3 жыл бұрын
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@abasaydi9250 3 күн бұрын
Welcome I like you a lot can he be with you or join you I am from Senegal 🇸🇳
@AnitaFoust-w6t 3 күн бұрын
This is exactly what I needed to know! Thanks!
@PhantomSnipe300 3 күн бұрын
She's hot 😍
@AbeFroman-zx5hs 3 күн бұрын
I’m crushed. I asked a question on another video and you didn’t answer. Is it because I commented on how attractive you are. I did compliment your video. It was concise and informative unlike the lawyers who do these things. 😊
@businessfinancecoach 3 күн бұрын
😆 it wasn't personal, I usually miss some comments!
@AbeFroman-zx5hs 3 күн бұрын
@@businessfinancecoach 🙂. I was kidding. You really know your field. 👏👏👏
@abasaydi9250 3 күн бұрын
Hello how are you i want to contact you with your permission please
@jeannesakura2 6 күн бұрын
what if a LLC is a beneficial owner? And the LLC is owned by another LLC? How do we report this in the beneficial owner section?
@businessfinancecoach 4 күн бұрын
Yes, and any one else that qualifies as "beneficial owners"... see here section D What is substantial control www.fincen.gov/boi-faqs#D_1
@jeannesakura2 3 күн бұрын
@@businessfinancecoach if there are 5 individuals with substantial control, is there a requirement to list all 5 individuals?
@Lvj22 7 күн бұрын
Thank you for this video.
@suchinmundkur4632 7 күн бұрын
What happens if your LLC is owned 100% by another LLC? Do you have to put the benefital owner information from the Parent LLC?
@businessfinancecoach 7 күн бұрын
Yes, and any one else that qualifies as "beneficial owners"... see here section D What is substantial control www.fincen.gov/boi-faqs#D_1
@AbeFroman-zx5hs 9 күн бұрын
Wow. You are a breath of fresh air. You actually understand the accounting/tax implications. Lawyers do these things and they are clueless on the intricacies. In my case the i would be foolish to add members (siblings) to the LLC. Complete trust between the three. I agree. I think insurance should be enough to cover liability. Bravo again!!!! Plus you’re quite attractive. 😉 Question: due to MAGI I won’t be able to offset any losses from the rentals. Will I be able to defer those loses when MAGI returns to an acceptable threshold (in 2 years). Currently Maximizing Roth conversions before tax rates go back up. Thanks!!!
@TheGeneraltigre 16 күн бұрын
Thanks a lot for your video. Super helpful!!!!!!!!
@AC-nn7ou 17 күн бұрын
What if an entity like a Trust owns the LLC. How to put the beneficial owner info ?
@businessfinancecoach 10 күн бұрын
That's the entity type of an owner
@sutherlandws 21 күн бұрын
For pass through income, what do I do if I file 'married filing jointly', and my wife works for a company and I have and LLC? My quarterly income is negative for the business, positive for unemployment benefits (with 10% taxes removed). Both unemployment and my wife's income already have tax estimates removed.
@businessfinancecoach 10 күн бұрын
The taxes "removed" are mearly estimates (the same thing as estimated tax payments).. remember - we have a pay as you go system and your when you file your taxes (jointly with your wife) - come april 15th, if you owe taxes then you needed to make estimated payments. So to answer your question - you need to account for ALL of it/everything you have going on, and run an estimate. Check out this video: kzfaq.info/get/bejne/jNBmlc1e1c7Lenk.html If your business income is truly negative and you are paying taxes on all other income through withholding - you probably don't have a payment! :)
@htmart787 22 күн бұрын
Double Clap for this vid!!
@htmart787 22 күн бұрын
AHHHH Quarterlies!!! NOOOOOO
@user-nt4mp3jr3u 23 күн бұрын
Hi ! this is kinda off the topic, but I have a question: is it double dipping if you claim your expenses on the income statement and then turn around and take those same expenses on schedule C? please explain!
@muhammadrehan3612 24 күн бұрын
How to download this spreadsheet.
@muhammadrehan3612 24 күн бұрын
Please send Excel worksheet link. For practice purpose
@lindasmiciklas7575 27 күн бұрын
What if I need to make a correction because I put it in the wrong name ? I see where it says to make a correction, but then it asks me for the name that I made the original filing but I need to change the name?
@businessfinancecoach 7 күн бұрын
Try entering - it as it was when it asks that and then it should allow you to change things. I don't know though - the name might not be something you can change. You might need to start over, but I would try it first. If it doesn't work, maybe contact them and ask them.
@jjlittle81 28 күн бұрын
Is this a yearly requirement or once and update as ownership changes?
@businessfinancecoach 7 күн бұрын
One-time and then if something changes you can update it
@brunacoppola Ай бұрын
Hi! I wonder about what you said regarding the Company Applicant section. I read or watched somewhere that if I payed someone… yes I was so busy and afraid to make a mistake that I payed our accountant to register the company with the state, then I have to enter their information under the Company Applicant. And our information goes under Beneficial Owner… Now I am confused. 🤔
@businessfinancecoach Ай бұрын
No - company applicant is not asking who set up your business - it's asking who is filling out THIS BOI filing and it sounds like that's you. And yes, like I explained in the video, you would also go under the beneficial owner if that you!
@owenzamor1077 Ай бұрын
Is this CTA beneficial owner rule still in effect? Wasn’t it ruled unconstitutional?
@ezitv Ай бұрын
What do I do if I'm closing my LLC this year? Is there a "Final" form I also must file? Or is there a way to denote I'm closing the company (or closed the company) in the Initial filing?
@natoshacasey8544 Ай бұрын
Thanks coach! 😊 #steadylearning
@aidandonnelly8637 Ай бұрын
What if I created an LLC because I thought I might need it for taxes, but I didn’t, and I’m the only person involved, and the LLC isn’t doing anything now? Do I still need to file?
@rakumarudu81 Ай бұрын
I really love your slide work and teaching
@JohnSpongberg 2 ай бұрын
Hey Amanda...thanks for the video. What about filing foreign entities in other states? Should 2024 entities be filed within 3 months? There are issues within the legality of FinCen, correct?
@businessfinancecoach 7 күн бұрын
There's no legal issues that have changed anything yet. It's probably a ways away if anything does get legally changed. It doesn't effect anything by being a foreign entity. You just use your domestic state info for this filing. Yes, 2024 formed entities get 3 months. For 2025 entities and going forward it will be 30 days to file. And if the business was formed before 2024, you have until 12/31/24 to file.
@lnkinc6823 2 ай бұрын
Great content thank you so much for the video how do we find out more about your courses
@JayGamer27 2 ай бұрын
I think this filling requirement is being contested in court as being unconstitutional. So for those whose businesses existed before 2024 can probably wait to see if a decision is made before end of year since they have until Jan 1, 2025 to file.
@TriggaTreDay 2 ай бұрын
You are great. You always give such great advice. I love that you recommended freetaxUSA years ago. It’s one of the best softwares on the market for filing taxes. I have been using them for 4 yrs now because of your advice. Thanks a ton.
@johnb7689 2 ай бұрын
Could one spreadsheet system service multiple retail stores that are in separate companies ? Will balancing the intercompany amounts be an issue? Really tired of QB unnecessary complexity
@businessfinancecoach 2 ай бұрын
Each legal business must have it's own complete accounting record (and therefore separate spreadsheet). If you are saying you have one business with separate locations - you could use one spreadsheet and we have a "category" feature that would allow you to break out income and expenses by store... Do you have an inventory system?
@johnb7689 2 ай бұрын
@@businessfinancecoach The inventory is fully handled by the POS program. We pull the inventory totals from the POS into QBs. Is it posible to have a zoom or phone discussion ?
@ruannlarson 2 ай бұрын
Hi. I just watched your video after receiving a four page letter from our CPA telling us we need to file this and it comes with a bill from them. UGH! So I'm trying to do this myself and after watching your video it seems doable. However, I cannot find the second video. Where is it please??
@businessfinancecoach 2 ай бұрын
You do not need to pay someone to do this for you. It's coming. Subscribe and hit the bell to be notified.
@rayl1977 2 ай бұрын
Hi. Great video, but still confused :(... In Jan 2024 I switched from middleman (contract agency) W2 employer to going direct 1099 with same end client I knew as employee, but now a brand new client for my ongoing (many years) sole proprietor business. I earned and paid a good amount of tax for 2023 on W2, meanwhile my sole proprietor business had a loss for 2023 as it had no clients for a couple of years. Turbotax 2023 estimated payments (for 2024) tool says I don't need to make any estimated tax payments for 2024, even though I told it that I expect to make a similar good amount in 2024, but as a contractor. Does that sound correct from TTax? Is TTax essentially and correctly saying I owe no estimated tax because my sole proprietor business owed no tax in 2023? Thx.
@businessfinancecoach 2 ай бұрын
That's the penalty exception - I talk about it in this video. Most of us business owners WANT to pay as we go though, so you don't get nailed with a big bill. I don't know if I show our spreadsheets in this video, but we have a detailed quarterly tax spreadsheet that's part of our program here. It helps you estimate each quarter if you need to make a tax payment, and how much. Plus it will help you really understand your taxes. amandarussellmba.kartra.com/page/pI5226
@eyupaydin4147 2 ай бұрын
Thank you but where is the second video you mentioned?
@VinhPham-hz8ny 3 ай бұрын
the legal is so messed up where people can just sue like that where you have to do LLC just to protect yourself
@businessfinancecoach 2 ай бұрын
you don't have too and it rarely happens
@businessfinancecoach 2 ай бұрын
you get insurance - for most people the LLC is overkill and driven by fear
@VinhPham-hz8ny 2 ай бұрын
@@businessfinancecoach thank you very much for the knowledge. Yes, it is by fear that got me researching into LLC because I worry that working as 1099 will put my family assets like our home and rental at risk.
@ericaflorida1515 3 ай бұрын
Hi I got a letter from Florida department for a final Assessment do that means in in trouble with the IRS
@businessfinancecoach 3 ай бұрын
No, sounds like you are in trouble with Florida!
@ericaflorida1515 3 ай бұрын
@@businessfinancecoach what does this means
@nickj1358 3 ай бұрын
Thx for the info. So if I’m paying my minor (via llc) less than the standard deduction, do they have to file a tax return?
@businessfinancecoach 3 ай бұрын
www.irs.gov/newsroom/who-needs-to-file-a-tax-return
@judiecampbell3737 3 ай бұрын
Need help getting 1099 NEC
@davetullis 3 ай бұрын
Fantastic presenter !
@TheStressReleaseProject 3 ай бұрын
Thank you so much! You really make these complex tax situations very clear and actionable!
@thehustlenetwork 3 ай бұрын
Now is it too late for me to hire my daughter as its passed Jan? Sorry was a little confused on that oart
@businessfinancecoach 3 ай бұрын
No you can hire at any time!
@thehustlenetwork 3 ай бұрын
Great video. I’ve been wondering how to pay my daughter for my cleaning company. Thanks for the this video!!
@maryjazmayer7173 3 ай бұрын
Oh My goodness- super helpful information and wonderful ability to make it understandable-- thank you!
@Daacks11 3 ай бұрын
Is there a way to tell if a business has registered already? Or is there a problem if there are double entries? We have asked our accountant and attorney (which handle SOS renewals) if they have done this yet with no response from their offices. (Yes, frustrating!) I would like to take this off my list and just do it myself if I know they havent already...
@businessfinancecoach 3 ай бұрын
Did you have your business set up before 2024? If so, it's pretty much guaranteed you aren't registered yet. If so, your registration isn't due until 2025. If you formed your business in 2024, you need to do the fincen registration within 90 days of getting your entity formation confirmation from your state. You only do it once and only update it if your owner information changes. If your business was formed before 2024, you might want to wait a little bit - as many organizations are challenging this requirement in courts... so we'll see what happens! I will have another video shortly going through the registration but it also looks pretty self-explanatory. Hope that helps!
@Navarrete19 3 ай бұрын
Will this need to be filed EACH year?
@MASTERU487 4 ай бұрын
Thank you so much!
@SabSab-mg6qm 4 ай бұрын
Super helpful thank you!
@TailspinMedia 4 ай бұрын
subscribed, super clean and informative and appreciate the context given as well.
@businessfinancecoach 4 ай бұрын
thank you!
@loribadatgg7215 4 ай бұрын
I’m getting mixed messages. If you get a 1099k for a sole proprietorship business on ebay, do you file?
@businessfinancecoach 4 ай бұрын
you should always report your business income - whether you get a form or not
@businessfinancecoach 4 ай бұрын
EDIT: I misspoke about this being an annual filing - it is a one-time filing, unless you need to update the ownership information.
@zacharytowey6989 2 ай бұрын
Where is the next video on how to? Thanks
@adelecarson720 4 ай бұрын
Thanks so much for this video and information. Your videos have helped us so much!
@matteagle42 4 ай бұрын
Disgusting.