I misspoke at 5:22 you need to meet two of the three requirements that I talk about, not one of the two.

@topdoglogistics1406

4 жыл бұрын

180 Law Co. LLC I knew what you ment, we are human

@jragon9215

4 жыл бұрын

180 Law Co. LLC if your a business owner and don’t already know about this then you shouldn’t be in business

@topdoglogistics1406

4 жыл бұрын

Jason Borunda we all make mistakes, we are human. The quality of info that has always been put out has been great. I’ve been in business for 3 years and owe no one nothing....free and clear. I use the tax code to my Benefit like everyone should. If you have nothing good to say, the don’t say nothing.

Thanks for the brief intro into this. You've condensed my 2 decade business degree into manageable sound bites that are easy to understand. Instant fan!

@allupinyobiz

4 жыл бұрын

Thank you for the great comment!! I love to hear that

i wish my attorney was more energetic and bubbly like you. you are one of the most pleasant attorneys around that I've seen. if you were closer to where i live id love to hire you as my attorney.

@allupinyobiz

4 жыл бұрын

We are a rare breed. :-) I appreciate you!

@dailodai9586

4 жыл бұрын

@@allupinyobiz iam going to ask her to watch you channel so she can learn a thing or two.

What if I'm an Independent Contractor, 1099-Misc? I don't own any share of the business I work for that's a small LLC, but I was always told I myself am my own "business". So would I qualify for QBI, and if so, how do you move forward in applying for that for tax purposes? I do my own taxes, and this is just more complicated, I feel like I'm just not making any money at the end of the day! More forms =more $$$... So, with that, is it even worth it?? THANKS!

very helpful. taking a tax class right now and this is a simple breakdown to introduce me to QBI.

Looking forward to seeing the video. I’ll say that 20% definitely benefits us

Thanks. Everything you said makes sense, and you just saved me $$$. :)

Great information love these videos

IRS.gov does not list LLC as qualified to use QBI deduction. Additionally other KZread tax professionals are saying you need an S-Corp to claim the QBI deduction. Am I wrong in thinking LLC’s are not eligible for QBI deduction?

Awesome video. Great explanation. Thank you!

So, what we have to put in the line 1 of the form 8995 is the line 31 of our Schedule C?

Thank you for the video. I have a question. The money $300 I got from youtube channel is Qualified Business Income?

Lol I kept trying to figure out why Credit Karma wasn't giving me this deduction and then I realized it was because I'm too poor and my tax burden was already at $0 🤦‍♀️

Fantastic video. Very clear & concise.

Great information it will help me a lot.

What if you just started a business (2021 LLC) but only have start up cost with no earned income??

From what I've seen, its your net profit from Schedule C, minus your self-employment tax deduction on schedule SE (then 20% of that)

Great information 👍🏼

What is the difference between trust llc and holdings llc. When should you use them like with an ecommerce business and real estate business

What if I have a full time job and business income through a scorp? Would my w2 income be included in the QBI income threshold?

It’s a insurance broker who have an LLC qualify for QBI? Thanks

Good job. Thanks.

I will definitely get with my tax preparer to see if I qualify. Really appreciate all the informational content you post. If your interested in getting more subscribers, I can reach out to the youtube lawn care community and possibly have you be a guest on live show (video conferencing) answering common legal questions for new and existing lawncare owners. Questions such as sole proprietorship and LLC. The difference between W-2 or 1099 an employee. Liability insurance and worker’s comp. These questions are asked and debated frequently. Let me know and I will forward your information so they can contact you. Thanks again.

Great info!

Hey Aiden! Love your videos!! Can you do a video, sharing information specifically on LLC’s taxed as a C corporation? Related to paying yourself and taxation/deductions. Looking forward to it, thanks! Dee.

Thank you for your video..I am W2 and Self Employed LLC. 2020 and 2021 I had no income for my business due to covid and some business loss. I am under that income threashold you were mentioning in your video. Turbo tax takes me to a screen that says "QBI should not have a value when no previously disallowed losses are present for regular tax purposes." Under B Schedule C Suspended Losses it says -1742. Did I do something wrong or is this for informational purposes and just continue without changing anything? Thank you.

Excellent!

@allupinyobiz

4 жыл бұрын

Thank you!

killing it girl!

@allupinyobiz

3 жыл бұрын

Thanks! 🙌 I appreciate your support!

Very great video

I have multiple rental properties, earn under $50k profit, and manage and maintain them myself. I have an LLC under my own SSN, (no EIN or TIN). Should I aggregate them all under my LLC name+SSN? Or keep each separate with its own name and no SSN/EIN?

after 8:00 you say you can carry the 20% to next year if you have a net loss this year, but how can you have ANY QBI if your expenses are more than your income? you said earlier that QBI is income AFTER expenses.

So QBI is what they are giving back to us as for a refund? Mine is -$8,517 is that the number that I would receive from the irs?

I don't get it so if I made for example, $50k gross as KZreadr Google Adsense (Sole Proprietorship) 20% ($10k) of the $50k is not taxed? So if I get a standard deduction of $12,400 then a total of $22,400 will not be taxed 22% + $4k? Thanks!

@furenaef

3 жыл бұрын

Also, if you pay yourself, I think they deduct another 10k from your personal?

How do you carry forward a QBI credit on a zero revenue year? How would you quantify the 20% of nothing?

@allupinyobiz

4 жыл бұрын

You can carry the loss, not the deduction.

@Elmnopen

2 жыл бұрын

@@allupinyobiz then how would you apply the deduction if you had 0 profit?

Here's What We Know!

Just curious, I am starting a business leasing aircraft to flying clubs in the lower 48 states. Will I need an attorney/CPA in each state that I operate in?

@allupinyobiz

4 жыл бұрын

Possibly! You’ll definitely want one primary CPA and attorney in your state. Your attorney may need to work with attorneys in other states at times.

@jeffkeil1595

4 жыл бұрын

@@allupinyobiz thanks.

Uber drivers can take this as well.

I think you meant to say that the QBI deduction is an above the line deduction at 8:15. But who cares; you have beautiful eyes!

Hi, I'm hoping to gain some clarity on whether or not I can expect to get money back for my business. I got my LLC in 6/1/18 but didn't start generating revenue until 2/11/19. I'm hearing I can only expect to not pay but I can't recoup any of the expenses. Is that accurate? I've heard so many different things from different people.

@CraZzy3n3rGy

4 жыл бұрын

Majority Media if you suffered losses in 2018 then you should able to carryover those losses to offset your revenue in 2019.

@majoritymedia692

4 жыл бұрын

MountRebound thank you! Taxes are done & I carried over the losses. I appreciate the follow up though.

Still don't know what QBI is

I'm an artist. I have 2 businesses. Face Painting and Mural Artist. I file 1040 and schedule C. I am WAY belong the threshold but wondering, I should be able to use the QBI correct? Thanks!

@allupinyobiz

4 жыл бұрын

Yes, sounds like you should be able to!

@Trishpage312

4 жыл бұрын

Thanks for the reply

hmmmm 🤔🤔 interesting... this may be good news for me...

If people are researching this video they probably already know what it is and are probably just looking for how to find it

Is UBER qualified for qualified business income if made under 157k ?

@allupinyobiz

4 жыл бұрын

Do you mean the actual company UBER? Or an UBER driver? Either way, probably yes but I can't say for sure.

@52ShadesofSpades

4 жыл бұрын

@@allupinyobiz yes i meant uber driver.