@tazzytyoung19771 2 жыл бұрын

I legally formed/establishibg my business in November 2021 but have startup cost that I incurred before establishing my business. I'm a single member LLC and I made no sales. What all forms I need to file. I also work a regular job. I use my Garage and my entire upstairs hallway for my business

@intelimoteintelimote7448 Жыл бұрын

Can i elect to have Google issue a 1099 to my S corp as opposed to me as an individual? I intend to form a single member S Corp.

@CharlesCinco5 8 ай бұрын

This may sound stupid but i hope i get an answer. If i file myself, i obviously save more money from paying a CPA correct? Because they do be charging so much without clarifying to me whats happening...

@WPowel003 4 ай бұрын

Confusing on how you actually run the LLC as a start up. For several years a company could actually be in the red until you gain customers and exposure. This would mean that you might invest more into the business than you take out. Is it normal to have a scenario where you invest but do not pay yourself in the initial years?

@LoveAngel333 Жыл бұрын

if you don't file by 15mar as a single-member LLC what will happen? can u get an extension?

@Linda-op4hg 2 жыл бұрын

It a handmade business and indidnt make a lot money. Do i need to do it?

@encouragesolutions2595 2 жыл бұрын

I'm doing this for my son who lives in UK and has an Amazon business in US. His year end date is 25 March 2022 and he has single member LLC. SOmeone told me the deadline is 18 April 2022. Is this true? It seems like he has little time to prepare accounts so would it be year ending 25 March 2022 is due next April 2023 or should he submit an estimate?

@ehlee088 Жыл бұрын

Do each multi member have to file a 1065 or would it be filed once for all members?

@teavoilalooseleafon_the_go3682 2 жыл бұрын

Thanks for the video,I do not see any link to book for consulting to file tax for LLCs'

@LYFEAccounting 2 жыл бұрын

lyfetaxes.com

@roialnet 2 ай бұрын

And where does the Form 568 Return of Income fit into all of these?

@jaytravel-12 7 ай бұрын

if I have a scrops and llc can I pay myself as a employer and file a w2 ????

@vansmoken4172 2 жыл бұрын

Over 220k subs. I was one of the OGs here

@LYFEAccounting 2 жыл бұрын

You are appreciated! Become an OG here for me 🙏🏽 kzfaq.info/love/CJBY2Yy6Pjo1Jcoalh6Szg

@shakirahmccoy4137 Жыл бұрын

I’m in a partnership LLC which is pass through. I’m the only one that had income 2022. Will I still have to do a schedule, K-1 for my partner if he didn’t bring any income? I am a registered home daycare in my income came from government subsidy 1099 and Grant money & I’m actually working my home daycare. For my understanding I would have to do a K1 on my partner only myself? But for myself I would need to complete Form 1065, k1, schedule, C and a go m for my dependents? Thanks 😊

@moneyaddict7595 2 жыл бұрын

What if I was employed half of the year before I started my business?

@paschal50kg Жыл бұрын

As a non US citizen who who has a registered llc in the US, how do I file my tax return?

@marionrhodus8464 5 ай бұрын

Last year I got married I have a sole entity LLC before marriage, now for 2023 taxes I got married, can you give me pros and cons of married filing joint with LLC income ?

@aliyahthegardenist 5 ай бұрын

Do single member LLC s have to fill out SE form? I heard single member LLC don't need to file employment tax and that it's reserved for s Corp o Corp.

@Remba-sy1hn 10 ай бұрын

Hi, di I have to file taxes if I only opened the LLC but didn't open a bank account for that LLC and didn't have any income...also I'm foreigner

@nickbananto Жыл бұрын

Im 17 right now should I register my company with a parent? Or do business without till im 18 which is in 6 months. And If I do it with my dad will we both have to file for taxes? Or should he just sign 100% of the company? Im just unsure.

@SiennaCommare 20 күн бұрын

Is the K 1 needed for an LLC with three members? Or only two?

@user-cb5ec9ej7l 9 ай бұрын

Can a non American also apply for an LLC ? I am from Aruba, and thinking seriously about starting an online business in my free time

@generic_official 2 жыл бұрын

"If we expect to owe more than $1,000 in self-employment taxes, the IRS expects us to pay quarterly estimated tax payments." How do we know what to expect our self-employment taxes to be? And is the amount of each estimated payment simply one-quarter of the year's total? For example, if we think our SE tax for 2021 is $1,200, do we pay $300 each quarter?

@gloriaadebayo4477 2 жыл бұрын

How many years have you been in business? How many years have you omitted to file your business tax. You can all those taxes filed, and get funded without omitting any dime. Contact paul. He will sort you out ASAP

@iamakinola 4 ай бұрын

After filling the form 1065 what next? Do i need to mail it to irs?

@Sam-pc4fe 4 ай бұрын

What is the deadline for a single owner llc?

@teezy122 9 ай бұрын

What if you haven’t made any income in the first year?

@lynisewalton9882 8 ай бұрын

Hi Sean. I’m still employed with a company and ventured into starting my own business. Does this mean I have to file 2 tax returns: • a 1040 under my ssn# because I’m getting W2’s • and another under my business EIN?

@Kyler.knight 5 ай бұрын

if you are single llc then you can file it all on the same return. turbo tax will walk you through it step by step.

@LaOnzaofficial Ай бұрын

lets do it

@alessandrakgc Жыл бұрын

Great video! I have a question, i formed my LLC as a non-resident on 12/23/2022 and got my EIN february/2023, do I need to fill the Tax Form? Or only on 2024?

@szkoda7774 4 ай бұрын

I have same question, do you know it ?