Single Member LLC: What You Need to Know This Tax Season (2023)

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Information Single Member LLC: What You Need to Know This Tax Season (2023)

Title	:	Single Member LLC: What You Need to Know This Tax Season (2023)
Lasting	:	12.32
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Comment from : LYFE Accounting

Aren't we paying more in taxes when we have a regular job and an llc?
Comment from : Affan R

Thank you
Comment from : Angela Barnes

Hello,brMy SMLLC Fon non us resident is by default a sole proprietor by IRS, which means there is no protectionbrI wanted to be taxed as disregarded entity separated from the owner to get that protectionbrShould I fill 8832 myself or I need someone to do it for me?
Comment from : The House Learning Channel

Is it good to do 1 owner? I have me and 2 of my kids What’s the best way ? I’m just doing buying homes fixing them up and selling Also floor polishing What’s the best way ? I’ll have 1 worker only
Comment from : Dying_breed & elite brotherhood 300

Don’t you have to pay quarterly? Taxes
Comment from : Dweeb _ Boi

I'm a tax proffesional and I'm always learning with you guys! Thanks you for the knowledge
Comment from : Carlos Serrano

This was so helpfully and to the point Thank you so much!
Comment from : Gabriel Sabbs

Is it better that I set up my LLC myself or should I let a company do it I am also considering Wyoming and Delaware, but I live in Georgia
Comment from : Will B Harris

What about sales and use tax and state tax forms?
Comment from : Trill Will

In the case of Joe selling car parts, should use $40,000 this year for next years inventory and take his draw of the remaining $60,000 - he would just need to pay on that $60,000 that wasn’t used for business expenses correct?brbrThank you for clarifying!
Comment from : Joli Moli

Hello, so basically you pay tax for the business gross income, and than again on the same basis for same income you pay tax on as self employed? Did I understand right? Thank you
Comment from : Ivana Milic

Hey I sent a contact request but I couldn’t submit the form in the website when I would copy and paste my message Can we talk?
Comment from : Faith

Thank you for putting together this video It's very detailed and informative
Comment from : emanuel hernandez

I have SM LLC in Connecticut and new york as foreign after filling 1040 C, where to send form by mail? and can i do efile if i do not have social security?
Comment from : Sherry

Sooo after reading the comments and the LYFE responses, which is better a SMLLC or a Corporate status filing or a S-Corp filing? I'm the only member listed on my LLC, about to apply for EIN, but want to choose the best method possible I'm currently not making any money but have start up business related expenses
Comment from : Jackie Jake

This didn't teach me how to get away from pay taxes or ways how to get the most tax deduction available Errg
Comment from : Mr Ws6

Does this affect the non us residents ?
Comment from : Jiyū No Tsubasa

Great Video!! What are self-employment taxes? And what/how do you do them?? I'm kind of confused about that part Or Self-Employment taxes are nothing to worry about??
Comment from : WE UP-NEXT

I’m a veteran and I don’t file taxes yearly so what would I need to do? Can someone help?
Comment from : Dee Hart

I got that, I will do 6 steps in my city, and my property is a tax deduction for my business
Comment from : Kerol Verdi

Thank you so much, YES I could use some help here
Comment from : Timothy Butler

I am in search of answer of my question and so far not able to get it I have a single member llc, If I am understanding correctly irs to receive income tax return while states receive the sales and withholding taxes, am I right? And what is the difference between withheld and withholding taxes?
Comment from : Sherry

Best resource ever!!,!
Comment from : Loni Scalercio

Hey Sean! brYou didn’t mention anything about paying taxes quarterly for an LLC brDo you have any information on that?
Comment from : Dominick Mollo

What if as a single member llc you make no income for your business your more concerned on securing assets
Comment from : Ronneezy

I am subscribed You guys do an excellent job of presenting your content It is easy to follow and your videos are simple and put together well I followed your videos during the early stages of the pandemic I had many challenges finding employment as my company let go 500 of us one month before the country/world went on lockdown This didn't curb my families desire to eat, nor my mortgage company wanting their money, so I used my talent to form an LLC and started my business Your videos helped me navigate some confusing territories I THANK YOU SO MUCH
Comment from : SuperChamp49

Love the videosquick questionis the operating agreement also filed with the state or no, thank yoy
Comment from : crypto currency

I was so siked starting my service business that I went overboard I see many vids of converting from DBA to LLC but not back once you to DBA once realized that I should have been DBA How can this be done without losing trade name, USPTO for logo and business bank account I am the only member of this LLC
Comment from : David Leslie

Thanks a great deal for these videos Very good explanation
Comment from : DVC Admin

what if I made $0 in revenue, am I still required to pay taxes?
Comment from : Jada Randolph

This is the best LLC tax video, I ever saw
Comment from : Tre Nashville615

Do you service MA?
Comment from : Jillian Carpenter

Thanks a lot for the info At 80 years old and having played around with starting a business ,am I tooo late ? I am a Uber driver now but want to put together real estate income stream for my children I leave behind I have an LLC ,Dunns Number, EIN, and in the process of building a website I finance my new business from my Uber earnings I soon want to stop driving and start Real E state banking I would be greatfull for any advice you can offer again Thanks !
Comment from : Stephan Foster

Was so interesting your video!! Could you tell me if I opened a LLC and I have not starting to work yet, do I have a z problem with IRS if I do not working for a long time?? Thank you!!!
Comment from : Peregrina en la 🌍

TN sucks for a smllc you have to pay 65 excise tax on your net income, only a few are exempt from this Its so hard to dissolve the llc to get it all switched to a sp would love videos on how to dissolve it and get all things switched over to sp, no one has these videos
Comment from : TOY BOOM SURPRISE

This info was helpful
Comment from : FACE OF MALINDA

video was super helful i love you guys as soon as I get my paper up I will be hitting you up for my book keeping stuff
Comment from : Fun w/ Randos

Hello im asking about YouTube channel for choosing ,br individual account in youtube and business accounts brbrAnd if i use individual account can i still add my expenses in there? brbrI hope you notice my comment And please make some video for differences of individual and business account and how is the difference of applying tax for that im so much appreciated Godbless you Im Filipino and currently living in Virginia brbrBecause im starting my youtube channel and still struggling about choosing individual and businesses And what is the most easiest way and more benefits for this brbrAnd using individual or business accounts Do i still use schedule C for that ?
Comment from : sy

I started an LLC all my app gig work here in Florida… would single member LLC “non individual” a good option?
Comment from : Mr_DigDeeper

Just to confirm, do you know if a sole prop with a dba can keep the same ein when changing to a single member llc?
Comment from : Tia Beverly

I’m getting into trucking and starting early at starting a trucking company My plan is to learn the business save money and buy my own truck towards the end /beginning of the year In the mean time I plan on starting the business on paper , getting the EIN number and stuff and working on its buskers credit so when I’m ready I have some business credit But am I starting to soon?
Comment from : Jazmine Gordon

Awesome, life saver!
Comment from : Kenziah

This video is a game changer for me Great and in-depth information Thank you 1,000 timesbrI have a TD Ameritrade stock business which is not well doing and an e-commerce LLC both opened in 2021 I didn't make any sales on my online business LLC and my TD Ameritrade didn't profit either How to file in 2022 tax season Do I file them together with my other self-employment job or the TD Ameritrade stock and the online business LLC together I spent a lot in my LLC set up my LLCbrThanks
Comment from : Mr Laurent

🙌🏽
Comment from : Antonio Macke

Thank you! Some great info in there Much appreciated:)
Comment from : Coach Ariel Andersson

I’m in love with this channel 😁
Comment from : Gi Lovely

Is it better to file a single member LLC under my name or create an LLC multi partner with my husband? Which one is better?
Comment from : Maria salmeron

If I create the LLC with my husband, is it considered a partnership? Will I have the same benefits? Or is it better to create a single-member LLC?
Comment from : Maria Salmeron

If I'm a foreign owner Do I still have to file Schedule C and pay what corresponds? Or should I pay that in my home country to avoid double-taxion
Comment from : Pablo DC

💯💯🙌
Comment from : The Crowned Prince Of Yahweh

Canadian LLC but really appreciate this!!
Comment from : ilovetb4life1988

good info I'm new at this and have a question for you I registered my LLC in June 2021 I have not sold anything last year but did buy some equipment, media, graphics, etc Do I include those in my filing this year or no? Also my business address is different from my home address (making that separation) How would I account for that when I get to the schedule C?
Comment from : Rhonda CW

@LYFE Accounting Should I start a LLC if I am a Real Estate Agent? If so, how do I do?
Comment from : jtcmlt1

gems!!! thank you
Comment from : Sol Rise Essentials

Awesome video I have a question I am confused about I have already an LLC for my owner-operator truck business, can I use the same LLC for Amazon online selling? Because when you do the dropship model you need to apply for a reseller certificate Is this legal to run 2 business models under one LLC? Please advise Thanks a lot
Comment from : Shahbaz Immanuel

Thanks sooo much for these videos! Learning so much and subscribed right away I have a question, I spent money on training and equipment In 2021, and just registered my LLC this month I have not filed my 2021 taxes yet, can I include those expenses as write offs when I file for 2022 or does it have to all be spent in the calendar year? This might be addressed in another video but im making my way through 😅
Comment from : tiana townsend

Excellent
Comment from : MK A

Thanks Sean! 😊
Comment from : Randi Vaughan

Just subscribed Thanks for the info
Comment from : A B

If you only made let's say $8k in profit would the standard deduction also take care of the self-employment tax?
Comment from : Nick Vetter

I'm currently going through a revamp with my business and am now a published author What would be the best structure for this type of business in order to get the best tax benefits?
Comment from : Andrew Smith

Omg!!! I learned so much from this 1 video! This will be my first year submitting my business taxes and this was so helpful I’m going to give it a shot, but if I find it overwhelming I will be in touch Mahalo! Xo
Comment from : ipssmith1

Hi, how different is it from Domestic LLC?
Comment from : Debra Huynh

I started my LLC at the end of 2021 and haven't made a profit yet do I still file for 2021?
Comment from : 5D TV

I truly appreciate all your help 🙏
Comment from : Francia Gil

I would like some tax information but I went to the website and I'm not sure my request to contact you went through
Comment from : NC P

You didnt link any videos above
Comment from : WorldAMMO

What if you start a business and it fails? Do you have to pay taxes on all the money you used to start it?
Comment from : Pech Michael & Christina

I’m so glad I’m came across your video, I was applying for an EIN and noticed the “disregard entity” and got nervous the terminology used seems a little discouraging, I feel better knowing more info through your video TY TY TY 💜🙏🏾💪🏾
Comment from : Aiicha DeJanee

like your video
Comment from : Willie Sharper

As a single member LLC which will apply to the IRS to be considered as an S-Corp, is there any benefit to listing myself as a "MEMBER managed" LLC vs a "MANAGER managed" LLC in my OPERATING AGREEMENT?
Comment from : Master Armedforces

Great info thanks
Comment from : J Ss

I need y'all! 😫
Comment from : Shalanda Elise

hi there im starting a pretty lucrative businesss that will net me 15 mill a year for years to comejust started question should i just UP my personal umbrella policy to 5 mill in protection and just operate as a sole prop? or do the LLC and umbrella both? my accountant said the LLC here in cali will cost 1200 a year plus 350 state filing fee to operat yearly i want to include that the new biz will have large cash deposits very largeso just UP the umbrella in this case?
Comment from : Annu Kun

Hi if a person is disabled and don't file taxes How do they pay taxes on there business Where do you get the information from
Comment from : Jalea Rowe

The single member an be a married couple They are the beneficial owners of the LLC
Comment from : Andrea Horan

Single member LLCs don’t have to consider their member basis when taking money out out from the LLC?
Comment from : Ed

Hi Shawn - Fantastic video and great work you guys are doing! I have a single member llc in Wyoming but I, as the single member, am a Non-Resident Alien (I’m a UK citizen citizen and resident) Should I submit my US clients with a W-9 or a W-8BEN form? Thanks!
Comment from : Dan Baker

Congratulation for your videos brbrWhich is the taxation of a SMLLC foreign non-resident owner, that does online business (online courses) outside the US ?brbrbrThanks
Comment from : Leonardo Lilue

In a Single Member LLC that is used for the sole purpose of holding a broker account and as such your income is made up of capital gains and losses, do you bypass the schedule c and go straight to the schedule D?
Comment from : Edwin Olavarria

This offers no corporate protection and if you are sued, it is easy to pierce the corporate veil You should never take legal advice from non-attorneys This person has no clue about what an LLC really is If you need to form an LLC, it needs to be a 3 member LLC and custom prepared by a licensed attorney in the state you are in In many states unauthorized practice of law is a crime
Comment from : Leonard Boyer

If a SMLLC does not make any money in a quarter, do you still need to file estimated taxes?
Comment from : Petra Nicholas

Hello, I did but the irs wrote me an email telling me I need an itin first, I filled up the ss4 form
Comment from : S D

This was great information!!! Thank you so much!
Comment from : Carmen Brownell

If I create a solo 401k and since I'm taxed already, the money in the 401k account would be a roth 401k, because its coming from my pass thru personal account?
Comment from : jaws 77

Is there a way around the 15 tax?
Comment from : Winners Only Club

very helpful Couldn't fins the link in fliling EIN though
Comment from : NarS Cristina

Hey! Thanks so much for your videos! I'm learning so much! Do you have any help on doing crypto taxes as well?
Comment from : Hyperopicmyopia

Thank you for the information I am a small business owner I have hair salon in my home I am thinking of getting single LLc I do have sole proprietor any advice ? I don’t have any employees I work alone
Comment from : Beauty by Vickys LLC

My go to site to understand my business needs, thank you guys so very much
Comment from : Jeff Spicoli

So, if the llc has 2 or 3 owners that'll be categorizes as C LLC? And, the tax law will be the same with single member llc? Thank you!
Comment from : herlina hioe

So just to clarify If my only stream of income is through the SMLLC, my tax obligation would only be the Social Security 124 and Medicare 29 ?
Comment from : Paul Meek

Wow! No business tax but you got to pay individual tax 🤣 No matter which country you go to Governments are all alike Anyways, so what if the Single Member LLC is registered in Delaware state? How do this work?
Comment from : Midship Sport

My operating agreement will detail information for adding members
Comment from : Charlene Terrell

The Perfect Temperature HVAC Chris Urban Cleveland

Do you have any of your tax team members that help, located in the Cleveland Ohio area? If so Please leave contact information Thanks
Comment from : The Perfect Temperature HVAC Chris Urban Cleveland