I have looked at MANY videos this one explain it the BEST thank you so much I am definitely sharing this...!

I have been researching this forever. Thank you for this information!

YOU'RE AMAZING AMANDA!!! THANKS FOR BE SO KIND SHARING THIS VALUABLE INFORMATION!!

Absolutely spot on, wonderfully explained, thank you so much! You should be on stage in front of a national audience, you relate very easy and are understandable! You 🎸🎸🎸

Thank you so much. No one has explained this better until now.

When I saw this was beyond helpful!! Its was Amazing!! Thabk you so much for teaching ans caring enough to help people get their business right on point!!

I've been doing some research about how to classify a business BEFORE I file for an EIN and your information was very helpful! I understand not every business type will fall under a specific category so the information you shared was great! Thank you! I look forward to seeing more of your videos.

Thanks so much. New to the channel, but just wanna say this was very very informative and so easy to follow.

@businessfinancecoach

5 жыл бұрын

Welcome! You are so welcome and thank you for your comment! Let me know if you have questions - I will be pulling from the comments for future video topics.

Thank you so much you gave me so much information. I have so many questions I'm trying to watch all of your videos at once.

Such an easy way to give information Thanks a lot!

Thank you!!!! I never understood the differences.

Great info thanks for taking the time!

Thanks for this. Also, love the IZ records xx

I am doing online sales and publishing on a small scale as a sole proprietor and appreciate your channel.

Wow such a great video. Thank You 🙏

You are the best person on KZread i just found you and im planning on watching all of your videos

i have been reviewing this stuff for a minute now. this video is by far the BEST for some one who knows NOTHING about this stuff. you spoke slow enough to follow along and also process several words that were otherwise foreign to me. you also look like you are genuinely enjoying yourself as you talk, and that's the best kind of person to listen to because you're obviously doing something right. your hand-motions kept my attention, and the captions at the bottom that help explain everything is just gravy on the potatoes. that being said, I do have some questions. I have been buying and selling online(ebay) for a while now, and saving as much as possible in the process. now that i've started looking into financial options for my savings, i think turning that buying/selling into a business is an awesome idea. it seems like i have been a sole proprietor for a while now, does that mean i can write off any of last years product that i bought,? additionally, can i write off my computer as a business expense since it is how i buy and sell everything? P.S. i DO have a seasonal job and collect unemployment in the winter. is there a way to use that to my advantage, such as selling more in the summer and less when collecting unemployment in order to manipulate the amount of money i get from unemployment?

Thank you for the straightforward video.

Such a great video! Thank you!

*_Wow, Thank you for this very informative video!!_*

Thank you for the great information!

Thank you! So easy to understand you

Thank you😊 very helpful information. Your the best🙏

That was very informative... Thank you...

Thank you so much! I'm a self-employed sole proprietor and this helped establish definitions and explained tax benefits of S-Corp versus Sole Proprietorship so I can begin delineating the best way to pay my taxes.

@businessfinancecoach

4 жыл бұрын

i have another video on S-corp - it Saves NO money!!!! Avoid it at all costs

@drewmurphy2796

4 жыл бұрын

Business Finance Coach why avoid s Corp?

you are the best..this is very helpful

You gained a sub. Love the info

You don’t lose the ability to write off things like a home office with an S Corp it’s just done a different way.....

Great info Thank you

Thank you GOD BLESS ✝️💕🙏🏾

Thanks! You have a new sub and I have a new coach!

Thank you so much.

Thanks so much!

It’s really great video

Great video. Thank you.

@businessfinancecoach

4 жыл бұрын

thanks for your comment Walter!

thank you.. Thank You.. THANK YOU>..

Thank you!

Thank you

PLEASE make a podcast! Your information is gold and it would have the benifiete of having a KZread channel and podcast

I watched so many videos on this topic and started to get a little stressed lol ,came across this video and it’s just what I need to hear , thank you new subbie!

great vid, I try to explain the sole prop / LLC / S corp difference to so many peeps starting out in my industry. Everyone thinks they have to start out as LLC for "protection" but then their finances are so mixed it doesn't matter anyway.

@businessfinancecoach

5 жыл бұрын

YES - If the records aren't in order AND separate from personal AND adequately funded -- the LLC doesn't hold up in court anyway or provide any protection. Business Insurance is far more important :)

@jd8230

5 жыл бұрын

Ok so say a bounce house business. Sole proprietor or LLC? I am looking at the legal part. Say if something happened

What do you suggest if you feel like you didn't set up your business right? Can you just change it from LLC to SP or C corp or whatever or should you just dissolve it with the state and start over?

amanda do you know of a course or guide you recommend for preparing for the 2021 tax season for preparers?

Great 👍🏾

Thank you for explaining that. But I have a question for you. Because I am just a sole proprietor and didn’t really make that much at all this year due to everything going on. Can you tell me the best way to go about to get a bigger tax rebate this this. It has been a struggle. Especially raising three young girls as a single mother. Please give me some advice. Thank you

I am filling out an LLC tax return (2019 Form 1065) having two members. I am using TurboTax (Business edition). How does Schedule K-1 Line 20 get populated?

What is the best entity form for trucking company with one single member?

Great content! I have a sole propriotership (Never registered a company). I want to be able to change to be taxed as an S CORP this 2020 but I don't know if i have enough time to make this change!

I need help what's the link?

Hello, is an LLC Incorporated or Unincorporated? Thanks

I have a natural skincare micro business I did File a sole proprietor but I feel as if I’m taking a chance please help

As a LLC sole MBR so I have to pay double tax

Thanks so much for the information but had a question. Is there any benefit from directly setting up at start a S Corp vs setting up a LLC and electing to be taxed as a S Corp?

@businessfinancecoach

5 жыл бұрын

There's no such thing as an S-corp for a legal type of business.... I cover this thoroughly in another video, check it out here: kzread.info/dash/bejne/aqWus9GpYtu2irw.html

The problem we are running into is paying our quarterly to our DOR and then paying at the end of the year for our Federal. We are a sole proprietorship. We won't do S Corp because we don't need to pay workers comp. I think I will stick to sole proprietorship for our federal since we are well under 50,000.

Great videos. Very informative and thoughtfully presented. I wasn't sure if you had done a video on this topic but if you are setting up a SMLLC, are you allowed to set up a 401k for yourself and if so how do the contributions breakdown in that scenario. Thanks again. Best regards, Dan

@businessfinancecoach

5 жыл бұрын

Hi Dan! I do have videos on this topic, but they are on more specific questions within this massive topic. You can search my videos, but I will do a video answering your exact question (so be sure to subscribe with notifications to be notified!). I'll also give you a quick answer here. There are two sets of rules that apply to all: 1) personal setup of retirement plan (IRA or Roth) of up to $5,500 or $6,500 per year, AND 2) a work related retirement plan called 401K when you are an employee. When you are a small business, it depends how small and if you are paying employees, as to how you setup your small business "401k" type of program. These are called SEP or SIMPLE plans and allow you to contribute more than the personal amounts - just like a 401k. The rules are incredibly complicated under each scenario, but it's actually very easy to set these plans up on your own and it's what I recommend. I will do a video - but for the sake of being able to create a short video - Do you pay employees? Or plan to in the near future? Or is it only yourself? The SMLLC is taxed as "Self-Employed" which is typically most beneficial, but you can also elect S-corp status. Have you made this election? See you next time!

@icecreamexpress

5 жыл бұрын

@@businessfinancecoach Thanks for such a quick reply! You definitely have my subscription with notifications turned on. Right now I am in the research and information gathering stages of finding out what will make the most sense for my given situation. I am leaning more toward SMLLC as I continue to learn more about the different business structures. But to answer your questions, this will be for myself only and I would have no plans (at least within the next three calendar years) to have any employees. I currently file single. And would be looking at a SMLLC business structure. I will be sure to go back and make sure I didn't forget to answer any of your questions. Thanks so much for considering to make a video on this. Happy New Year. Best Regards, Dan

Cute AND smart!

What should I do if my business is a hobby and is not my primary job? I'm not sure I'll make money at it after costs.

I'm a sole prop with 5 employees. My business is a driving school which means... I get HUGE mile deductions. (Far more than actual vehicle expenses.) If I form an LLC will I lose that deduction? This is the only reason I never incorporated.

No link🥺

I'm working for someone that wants me to open an LLC... because he does not offer workman's compensation and does not want employees, and does Not want to deduct any taxes. I'm 62 and would like to retire in 3 more years. should I open a Sole Proprietor for Tax Purposes and deductions or an LLC. Please advise, thanks . The type of work I perform for him is Parts and Service Coordinator and Repair Technician on Landscape Heavy Duty Equipment. Thanks

Hello, Miss Amanda. My name is Rickey Hughes. I have a small business, as well as a home based business, of my own. I would like to know which is affordable, obtaining an LLC, or just doing business as a sole proprietor. Please let me know. Thank you.

I don't see the the business spreadsheet template linked, how can I get this?

@businessfinancecoach

5 жыл бұрын

Yes! Register for access here: www.amandarussell.mba/getthebusinessspreadsheet

Thanks for the informative video. I am hoping to get a small business going soon and was thinking I needed to form an LLC but after this video maybe thats not the case. It certainly wouldnt be grossing 50k lol (yet)

@businessfinancecoach

5 жыл бұрын

Yes, it's definitely not as mandatory as people think and you can still register a business name for legitimacy, if you don't want to use your personal name. While your industry and nature of your business can change that recommendation - most self-employed workers certainly don't need to bother stressing about an LLC when getting started. I'd highly recommend business insurance and accounting records, long before the LLC :) Thanks for your comment!

@foxxrider250r

5 жыл бұрын

@@businessfinancecoach Thanks for the reply, keep the vids coming. There are only a few decent people out there to watch! :D

@shona6837

5 жыл бұрын

Business Finance Coach Question, my business partner is married, does her husband have a say so. Being that we want to list her and I only as members. Will the LLC protect us from him?

@iamOAKland

4 жыл бұрын

Shona you better find a new business partner!

Thanks for this super informative video! I have a simple question, is the clothing industry a high sued industry? I'm debating if I should start with a Sole proprietor or LLC to cover my assets. Any thoughts?

@businessfinancecoach

4 жыл бұрын

Here's the thing - I have a course that walks you step by step through everything about setting up your LLC -- it takes like an hour or two, but you have to treat it like a separate business.... Point being - you can do this whenever the business gets going. I don't recommend doing it if money and investments are flowing because it can just be a waste of time and a distraction

@businessfinancecoach

4 жыл бұрын

I'm not a lawyer so I have no idea the sue risk -- general rule - if you have a lot of money and people know, then form a separate business and treat it as separate.

@andregraf3000

4 жыл бұрын

@@businessfinancecoach Thanks for replying so quickly, I will definitely do more research regarding the LLC (Watch more of your videos). Thanks again for your help

I want to start a online clothing line/boutique would you recommend I start as a sole ? Then eventually cross over to a LLC?

@truthholder9263

3 жыл бұрын

Consider that when you decide to change, you will have to Close and reopen new bank accounts, apply for a new EIN,business cards ect..

I've worked as a solo musician for 30+ years as a sole proprietor with my SSN. Never had a problem!! Recently an agency that I use for one gig only ( I do all my other bookings) asked that I set up as an LLC with an EIN but I don't want to. New Jersey unemployment is auditing them and me stating that I am an "Employee" of the agency. I am not! Not even 50% of my income. I don't want to lose the gig. My question is, can I get an EIN number as a sole proprietor? I don't even want to form a DBA. I don't want a separate bank account!! Thanks!!

What about these payroll tax suspension until the end of the year ? What else is new since we are working out of home ?

@businessfinancecoach

3 жыл бұрын

The president cannot appropriate taxpayer funds in our great country - that's why it's called a PRESIDENT and not a KING. Only congress can do that. No one respectable is following that

@carlosh361

3 жыл бұрын

@@businessfinancecoach Thanks

I’m starting to sell candles should I still be a sole proprietorship? I feel like you can get sued easily

Is it possible to employee an LLC member (3 member total) as w2 employee if they are performing duties in the company? Payroll is already setup for other employees.

@businessfinancecoach

5 жыл бұрын

No - partners who work in the business are not paid as employees. Salaries are reported as "Guaranteed payments" and all activity is accounted for on the Schedule K-1 (1065) attached to form 1065. However, if the LLC elects s-corp status, then they need to pay partner/workers as W-2 employees

@pascualdelrosario8494

5 жыл бұрын

@@businessfinancecoach Thanks would it be easy for the member to withdraw (volunteeringly) from the LLC or to opt into S Corp?

A landlord in the business of rental property filing as a sole proprietor reports income and expenses on IRS Schedule E and pays no self-employment tax. A huge tax-saving strategy.

@businessfinancecoach

3 жыл бұрын

Rental properties are passive income and never pay self-employment taxes, unless owner qualifies as real estate professional

I’m currently a full time employee. I also am a licensed nail tech and I do nails part time and I am in the process of opening a nail suite just for me. By me have a full time job do you still recommend do sole proprietor?

@gu3sswh075

3 жыл бұрын

1) Employees can't write anything off. 2) A Sole Proprietorship gives you more (tax) write offs but LLC's give you more legal protection in case you get sued for something (but you have less tax write offs)

@tamikaboyd8566

3 жыл бұрын

@@gu3sswh075 it’s weird, when I tried to apply for my LLC as 1 employee I got a message saying that I’m a disregarded enity.

I work as a RN and I have 3 kids. I paid for a trademark and I just want to sell homemade goods. What should I do? I don't have assests yet. I just want to make more money and get my mentoring/homemade business up and running. I want to just make sure my Logo and Business names is mines.

@businessfinancecoach

3 жыл бұрын

Don't worry about that type of stuff - if people want to take it, they can. You have to pay for the lawyers to enforce all of it anyway... focus on DOING the thing you actually want to do... if you want more money - then manifest money, that's much easier than starting a business... but forget worrying about a trademark, that's all a waste of time

@businessfinancecoach

3 жыл бұрын

Btw - you automatically have rights and can use the little "c" or copyright on your stuff. That gives you rights... again, you have to enforce it

Would there be an advantage to forming an LLC partnership with my wife rather than on my own?

@businessfinancecoach

3 жыл бұрын

No, zero tax impact but will make things much more complicated. kzread.info/dash/bejne/fKx50LSRnNbZobw.html

Adding to my previous comment. We paid ourselves directly from income being made from the Summer Camp and we had one employee that we paid, assuming she would have to declare the money she received while working the summer camp. (3 months employed)

@businessfinancecoach

5 жыл бұрын

I would be very careful about who I join a partnership with, nothing to be done lightly. This is especially true because if you aren't hiring pros and following the rules, then the entity "LLC" won't actually hold up in court to protect you from liability. That being said -- any partner ("member") that worked in the business is required to be paid as a W-2 employee. End of story. This is why I do not recommend electing S-corp status until you are making very good money. Also, if the partner did this so that you could all evade payroll taxes, I'd HIGHLY recommend getting your taxes amended by a real pro asset. The IRS is slow, but they are not asleep. Big penalties. Go pay a pro to help you!!! if the pro says you don't need to worry about it -- they are a bad pro, find another.

@businessfinancecoach

5 жыл бұрын

Also, and in summary, if you aren't making the big bucks and you want to keep it simple, be self-employed (and a Single Member LLC). Don't take on partners -- you can create positions and arrangements by defining anything you want (a percentage of earning), but don't make them an owner!

Can you please share spreadsheet ?

@businessfinancecoach

5 жыл бұрын

Hi! If you want to get access to the spreadsheet - head to amandarussell.mba/getthebusinessspreadsheet. If you mean that you've registered and you are "Requesting access" for me to "SHARE" the google spreadsheet - the answer is NO. You need to follow the instructions to save or download a copy. You cannot change my template or share your info with the world :) This 1 minute video shows you how! kzread.info/dash/bejne/o36MmZaumJuZmZc.html Make sense? Let us know how it goes!

@1:39

As a sole proprietor fitness trainer what form do I file for taxes ? I own my own fitness studio business

@businessfinancecoach

4 жыл бұрын

How Businesses are Taxed -- Legal vs. Tax Business Types: kzread.info/dash/bejne/aqWus9GpYtu2irw.html

@businessfinancecoach

4 жыл бұрын

you file with your personal 1040 on schedule C - you CANNOT do your business taxes separate from personal

Help! I am just starting to take people on trips out of the U.S. They meet me there they don't travel with me to the country. I have very very little start-up money. I brought in $9000. one trip not counting the expenses for hotels food and travel thank you.

What would you recommend a person who is in the early stages of business who isn't profiting more than 50k yearly but has over 50k in assets do, should the go ahead and do the llc just to insure their assets are protected or would the scorp self employed be more beneficial?

@gu3sswh075

3 жыл бұрын

Sade Styles sole proprietorship gives you more tax write off's. The LLC only gives you protection in the case that you get sued. She mentioned towards the end of the video that sole proprietorship should be the way to go, unless you have assets that are important for you to protect. From my understanding, you have more tax write off's as a sole proprietor, compared to a single member LLC. Unless you do your own accounting, I would bring this up with your accountant…

@SadeStyles

3 жыл бұрын

@@gu3sswh075 Thank you. Yes I saw when she mentioned that and I have talked to my accountant I just wanted a different perspective.

I just started my first business under an LLC as a single member. Do I need to be making 50k a year?

@businessfinancecoach

4 жыл бұрын

How Businesses are Taxed -- Legal vs. Tax Business Types: kzread.info/dash/bejne/aqWus9GpYtu2irw.html Tax Benefits of LLC vs. Sole Proprietor vs. S-corp - How does the LLC save taxes? kzread.info/dash/bejne/jIaVo9VtiNTFqcY.html And, rewatch this one! :)

I just closed my business after four months and I only made $1.03 income. The client I had did not pay any sales tax. Do you have any videos on closing your business. As I don't know what to do?

@businessfinancecoach

4 жыл бұрын

Sales tax is based on your state rules. There's no technical exception but do you mean your sales were 1.03 or your NET INCOME (income after expenses)? If your sales were $1 I wouldn't worry about it. Your net income is irrelevant.

I have been a sole proprietor for 3 1/2 decades and was an s corp for a couple years. Taxes are taxes and unavoidable. I advise you to NOT become a company in Illinois because they will require blood