So the income is irrelevant. But say I reinvest 100,000 of my businesses income into the business. I can write that off right?

As someone told me years ago, no matter what the IRS is going to get their pound of flesh.

Well, there I go! You answered one of my questions! 🎯❤️ Thx

@ATTIQOP

3 ай бұрын

same

Dude you just answer, a question I been ask my CPA for 4 years, thank you

@linonator

2 жыл бұрын

Lol you stayed with a CPA that couldn’t answer those questions for 4 years?

Baby I thought you were gonna give us a solution lol

@LYFEAccounting

2 жыл бұрын

Watch full video in description.

@kimberlychin1996

2 жыл бұрын

You can pay your child or a relative but keep it with the family and tell them to give back that money. (If you trust them)

@sassy_nclassy9076

2 жыл бұрын

@@kimberlychin1996 lol. Yes , exactly what I’m planning to do 😁

@jayr6839

Жыл бұрын

@@kimberlychin1996 When you do that, now they will have to file taxes with false info.

Thank you! You explained that so easily!

Thank you and happy new year!

Can i use the LLC as the structure and also be an employee with 1099 as a contractor, or sole proprietor?

Thanks for this info!

Was wondering about this…thanks

Needed to know this Thank You.

Awesome videos! Thank you!

Great information! But how do you pay yourself? If the business is making 100,000 profit, and you as the owner has personal bills to pay, how do you go about paying yourself for your everyday expenses?

@Jack-tk1is

Жыл бұрын

Did you found out ?

@teikahunter6317

11 ай бұрын

Owners draw

@entnous53

8 ай бұрын

Write yourself a check, or transfer $$$ into your personal bank account

Thank you for the information

Cap you still gotta file a W2 for yourself

Something doesn't make sense about this, at some point you should be able to create a separate legal entity.

Great info to know! So what do u suggest we do knowing this info?

@LYFEAccounting

2 жыл бұрын

Maximize all deductions and tax strategies to increase your tax savings.

Does that mean i don't hve to issue myself a tax slip?

@Rooted_Locs

2 жыл бұрын

Nvm... I do

Doesn’t matter if my LLC, is co owned? We can both do this as long as it coincides with our operating agreement.

So if the member pays themself 50k of the 100k. And pay taxes on the 100k, do they have to pay taxes on the 50k too? Essentially paying taxes on 150k total?

Civic LLC Health Parks Needed in Inner Cities, USA. Prayers to children walking past crime tape and murder bloodstains en route to school. Prayers to children stolen into the corrupt, child trafficking DHS foster care system. WE need a BANKER, PUBLIC Market Date & People who understand the vision, mission & assignment: what is done for the LEAST is done unto HIM. Prayers in particular for twin mocha skin girls born on 1.1.2020. Socioeconomic Empowerment to the People~

Thanks dude

What if tax as S- Corp? And pay salary to the owner?

@teikahunter6317

11 ай бұрын

I’m a W2 employee in my business LLC filling as a S corp how does that work?

Unless you file as an s-corp 😜

So I’m about to get my realtor license so should I do exactly this? Start an llc and pay myself Single member llc so if I made $250k sense I’m a single member llc i wouldn’t pay taxes on that 250k id be able to keep it all basically ? If that’s right I’m going to do that

@gracefultimes

Жыл бұрын

You would still have to pay tax on the full 250

But there are other ways to pay yourself to where you can make it less taxable. Why don’t you explain that.

Duhh people don’t know this lol

😬💧