I'm really glad that I landed on your channel. After watching few videos of yours, I filed an LLC and waiting for the process to be completed. I owe you a big Thank You ❤
I want to be a duck on water so bad haha i'm starting my own buisness and i have little experience in buisness! But my heart and passion is in the right place and i started this buisness with the intention of never being yelled at or belittled by someone who is crazy and evil ever again.
It’s taking ownership. Not just of a business but your life. We’re not here that long and we can’t waste time working for people who don’t respect people. I wish you the best. What kind of business are you starting?
I really enjoy this information. I am starting a new business and this information is so helpful. I'm just curious how you think leveraging business credit helps in this set up.
To start my business, I'm loaning it $10,000 from my personal funds. Should I wait to repay myself only when the business starts making a certain amount in profit? Does it put me in a difficult personal tax position, come tax time. Thank you. Loved your information. New subscriber!
Your comments on the car distribution vs. marketing tax deduction was not clear. Overall great vid - thank you! Would welcome some clarification on the former.
Thanks for the feedback. What I was getting at is that the car is a personal purchase. When your biz is your sole source of income you’ll need to take money out of the biz to buy that car… however that money out of the biz is taxed (like any income would be like a W2 salary would be) then there’s the cost of the vehicle. So let’s say your biz make 100k net profit and you want to buy a 30k cash (let’s call it 35k with fees and taxes). You’ll have to take out 50k out of your biz to buy that personal car (in this example not a biz expense) the extra 15k is taxes on your income. Or you just drive the same car and instead you spend $50k on marketing. In one example your taxable income is 100k with lots of expenses to buy a car that depreciated and the other your taxable income is 50k due to the tax deduction of marketing expenses. What I’m getting at is that it’s okay to grind in your biz in your early years. Spend on the biz as it grows and not unnecessary personal purchases and have a healthy emergency fund.
TH-cam..... I need more than 1 like on videos like this. I'm literally in the "scared shitless" part of setting up my business, and this video answer the account set up piece to a point. @bizBuddy, I am open to any other recommendation you may have. cheers
For most people, Bizee (formerly Incfile) is the way to go because it's fast, easy, and cost-effective. Setup your LLC today bizbuddy.com/bizee-llc
I'm really glad that I landed on your channel. After watching few videos of yours, I filed an LLC and waiting for the process to be completed. I owe you a big Thank You ❤
I Gotta Say, U Are A Wealth Of Info...Can't Say How Much I Appreciate Your Content... Keep Up The Great Work..😀
I want to be a duck on water so bad haha i'm starting my own buisness and i have little experience in buisness! But my heart and passion is in the right place and i started this buisness with the intention of never being yelled at or belittled by someone who is crazy and evil ever again.
It’s taking ownership. Not just of a business but your life. We’re not here that long and we can’t waste time working for people who don’t respect people. I wish you the best.
What kind of business are you starting?
Great video. Thank you
Thank you!
tysm for your videos, love how you breakdown things, as an LLC biz what about an account to pay ourself? Thank you , new subscriber!👍🏾
Could you do a in depth video of marketing funds and how to use them? I couldn't follow that segment in itself.
I really enjoy this information. I am starting a new business and this information is so helpful. I'm just curious how you think leveraging business credit helps in this set up.
To start my business, I'm loaning it $10,000 from my personal funds. Should I wait to repay myself only when the business starts making a certain amount in profit? Does it put me in a difficult personal tax position, come tax time. Thank you. Loved your information. New subscriber!
Great question and thanks for the kind words. I’d check out this article here. www.thebalancemoney.com/loan-or-invest-money-in-my-business-398053
Your comments on the car distribution vs. marketing tax deduction was not clear. Overall great vid - thank you! Would welcome some clarification on the former.
Thanks for the feedback.
What I was getting at is that the car is a personal purchase.
When your biz is your sole source of income you’ll need to take money out of the biz to buy that car… however that money out of the biz is taxed (like any income would be like a W2 salary would be) then there’s the cost of the vehicle.
So let’s say your biz make 100k net profit and you want to buy a 30k cash (let’s call it 35k with fees and taxes).
You’ll have to take out 50k out of your biz to buy that personal car (in this example not a biz expense) the extra 15k is taxes on your income.
Or you just drive the same car and instead you spend $50k on marketing.
In one example your taxable income is 100k with lots of expenses to buy a car that depreciated and the other your taxable income is 50k due to the tax deduction of marketing expenses.
What I’m getting at is that it’s okay to grind in your biz in your early years. Spend on the biz as it grows and not unnecessary personal purchases and have a healthy emergency fund.
I think the x point is breakeven point?
Do you set up these accounts all in one bank. Am just in the process of opening my LLC but everything is so overwhelming. To begin with.
Some banks allow you to do sub accounts while others would require you to have separate accounts.
TH-cam..... I need more than 1 like on videos like this.
I'm literally in the "scared shitless" part of setting up my business, and this video answer the account set up piece to a point.
@bizBuddy, I am open to any other recommendation you may have.
cheers
For somebody just starting out, not really practical to have all these accounts...