Manifest financial freedom and epic change, with your business! Transform confusion, dread and overwhelm about business to confidence and clarity to bring your dream business to life. Now is the time - the world is waiting!
Welcome I like you a lot can he be with you or join you I am from Senegal 🇸🇳
@AnitaFoust-w6tКүн бұрын
This is exactly what I needed to know! Thanks!
@PhantomSnipe300Күн бұрын
She's hot 😍
@AbeFroman-zx5hsКүн 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. 😊
@businessfinancecoachКүн бұрын
😆 it wasn't personal, I usually miss some comments!
@AbeFroman-zx5hsКүн бұрын
@@businessfinancecoach 🙂. I was kidding. You really know your field. 👏👏👏
@abasaydi9250Күн бұрын
Hello how are you i want to contact you with your permission please
@jeannesakura25 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?
@businessfinancecoach2 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
@jeannesakura22 күн бұрын
@@businessfinancecoach if there are 5 individuals with substantial control, is there a requirement to list all 5 individuals?
@Lvj225 күн бұрын
Thank you for this video.
@suchinmundkur46326 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?
@businessfinancecoach5 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-zx5hs7 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!!!
@TheGeneraltigre14 күн бұрын
Thanks a lot for your video. Super helpful!!!!!!!!
@AC-nn7ou15 күн бұрын
What if an entity like a Trust owns the LLC. How to put the beneficial owner info ?
@businessfinancecoach9 күн бұрын
That's the entity type of an owner
@sutherlandws20 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.
@businessfinancecoach9 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: kzread.info/dash/bejne/iJ5qxMxmoMvNeqg.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! :)
@htmart78721 күн бұрын
Double Clap for this vid!!
@htmart78721 күн бұрын
AHHHH Quarterlies!!! NOOOOOO
@user-nt4mp3jr3u22 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!
@muhammadrehan361222 күн бұрын
How to download this spreadsheet.
@muhammadrehan361222 күн бұрын
Please send Excel worksheet link. For practice purpose
@lindasmiciklas757526 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?
@businessfinancecoach5 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.
@jjlittle8126 күн бұрын
Is this a yearly requirement or once and update as ownership changes?
@businessfinancecoach5 күн бұрын
One-time and then if something changes you can update it
@brunacoppolaАй 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. 🤔
@businessfinancecoachАй 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!
@owenzamor1077Ай бұрын
Is this CTA beneficial owner rule still in effect? Wasn’t it ruled unconstitutional?
@ezitvАй 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?
@natoshacasey8544Ай бұрын
Thanks coach! 😊 #steadylearning
@aidandonnelly8637Ай 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?
@rakumarudu81Ай бұрын
I really love your slide work and teaching
@JohnSpongberg2 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?
@businessfinancecoach5 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.
@lnkinc68232 ай бұрын
Great content thank you so much for the video how do we find out more about your courses
@JayGamer272 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.
@TriggaTreDay2 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.
@johnb76892 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
@businessfinancecoach2 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?
@johnb76892 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 ?
@ruannlarson2 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??
@businessfinancecoach2 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.
@rayl19772 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.
@businessfinancecoach2 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
@eyupaydin41472 ай бұрын
Thank you but where is the second video you mentioned?
@VinhPham-hz8ny3 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
@businessfinancecoach2 ай бұрын
you don't have too and it rarely happens
@businessfinancecoach2 ай бұрын
you get insurance - for most people the LLC is overkill and driven by fear
@VinhPham-hz8ny2 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.
@ericaflorida15153 ай бұрын
Hi I got a letter from Florida department for a final Assessment do that means in in trouble with the IRS
@businessfinancecoach3 ай бұрын
No, sounds like you are in trouble with Florida!
@ericaflorida15153 ай бұрын
@@businessfinancecoach what does this means
@nickj13583 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?
Thank you so much! You really make these complex tax situations very clear and actionable!
@thehustlenetwork3 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
@businessfinancecoach3 ай бұрын
No you can hire at any time!
@thehustlenetwork3 ай бұрын
Great video. I’ve been wondering how to pay my daughter for my cleaning company. Thanks for the this video!!
@maryjazmayer71733 ай бұрын
Oh My goodness- super helpful information and wonderful ability to make it understandable-- thank you!
@Daacks113 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...
@businessfinancecoach3 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!
@Navarrete193 ай бұрын
Will this need to be filed EACH year?
@MASTERU4874 ай бұрын
Thank you so much!
@SabSab-mg6qm4 ай бұрын
Super helpful thank you!
@TailspinMedia4 ай бұрын
subscribed, super clean and informative and appreciate the context given as well.
@businessfinancecoach4 ай бұрын
thank you!
@loribadatgg72154 ай бұрын
I’m getting mixed messages. If you get a 1099k for a sole proprietorship business on ebay, do you file?
@businessfinancecoach4 ай бұрын
you should always report your business income - whether you get a form or not
@businessfinancecoach4 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.
@zacharytowey69892 ай бұрын
Where is the next video on how to? Thanks
@adelecarson7204 ай бұрын
Thanks so much for this video and information. Your videos have helped us so much!
Пікірлер
Welcome I like you a lot can he be with you or join you I am from Senegal 🇸🇳
This is exactly what I needed to know! Thanks!
She's hot 😍
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. 😊
😆 it wasn't personal, I usually miss some comments!
@@businessfinancecoach 🙂. I was kidding. You really know your field. 👏👏👏
Hello how are you i want to contact you with your permission please
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?
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
@@businessfinancecoach if there are 5 individuals with substantial control, is there a requirement to list all 5 individuals?
Thank you for this video.
What happens if your LLC is owned 100% by another LLC? Do you have to put the benefital owner information from the Parent LLC?
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
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!!!
Thanks a lot for your video. Super helpful!!!!!!!!
What if an entity like a Trust owns the LLC. How to put the beneficial owner info ?
That's the entity type of an owner
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.
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: kzread.info/dash/bejne/iJ5qxMxmoMvNeqg.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! :)
Double Clap for this vid!!
AHHHH Quarterlies!!! NOOOOOO
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!
How to download this spreadsheet.
Please send Excel worksheet link. For practice purpose
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?
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.
Is this a yearly requirement or once and update as ownership changes?
One-time and then if something changes you can update it
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. 🤔
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!
Is this CTA beneficial owner rule still in effect? Wasn’t it ruled unconstitutional?
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?
Thanks coach! 😊 #steadylearning
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?
I really love your slide work and teaching
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?
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.
Great content thank you so much for the video how do we find out more about your courses
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.
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.
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
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?
@@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 ?
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??
You do not need to pay someone to do this for you. It's coming. Subscribe and hit the bell to be notified.
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.
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
Thank you but where is the second video you mentioned?
the legal is so messed up where people can just sue like that where you have to do LLC just to protect yourself
you don't have too and it rarely happens
you get insurance - for most people the LLC is overkill and driven by fear
@@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.
Hi I got a letter from Florida department for a final Assessment do that means in in trouble with the IRS
No, sounds like you are in trouble with Florida!
@@businessfinancecoach what does this means
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?
www.irs.gov/newsroom/who-needs-to-file-a-tax-return
Need help getting 1099 NEC
Fantastic presenter !
Thank you so much! You really make these complex tax situations very clear and actionable!
Now is it too late for me to hire my daughter as its passed Jan? Sorry was a little confused on that oart
No you can hire at any time!
Great video. I’ve been wondering how to pay my daughter for my cleaning company. Thanks for the this video!!
Oh My goodness- super helpful information and wonderful ability to make it understandable-- thank you!
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...
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!
Will this need to be filed EACH year?
Thank you so much!
Super helpful thank you!
subscribed, super clean and informative and appreciate the context given as well.
thank you!
I’m getting mixed messages. If you get a 1099k for a sole proprietorship business on ebay, do you file?
you should always report your business income - whether you get a form or not
EDIT: I misspoke about this being an annual filing - it is a one-time filing, unless you need to update the ownership information.
Where is the next video on how to? Thanks
Thanks so much for this video and information. Your videos have helped us so much!
Disgusting.