oh my god this is the best explanation and most simplistic example that you could use. I really learned a lot and appreciate how easy you make it for us new business owners to understand !

If you profit 100k and payed yourself 60k of that 100k, would you get taxed on that 40k only as profit ? Would that 60k be wages ? Please advise

Better be a good trader because your contracts are going to he way more expensive

Could you advise on single member Texas LLC, where member is non USA citizen/ resident.

Loved the video, but my question is, if you have a day job and it's already taxed, why do you have to pay taxes again on it at the end of the year?

This was fun, thanks for the content! Earned a new sub today 👍

Great video, had to just watch once (at 1.25x) and I already have much better understanding on how to manage payments and taxes as a single member LLC. Thank you so much!

Why did you add the extra job and wife, should have just kept it simple, and you didn’t talk about paying yourself??

Short term rate is your normal income tax rate

what do I do if I'm a youtuber, but I pay editors for my work? I pay a couple of freelancers for art sometimes too I'm still a single owner right? they are just employees? Kinda?

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

The one thing he needed to go into was making regular tax payments on profit. How often, when, how?

15%? hmmm for comfortable doesnt seem bad no losses included . imagine 100k win streak and you only had to give up 15k for a peace of mind

Lol, I know for a fact that’s only meant for immigrants

If I have a business but hired by a company am I supposed to ask for a 1099 on what they paid me to showcase for irs?

nice job done add more videos about balance sheet

Awesome! Thanks for making this so simple. I was having a hard time getting that simple answer elsewhere

Turn off the music!

Side hustle for $100,000 Sure

Which country?

Hi Chad. Thank you for your video. My question is what is the way to pay for my taxes if I have an LLC. I know FICA taxes should be paid on each Draws however I am not sure: through Eftps, and personal IRS account? How to do the payment through that payment option ? Could you do a video about it or do you have one already ?

Taxation is theft.

wow comments on here. It was a short video and married part was an added benefit.

Does tax income cap out above a million?

I trade stocks buddy i aint married 😂

Will the money I take out for myself be within the -$100,000 dollars?

great video. however, didn’t answer my question. wanted to know how to take out taxes BEFORE the end of the year so i can be paying all along 😩. like if you pay yourself a set amount based on your monthly profit. how to calculate and withhold ahead so you don’t have to pay a bunch at the end of the year.

Is there a section on the schedule C where we write how much of a distribution we took? In other words, are we required to declare our distributions to the IRS?

Soooooo get married before April 15, got it Thank you for the advice 🙏🏽🙏🏽🙏🏽

I am confused. I made about 52k, most of that got paid directly to me. I spent less than 2500 on the business. How does this reflect on my Schedule C because right now it's showing I owe 11k.

Keep it simple that's it.

Thank you for putting this video out!

Thank you for your training that is excellent prepared/explained. I have a question related to LLC-Partnerships as LLCs. One of these LLC Owner has a an S corp. Can Owner transfer income earned by the LLC t the S Corp & pay Payroll through the S Corp.? What to do in this scenario in order to get that advantage?

This was most helpful, thank you.

Such a great explanation. Thank you so much!

Vey information video. Thank you so much for posting!

How do you record when business owner contributes funds (from personal account) when the business runs out of money to pay expenses? How and where in the schedule C would you record it? Thanks

So if the tax/Irs processes are identical for a single member llc & a sole proprietor then what are the actual differences that have to be taken into account when you begin to design the form of your personal business model

Excellent video! I have a quick question, do you pay yourself from the total revenue, or from the taxable profit?

Thank you for taking your time to explain in such a simple and easy way to understand.

Not bad for canada but could be more in Quebec. Also i'm a native American and i could paid taxe like everyone..

Legalized extortion.

Hello, thanks for the video, but there is no link for the acquisition analyser.

I recently restructured to a SMLLC.. after my former "co-member" mismanaged revenue and ruined it.. thanks for the explanation single member is the way to GO.. now I have to figure out the estimated tax payments... ..thanks!

very clear and to the point , you are the first video of many I have watched that gave it to us straight (Just the Fact) , Many thanks

do I file taxes if i got one ?

How would I pay myself in a structure with a single-member holding LLC (S-Corp) that owns my operating LLC, of which I’m the only owner and employee? How can this be done without piercing the corporate veil and losing asset protection, while still seeing the tax benefits of an S-Corp? Which LLC would handle payroll and how would dividends be distributed? Thanks!

Awesome explanation!! (the music was very distracting for me.... had to try really hard to tune it out) But really, Thanks for the education!

You made nice round numbers until you got to the wife's income. Lol...what was this motivated by?

Or, I spent all that Cash in to Bitcoin and likely earn the multiple with less risk