Y’all can totally do it! I just turned 20 and started my own business. it’s scary at first but once you get a foot hold then go for it I highly recommend finding a reputable CPA to answer any questions and give honest financial advice and instruction. Yes I know another expense but it’s worth the investment! DO NOT USE 1800- ACOUNTANT, and get QuickBooks set up correctly with a CPA first off! Good luck! Stay hopeful
Thank you for explaining so thoroughly. I am a new salon owner as a single member LLC. I am determined to do everything as correctly as possible. Your video eased my anxiety and worries surrounding the taxation of the business. I have a lot to learn but I can tell you are a good person to gain knowledge from on the basics of distribution of funds. Thank you again, I am definitely going to follow your videos. Also thank you for the free resources to help myself.
You're the only one I've seen on TH-cam who broke down the employment tax in such a clear way. I've watched about 100 videos on this topic😅. Thank you for being thorough❤
Aiden, I love your channel! I own a trucking LLC and just moved from FL to GA. Your video on 3 ways to move an LLC a while back was instrumental and my key reference point. I’m just wanted to say think you for your videos!
You went to lots of efforts to help all newbies in owning a business, LLC. I was so pleased for all your help and advice. I am ever so grateful for this information. Thank you so much.
You are seriously the only person on TH-cam that has been able to explain LLCs in a way that makes sense and easy to follow. Keep doing what your doing and I just subscribed for more videos to come and previous videos made! Thank you!
thank you so much Novo is wonderful. I was able to set up my account and get approved in two days. thank you... Profound Truth, LLC is now in business !
@@allupinyobiz I am a non-resident. If I setup a single member LLC, and: 1. I receive from Amazon $100,000; 2. I pay myself "salary" of $10,000: 3. The cost of the product including shipping is $50,000; then my profit is $40,000. Assume there are no other deductibles, and $60,000 is the total LLC expense Question: a. Will I as US non-resident, get taxed on the salary payment of $10,000? What is the tax rate on the salary? If the salary payment is made to my country of residence bank account (sub-question: is this even allowed, and if not would that mean I need to also open a personal bank account in the US?) will it still get taxed by IRS? b. What is the tax rate on the profit of $40,000 for me as US non-resident? It is unclear whether your explanation on taxation applies to both US resident and non-resident.
Spending the next couple of months to learn everything i can about business ownership. I'm making my dream of owning a plant shop come true! Thank you much for all your info it is priceless!!
You won me overfrom the other business lawyers I would listen to because of the details and intricacies you often give along with the subject matter. Keep up
This... Was.... Wait for it..... AWESOME!!!!!!!!!!!!!!!! Thanks so much. I'm helping wifey with her new LLC and your channel is exactly what we need. Liked and subscribed. Thanks!
I got immediately homesick as soon as you welcomed us. Thank you for sharing and offering a tutorial in a way that is easier to grasp. Thank you from St.Croix, USVI to you at my home home of Denver/ Aurora CO! Subscribed
Good to be here, this is exactly what I needed today. I am starting a small business in the niche of mentoring and coaching program. At this stage I am exploring with the business plan, developing the website and intellectual property for the coaching session with the brand name that I am interested to test prior the trademark process. Thank you very much, Yana.
Great job. Newbie. Glad I've come across you. Always nice to hear a different take on things. You never know how much you can really learn.. If you want. Thanks a lot.
She's so cool, knowledgeable, and cute. The info that she's provided on the 3 videos that I've watched have been soooo helpful and easy to understand. I've been taking notes, and I'll be better prepared when speaking with resources to progress my business plan.
Sorry, no, that's wrong. Federal self-employment tax is the same for everyone. www.irs.gov/businesses/small-businesses-self-employed/self-employment-tax-social-security-and-medicare-taxes I'll save ya the Google
@@allupinyobiz Where did you say this was Federal in the video? It was hard to follow that clearly. Also, so you're just saying people don't file state taxes now? I've talked to a few accountant that say completely different from you so i'm a bit confused now?
@@ASMRKay_ Noooo no, I am definitely not saying that you don't need to file/pay state taxes. State income taxes ARE different depending on your state; some states don't have income tax at all. Federal tax rules are the same for everyone. That's why I don't address state taxes very much in my videos, every state is different with regard to income taxes. But self-employment tax, which is not the same as income tax, is (currently) 15.3% regardless of your state. I don't specifically say it's federal taxes, but I refer to the IRS throughout the video. Good questions -- thanks so much for watching!
If you purchased some items that you needed for your business before forming your LLC, can you still count those items as a business expense for tax purposes. Ex: you supplies and services for your business..then you form the LLC..
Aiden! Kool name by the way. Once again you’ve done it. Mad easy to understand, and when it comes to people like me.....llc’s for dummies. Thanks a ton.....r u supergirl, come on, you can tell me !?!
*Hi Aiden, thanks for the great video, what happens if in my single member llc I am a not american or live in the US? I am a Costa Rica citizen. Would I still have to pay taxes?*
Really appreciate your comments and knowledge on this "LLC business thing"", this is extremely helpful when I am now starting my Real Estate investments. Thank you Again All and Up
Thank you so much Aiden! This has given me great insight as to some of the things I need to consider and how I need to proceed in my business. You rock!!
This was very good information.. but its a lot. When registering for your EIN, can you change your structure at a later date? Meaning if I don't want accept the default classification of disregarded entity.. at a later date... can this be changed?
Ah, thank you! I will be setting up an auto-pay schedule to pull the minimum for paying down my HELOC. Now I know it is called a "member distribution". Perfect! I guess I was overthinking the "comingling" element, which this would not be comingling of funds.
Sis, you are a godsend! You answer all the questions everyone else fails to answer & you aren't trying to hard or yelling at us. I love your videos!
Easy on the eye too!!
So overwhelmed with all this LLC stuff 😖 Got so much to do and so much to learn.
Same here I hope you gotten it all done. Where as I’m just getting started 🤦🏽♀️🥺
Y’all can totally do it! I just turned 20 and started my own business. it’s scary at first but once you get a foot hold then go for it I highly recommend finding a reputable CPA to answer any questions and give honest financial advice and instruction. Yes I know another expense but it’s worth the investment! DO NOT USE 1800- ACOUNTANT, and get QuickBooks set up correctly with a CPA first off! Good luck! Stay hopeful
...and run a business at the same time!
I feel you on this
Same here but we going to get there soon keep pushing.
The happiest attorney I have ever seen in my life :) Congratulations ! it a pleasure listening to your law lessons on business
Thank you for explaining so thoroughly. I am a new salon owner as a single member LLC. I am determined to do everything as correctly as possible. Your video eased my anxiety and worries surrounding the taxation of the business. I have a lot to learn but I can tell you are a good person to gain knowledge from on the basics of distribution of funds. Thank you again, I am definitely going to follow your videos. Also thank you for the free resources to help myself.
You're the only one I've seen on TH-cam who broke down the employment tax in such a clear way. I've watched about 100 videos on this topic😅. Thank you for being thorough❤
Aiden, I love your channel! I own a trucking LLC and just moved from FL to GA. Your video on 3 ways to move an LLC a while back was instrumental and my key reference point. I’m just wanted to say think you for your videos!
Morning sounds good! so how is it out there in Ga, I'm currently want to relocate that way too
You went to lots of efforts to help all newbies in owning a business, LLC. I was so pleased for all your help and advice. I am ever so grateful for this information. Thank you so much.
This is the clearest delivery I've ever heard on how to pay yourself in a single-member LLC! I am so thankful for you making this video!
You are seriously the only person on TH-cam that has been able to explain LLCs in a way that makes sense and easy to follow. Keep doing what your doing and I just subscribed for more videos to come and previous videos made! Thank you!
I know, RIGHT?!! :D
You are a blessing dropping all of these gems! I've learned so much from you. Thank you for the info.
thank you so much Novo is wonderful. I was able to set up my account and get approved in two days. thank you... Profound Truth, LLC is now in business !
Amazing, I'm really happy to hear that! Congrats girl!!
🎉👸🏽
@@allupinyobiz
I am a non-resident. If I setup a single member LLC, and:
1. I receive from Amazon $100,000;
2. I pay myself "salary" of $10,000:
3. The cost of the product including shipping is $50,000; then
my profit is $40,000.
Assume there are no other deductibles, and $60,000 is the total LLC expense
Question:
a. Will I as US non-resident, get taxed on the salary payment of $10,000? What is the tax rate on the salary? If the salary payment is made to my country of residence bank account (sub-question: is this even allowed, and if not would that mean I need to also open a personal bank account in the US?) will it still get taxed by IRS?
b. What is the tax rate on the profit of $40,000 for me as US non-resident?
It is unclear whether your explanation on taxation applies to both US resident and non-resident.
Morning! sounds good Was you able to get your paper-work by postal mail
Im a new business owner with out the knowledge of knowing nothing..this was my biggest question..thank you so much for helping me understand more
Spending the next couple of months to learn everything i can about business ownership. I'm making my dream of owning a plant shop come true! Thank you much for all your info it is priceless!!
Keeping meticulous records is key along with staying organized.
You won me overfrom the other business lawyers I would listen to because of the details and intricacies you often give along with the subject matter. Keep up
Awesome, I love that! Thanks so much for watching! 😁
In first year of real estate and created an LLC - this is SO helpful and needed. Cannot thank you enough!
Wonderful article. I appreciate your energy and commitment to assist small business owners.
Great video! Very informative for me as I just started my own small business.
Do a vid on QBI
Very interesting and helpful tips, Aiden. Thank you very much for sharing the knowledge.
I can watch you all day.
(Yes, she has that way about her, doesn't she?!) :)
This...
Was....
Wait for it.....
AWESOME!!!!!!!!!!!!!!!!
Thanks so much. I'm helping wifey with her new LLC and your channel is exactly what we need. Liked and subscribed. Thanks!
thanks for the video, what a good reasonable bookkeeper to use?
I got immediately homesick as soon as you welcomed us. Thank you for sharing and offering a tutorial in a way that is easier to grasp. Thank you from St.Croix, USVI to you at my home home of Denver/ Aurora CO! Subscribed
Congrats, I appreciated your explanation a lot!
Glad to hear that!
Good to be here, this is exactly what I needed today. I am starting a small business in the niche of mentoring and coaching program. At this stage I am exploring with the business plan, developing the website and intellectual property for the coaching session with the brand name that I am interested to test prior the trademark process. Thank you very much, Yana.
Love your videos. Great information, well presented.
Fantastic video filled with excellent information.
I have watched several of your videos....You Rock. Thanks for sharing such valuable information.
Very clear and concise. Good thing I have a little understanding.
Wow you're like another Professor here on TH-cam University. I understood you from start to stop. Thanks!
Thanks, Fran!
Great overview of single member LLC! Thank you very much.
Thank you for taking your time to create helpful videos!
I’m new to starting my business first year. How about when is the best time to pay yourself? Like a few times throughout the year or one time ?
thanks.
Awesome video. Thank you
Thanks
This was great! Thanks
Awesome 👏 your videos help out a lot. Like how you break down and explain it all in sections!!! Very helpful Mahalo 🤙🏼keep up the good work!!!
Thank for some well needed info. Yo’ got yourself a new subscriber here!
Great job. Newbie. Glad I've come across you. Always nice to hear a different take on things. You never know how much you can really learn.. If you want. Thanks a lot.
She's so cool, knowledgeable, and cute. The info that she's provided on the 3 videos that I've watched have been soooo helpful and easy to understand. I've been taking notes, and I'll be better prepared when speaking with resources to progress my business plan.
your videos have helped so much, thank you for putting so much time and effort into sharing your knowledge!
great videos. This is the second one I've watched. You do a great job staying on task and making things simple to understand...
Third vid of hers I've watched, liked & subscribed. Fantastic information and presentation.
I am so happy I ran across your channel you will be a big help to my small business which is In Home Care Services
I heard "on this episode of all up in yo business" and cracked up. Subscribed.
Cute
Same!!! 🤣🤣
I thought I was the only one.
Very helpful.
These videos are so great! Thank you for making it clear
Thank you for the NOVO referral!! I love your videos. So helpful and I appreciate you taking the time to put this info out for all!
Sooo much good information. Writing all this down. Thank you!
Make sure you download my free guide too! That way you won't have to write it all down. :-) you can get the download at bit.ly/37ZzCxV
THIS VIDEO IS A LIFESAVER!
*State* self employment taxes are different depending on your state as well as your income taxes.
For example mine is about half of yours 😬
Sorry, no, that's wrong. Federal self-employment tax is the same for everyone. www.irs.gov/businesses/small-businesses-self-employed/self-employment-tax-social-security-and-medicare-taxes I'll save ya the Google
@@allupinyobiz Where did you say this was Federal in the video? It was hard to follow that clearly.
Also, so you're just saying people don't file state taxes now? I've talked to a few accountant that say completely different from you so i'm a bit confused now?
@@ASMRKay_ Noooo no, I am definitely not saying that you don't need to file/pay state taxes. State income taxes ARE different depending on your state; some states don't have income tax at all. Federal tax rules are the same for everyone. That's why I don't address state taxes very much in my videos, every state is different with regard to income taxes. But self-employment tax, which is not the same as income tax, is (currently) 15.3% regardless of your state. I don't specifically say it's federal taxes, but I refer to the IRS throughout the video.
Good questions -- thanks so much for watching!
@@allupinyobiz Thank you for the clarification! This stuff is confusing enough so I appreciate you taking time to explain further!
Thank you, I learned more from you then others on line
Thank you! I appreciate the way that you explain everything.
Thank you
If you purchased some items that you needed for your business before forming your LLC, can you still count those items as a business expense for tax purposes. Ex: you supplies and services for your business..then you form the LLC..
I would like to know that as well. I'm in the same situation.
Aiden! Kool name by the way. Once again you’ve done it. Mad easy to understand, and when it comes to people like me.....llc’s for dummies. Thanks a ton.....r u supergirl, come on, you can tell me !?!
learned so much. Thank you coach
Really appreciate your clear cut definitions and explanations. Thank you. Good stuff.
💯💯💯💯💯💯💯‼️‼️‼️‼️💯💯💯💯….You Definitely got this and sooo Effortlessly ‼️💪
Thank you, you've been so much help 🙏
Your added insights are very helpful...
Good stuff! Thanks for dropping the 411 on single-member LLCs.
Great information! Thank you for sharing your wealth of knowledge.
Thank you so much for giving us your time and helping us through this daunting trail of letters, forms and other legaleses
Thank you so much for uploading these videos. They contain very useful information. :)
So do I have to pay regular income tax on what I pay myself from my LLC plus SE taxes on schedule C ?
Good question, I need to know the answer to that question as well
Ditto!
From the video she said you pay taxes on all the income from the LLC.
Appreciate this valuable info and the great freebies! Thank you!!!!
Thank you so much for breaking this down !!
*Hi Aiden, thanks for the great video, what happens if in my single member llc I am a not american or live in the US? I am a Costa Rica citizen. Would I still have to pay taxes?*
Really appreciate your comments and knowledge on this "LLC business thing"", this is extremely helpful when I am now starting my Real Estate investments. Thank you Again All and Up
Great and informal video. I learned way more than I expected to!
Thank you so much Aiden! This has given me great insight as to some of the things I need to consider and how I need to proceed in my business. You rock!!
Thank U, I requested guide twice, still didnt receive, not in spam folder. Appreciate all your videos!
This was very good information.. but its a lot. When registering for your EIN, can you change your structure at a later date? Meaning if I don't want accept the default classification of disregarded entity.. at a later date... can this be changed?
On sole proprietor business start up are you able to buy a vehicle for the company
I'm sharing you to my wife... (Manager!) so we can get all this stuff down right! Thanks!
Thank you thank you thank you! 🙌 this has been very great legal advice!
great video!
you are incredible, this was so helpful! thank you! Subscribed for sure!
thanks for the break down
Hi, do you have any suggestions for crafters, which business entity to choose?
LOVE YOUR CHANNEL, Thanks for everything. (better than my other nighttime videos)
Excellent video! Thank you for answering so many questions!
Ah, thank you! I will be setting up an auto-pay schedule to pull the minimum for paying down my HELOC. Now I know it is called a "member distribution". Perfect! I guess I was overthinking the "comingling" element, which this would not be comingling of funds.
Excellent introduction!
Thank you sister ♥️
Is a blog considered a business? And should I get a llc for it in the beginning or later along the line
SUBSCRIBED!
Would you recommend a small home made candle business's Starr out with LLC before starting into sales as a beginner?
She's awesome!!!
Is this across all states or just specific states that will work. Or should I figure out a method that works best in my state. Thanks
Thank you so much! Very bright and clear and Beautiful as well!!
Thanks so much for watching and for the kind comment!
Can you do a video on interns vs contractors vs employees as a single member LLC, esp as it relates to taxes ?
When do payroll taxes come into effect?
Very Insightful ! Thanks!
Glad you enjoyed it!
Revenues are what we allocate to Taxes, expenses etc. Profit is the income left over after the Revenues have paid out the expenses.
This is exactly what I was scratching my head about. Profit is last after expenses have been paid unless LLC requires something different?
Great information