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How Do Small Businesses Pay Taxes?
 
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Views: 39407 Information Station
How to Pay Taxes on Your Small Business
 
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Watch more How to Do Your Taxes videos: http://www.howcast.com/videos/422992-How-to-Pay-Taxes-on-Your-Small-Business Step 1: Make estimated tax payments Make quarterly estimated tax payments to the IRS if your total tax bill in a given year will exceed $500. Estimated tax payments are due 4 times a year on April 15, June 15, September 15, and January 15. Tip Pay self-employment tax if your annual net earnings will be $400 or more. Step 2: File a tax return File an annual income tax return. The form you use will depend on how your business is organized -- whether it is a sole proprietorship, partnership, corporation, or limited liability corporation. Tip Keep tax-related documents for a minimum of 7 years. Step 3: Pay excise tax Pay excise tax if your business engages in qualified activities. For example, excise taxes are levied on certain trucks and buses used on public highways. Step 4: Withhold employment taxes Withhold employment taxes from the salaries of your employees. Employment taxes include withholding, employer matching, and unemployment taxes. Depending on the size of your payroll, employment taxes are due weekly, monthly, or quarterly. Step 5: Pay sales tax Register with your state's tax department and pay sales tax if your business makes a taxable product. Sales taxes are due quarterly or monthly, depending on the rules in your state. Most services are exempt from paying sales taxes. Step 6: Pay additional state and local taxes Pay additional state and local taxes that are applicable to your business. Consult your local government offices or a tax attorney to determine whether you are responsible for additional taxes. Did You Know? In 2008, tax revenues in the United States represented 26.9 percent of the total gross domestic product.
Views: 84538 Howcast
How to Pay Less Tax (Legally) - Robert Kiyosaki
 
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Robert Kiyosaki will be speaking LIVE in: South Africa: http://www.nacsouthafrica.com/tv Catch PART 1 HERE:https://www.facebook.com/srseminars/videos/1118521498191246/ Subscribe to access more great videos, or check out: www.SRPL.net ========================== One of the reasons the rich keep getting richer is because when people say “Go to school and get a job” they’re telling their kids to become employees or small business owners. How much tax do they pay? Regular employees pay about 50% in tax while self-employed people like doctors, lawyers & accountants pay 60% tax. Business Owners on the other hand pay 20% tax with investors paying 0% tax. It is absolutely possible to go around paying 0% tax. You don't have to be a crook to not pay taxes, you just have to be smart. In fact, the government wants you to pay no tax. They use taxes as incentives to get you to do what they want you to do. The reason I pay no taxes is because I have four houses I live in but five thousand houses I rent out. By me providing housing, I pay zero tax -- because that's what the government wants me to do! - Robert Kiyosaki ========================== Robert Kiyosaki will be speaking LIVE in: South Africa: http://www.nacsouthafrica.com/tv Catch PART 1 HERE:https://www.facebook.com/srseminars/videos/1118521498191246/ Subscribe to access more great videos, or check out: www.SRPL.net
Views: 111493 Success Resources
Pay Less Taxes: Tax Tips for Side Hustlers and Small Business Owners
 
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http://www.sidehustlenation.com/pay-less-taxes-your-tax-questions-answered/ Josh Bauerle is the CPA on fire at cpaonfire.com. Josh specializes in tax preparation, tax planning, bookkeeping, and general consulting services to take the accounting side of your business to the next level. Just 30 minutes with Josh about a month ago saved me thousands of dollars, so you owe it to yourself to listen to this episode and see if you can put some money back in your pocket too. In this episode, Josh goes into detail about the tax implications with each type of business entity you can form, as well as how you can potentially save thousands of dollars by registering as an S-Corp. Josh also covers which expenses are deductible to your business, how to include health insurance as a tax-deductible, and how you can reduce your tax bill by investing more into retirement accounts. He also spends some time explaining the often confusing issue of how much sales tax FBA sellers should be paying and under which state tax laws, as well as recommending a service to automate the process. Tune in as Josh answers several questions from the Side Hustle Nation community and shares some of his best tax saving tips and advice. This isn’t another one of those dry conversations around tax, it’s packed with actionable tips and advice to help you put more money back into your pocket. Grammar police: I understand it should either be “pay less tax” or “pay fewer taxes” … but sometimes search popularity trumps grammar :) For the full notes, links, and to download the free PDF highlight reel from this episode, please visit: http://www.sidehustlenation.com/pay-less-taxes-your-tax-questions-answered/ -Video Upload powered by https://www.TunesToTube.com
Views: 20384 Nick Loper
Avoid Paying Taxes Legally!!! The Power of A Home-based Business
 
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Chinaza Duson, Small Business Tax Strategist, is also a highly sought after Tax Strategist empowering thousands w/advice on why the MUST own a homebased business. Now! Connect with me and START a legitimate homebased business TODAY: http://www.workwithcoachchi.com Chinaza Duson | 404.464.6733 | [email protected] www.certifiedtravelconsultant.com - my business of choice Text Chinaza to 40691 1st Email: [email protected] | 404.464.6733 | 2nd Email: [email protected] | 404.229.5566 - Secondary | NOT only am I #homebased business strategist, a certified tax preparer. I am a National Diamond Council Team Leader in Paycation Travel. We have the perfect vehicle to help you maximize on these amazing tax breaks I speak on here! Contact me today to get started http://www.browngirlgone.com ---- (travel blog) http://www.goodgirlstravel.com (the best tax deductible business) http://www.truthinduced.biz (www.yourtaxgirl.com)
Views: 346836 Chinaza Speaks
Business Profit Maximizer #4 - How Much Should You Pay Yourself as a Business Owner - Dan Lok
 
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★☆★BONUS FOR A LIMITED TIME★☆★ You can download Dan Lok's best-selling book F.U. Money for FREE: http://payyourself.danlok.link ★☆★ SUBSCRIBE TO DAN'S YOUTUBE CHANNEL NOW ★☆★ https://www.youtube.com/user/vanentrepreneurgroup?sub_confirmation=1 Dan "The Man" Lok, a multi-millionaire and serial entrepreneur, and an international best-selling author. Dan is considered the world’s leading expert in internet marketing and is referred to by many as the “Millionaire Mentor.” In fact, if you Google “Dan Lok”, you’ll see his name is all over 1,000,000 web pages! (ONE MILLION) Companies under his leadership generate more than $18+ million in sales a year, and tens of millions of dollars in revenue in the last few years. Dan is one of the rare keynote speakers and business consultants that actually owns a portfolio of highly profitable business ventures. Visit http://danlok.com for his latest blogs, news, tips, podcast, and where to catch him LIVE! ★ Remember to Like, Share and Subscribe for more videos! ★ ★☆★ Subscribe to Dan Lok's Podcast ★☆★ Imagine standing on the shoulders of the titans of entrepreneurship – some of world’s most successful and influential individuals – and be able to listen in on their content-rich conversations. Subscribe to the World's #1 Business Podcast for Entrepreneurs and High Achievers: http://www.shouldersoftitans.com ★☆★Subscribe to our channel★☆★ https://www.youtube.com/user/vanentrepreneurgroup?sub_confirmation=1 ★☆★Share this video★☆★ https://youtu.be/vFGN9ODZAN8 ★☆★Watch more videos★☆★ https://www.youtube.com/user/vanentrepreneurgroup/playlists ★☆★Connect with Dan Lok★☆★ Dan's Official Website: http://www.danlok.com Facebook: https://www.facebook.com/danlokfan Twitter: https://twitter.com/danthemanlok Linkedin: https://www.linkedin.com/in/danlok Amazon: http://www.amazon.com/Dan-Lok/e/B002BLXW1K Keywords: internet millionaire, online millionaire, internet entrepreneur, become an entrepreneur, online business, entrepreneurship, Dan Lok, internet marketing, build a business, how to start your own business, successful young entrepreneurs, start a business, create a business, vancouver entrepreneurs, vancouver millionaire, financial freedom, financial success, motivation speech, motivational speaker, inspirational speeches, business success, dan the man lok, grow business, entrepreneur advice, entrepreneur motivation
Views: 21275 Dan Lok
5 Ways To Pay LESS Taxes Legally
 
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Thanks to our sponsor H&R Block, get your taxes filed for FREE: http://bit.ly/HRBlock25Off (Or get 25% off of your tax filing) Subscribe To Our Channel: http://bit.ly/M2YouTube Learn more about starting a business for tax deductions: https://youtu.be/qZxLk1IVIyU 🚨Read Our FREE eBook🚨 Get Richer Sleeping - Investing 101: http://bit.ly/m2InvestingeBook 6 Ways To Pay Less Money In Taxes 1:00 - Net your capital gains 2:37 - Start a business to get business deductions 3:51 - Don’t overpay on your taxes! Hire a tax professional to help you get the most deductions 5:51 - Invest in real estate to get real estate deductions 6:54 - Pay your taxes on time What Is The Minority Mindset? The Minority Mindset has nothing to do with the way you look or what kind of family you're from. It's a mindset. Give the majority $200 and they will come back with a pair of shoes. Give the minority $200 they will come back with $2,000. Think from the mindset of a consumer and be the provider, that's the Minority Mindset. Don't be the majority. #FTM #ThinkMinority Twitter/Snapchat @M2JaspreetSingh Personal Instagram: @M2JaspreetSingh Instagram: http://www.Instagram.com/MinorityMindset Facebook: http://www.Facebook.com/MinorityMindset http://www.TheMinorityMindset.com This Video: https://youtu.be/evPkj0qQOz4 Channel: https://www.youtube.com/MinorityMindset Based in Detroit. #Punjab Jaspreet Singh
Views: 56764 Minority Mindset
How to Pay Yourself as a Business Owner
 
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Are you a business owner and ready to pay yourself? Jarell goes over two ways to do just that. You can: 1. Pay yourself through an Owner's Draw (also called a distribution), or 2. Pay yourself as an employee But what is the difference? An owner's draw means you are taking money from the business account and taking it for personal use. Owners draws are taxable as part of your personal income tax return, so be sure to consult with a CPA to make sure they are captured correctly on your return. If you pay yourself as an employee, you are taking wages as a part of payroll just like any other employee. When you are paid as an employee, the company pays payroll taxes and withholds income taxes on your wages. Now, what makes the most sense for your business? This is all based on your entity type. You are likely a - Sole Proprietorship - Single-member LLC - Multi-member LLC - S corporation - C corporation, Partnership - Cooperative. If you are unsure, we recommend reaching out to your CPA to determine your business entity and the best way to pay yourself. To learn more about payroll and staying compliant, check out these articles: - [READ] The Different Ways Business Owners Can Pay Themselves https://goo.gl/hJNRv9 - [WATCH] How to calculate a paycheck https://youtu.be/75IK5vEhHHw - [WATCH] Gross pay vs. net pay https://youtu.be/2eHbkUQVisU Ask Gusto is a YouTube series designed to answer your top payroll, HR, and benefits questions. New episodes come out regularly — feel free to ask what's on your mind, and we'll answer it! Who is Gusto, exactly? Gusto serves over 40,000 small businesses across the country with a refreshingly easy payroll, benefits, and HR solution. To learn about Gusto, visit: https://www.Gusto.com. For more small business answers, visit us at: https://www.gusto.com/ask-gusto
Views: 2308 Gusto
How to Pay Yourself in a Single Member LLC
 
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In today's video, I share with you the proper method to pay yourself if you own a Single Member LLC. Single Member LLC's are one of the most powerful and flexible legal entities that most online entrepreneurs use to protect not only their business, but also their personal assets. However, if you don't set up the LLC properly, it won't provide you any protection at all. Today we talk about how to pay yourself if you have set up a Single Member LLC. This will be especially helpful for you solopreneurs out there who are building businesses on the side. To schedule a phone conference: http://bit.ly/2KLHyIE Support my channel on Patreon: http://bit.ly/2E3FOd7 I've written a more in depth blog post on this issue at my website: http://bit.ly/2a2GMYy I have also prepared a business building legal checklist that you can download at the following link: https://www.hawthornlaw.net/cheatsheet For more information, you can check me out at: http://www.hawthornlaw.net Or find me on Social at: Twitter: http://www.twitter.com/hawthornlg Snapchat: @jimhart518 Facebook: http://www.facebook.com/hawthornlaw Or join our free online community at: http://www.hawthornlaw.net/facebook
Views: 220428 Hawthorn Law
How much tax will I pay? UK tax advice for Business Owners
 
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http://www.incauk.biz/ Hi, I'm Graham from Inca Chartered Accountants. One of the questions we get asked most frequently from our clients -- "How much tax will I pay?" Well, as soon as your accounts are done we will know to the penny, but of course that may happen several months after your financial year end. And it's great to have an idea of how much tax you are likely to pay well in advance of that. So what I'm going to show you is a way to estimate your tax liability. It is only an estimate. We won't know for sure until your accounts are done but it will give you something as a guide as you look ahead through the course of the business year. The amount of tax you pay is dependent upon the type of business you operate. So in this video we are going to look at the two main types -- the sole trader and the limited company. If you are a sole trader you can earn roundabout £7,500 a year in profit, not sales, that's your sales and then take off your costs and your not going to pay any tax on that money. But as soon as you go above that level you are going to start paying tax at a rate of 20%, the same as somebody in employment. But you are also going to have Class 4 National Insurance. Now that kicks in at 9% making your total tax hit 29%. Now the Class 4 National Insurance is interesting because people think my National Insurance - I get a pension, I get hospital cover. Yes, you have already paid for that in a direct debit that goes out of your account every month. This is just tax. You do not get any extra benefit from having paid it. So in order to work out how much tax you have to pay we need to look at your profit month-on-month. You take your sales, subtract your costs, not your drawings, that's money you take out. Put them to one side for the moment. Once you have got that profit situation in place, £600 every month that's yours free, nothing to worry about. But after that £600 you need to put nearly a third away. That is one third for the government, two-thirds for you. Stick it in a cash ISA. It gets paid in January of each year, but be careful because you may also have what is known as a payment on account if your tax bill is high and that's going to kick in, in January and July . Now the Limited Company is completely different because you are not taxed. It is the company that is getting taxed. And the company does not have any tax free amount that it can earn year after year. Company pays tax as soon as it makes £1 of profit and it pays tax at a rate of 20%. That's 20% on all its profits way up to a quarter of a million pounds approximately. Now that's a 9% saving for most average earners. That's most significant. A company has to pay its tax 9 months after its financial year. So calculating it. You take your sales subtract the expenses the business incurs. That's your costs, salary perhaps, supplier invoices and that gets you your profit before tax comes off. Then put 25% away to be on the safe side. So it's a quarter for the Government and three quarters for you. That's what you can have as your dividend income. One of the pit falls of many businesses get into. They think there's my profit, I'm going to take a dividend and get a tax on the dividend. Now that's wrong. Tax gets paid on the profit and then it's your bit. The dividend - that comes afterwards. Remember what I've just told you. It's about estimating your tax bill. If you want to know exactly how much tax you are going to pay send us your accounts. In the next video I'm going to talk about How to get a dividend out of your company.
Views: 32899 oxfordaccountant
How to Pay Yourself When You're Self Employed
 
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One of the biggest challenges of being an entrepreneur or freelancer is how much to pay yourself. It's easy to shortchange your own paycheque in the interest of keeping money in the business -- or to overpay yourself and end up with a huge tax bill at the end of the year! In this video I share my resources, tools, tips and tricks to paying yourself when self-employed to keep both your business and your personal bank account happy. Mentioned in this video... "Profit First" by Mike Michalowicz http://amzn.to/2tnez47 Being Boss Podcast https://beingboss.club/ Freshbooks Cloud Accounting https://www.freshbooks.com/ Wagepoint https://wagepoint.com/ Website: http://www.moneyaftergraduation.com Facebook: facebook.com/MoneyAfterGraduation Twitter: @moneyaftergrad Instagram: @moneyaftergrad Money After Graduation Inc. #600 630-8 Ave SW Calgary, Alberta T2P 1G6
Views: 8531 Bridget Casey
How Do I Pay Myself in a Single-Member LLC? - All Up In Yo' Business
 
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Learn more about 180 Law Co. LLC by visiting http://180lawco.com. One question that I get asked quite often, because it’s a really good question, is how the owner of a single-member LLC is supposed to pay him/herself. There are two possible answers to this question, depending on how the LLC is taxed. Unless the LLC elects otherwise, a single-member LLC is considered a “disregarded entity” and all of the income to the LLC is treated as income to the business owner, and is all subject to self-employment tax. So basically, the owner of a single-member LLC can pay himself however and whenever he wants, keeping in mind a few important considerations: 1. Make sure you are prepared to pay taxes. Since the LLC is a disregarded entity, if the business earns $100k but you only “pay” yourself $50k, you are still going to be responsible for paying all of the taxes, including self-employment taxes, on the full $100k. (For simplicity’s sake, I am pretending there are no deductions or anything.) So you need to set aside enough money to make sure you can cover your taxes. 2. The business has to remain adequately capitalized. This means that you need to keep enough money in the business to cover all your overhead, debts, bills, salary for employees, etc. You should also leave some extra “padding” for possibly building up your business, purchasing equipment, and whatever else you may decide to do with your business. In the books, any payments to yourself should be recorded as “Member Distribution” or “Member Withdrawal.” If the LLC elects to be taxed as an S Corporation, on the other hand, you have to be paid a “reasonable” salary. Self-employment taxes will only be paid on that salary rather than on the full amount of profit the business earns. Any money that the business owner takes above that reasonable salary is considered a dividend and won’t be subject to self-employment taxes. To learn more about S Corporations, watch my earlier video What the Heck is an S Corporation at http://youtu.be/i5to7Da3wMw?list=UUNh7tqEn68tf0oOfq4NsFsg If your LLC is not taxed as an S Corp, you don’t need to put yourself on payroll, since those member distributions aren’t treated as normal payroll. If your LLC is taxed as an S Corp, then the salary you earn can be part of your payroll, and any additional dividends will be separate from that. Whether or not you elect to have your LLC taxed as an S Corp and how to handle and record the money that you pay yourself is an important conversation that should be had with your accountant, bookkeeper, & attorney. Doing it the “right” way can help minimize your tax liability and can make your life (and that of your accountant) much easier come tax time. Contact Aiden and learn more at www.180lawco.com. [email protected] | 720-379-3425 Thumbs up & subscribe if you want more AUIYB! Follow Me! IG: @allupinyobusiness Twitter: @_AllUpInYoBiz www.facebook.com/180lawco www.google.com/+aidenkramerlawAUIYB www.pinterest.com/AUIYB The information provided in this video should not be construed or relied on as legal advice for any specific fact or circumstance. Its content was prepared by 180 Law Co. LLC, with its principal office located at 50 S. Steele Street, Suite 250, Denver, CO 80209. This video is designed for entertainment and information purposes only. Viewing this video does not create an attorney-client relationship 180 Law Co. LLC or any of its lawyers. You should not act or rely on any of the information contained herein without seeking professional legal advice. All Up In Yo’ Business® is a registered trademark of 180 Law Co. LLC. ©180 Law Co. LLC. All rights reserved.
Views: 371989 180 Law Co. LLC
Should I Pay Myself Salary or Dividends from my Corporation?
 
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Should I pay myself salary or dividends from my corporation? This is a very common question that I encounter in my accounting practice in Mississauga & Oakville, and the answer can make a big difference in your bottom line. http://madanca.com/blog/should-i-pay-myself-salary-or-dividends-from-my-corporation-as-a-business-owner/ Follow us on Twitter - https://twitter.com/Madan_CA Like us on Facebook - https://www.facebook.com/MadanCharteredAccountant Add us on Google Plus - https://plus.google.com/u/1/108551869453511666601/posts Download any of our free eBooks available on our website: http://madanca.com/free-tax-secrets/ (Including Tax Tips for Canadians, Personal Tax Planning Guide for Canadians: 2014 Edition and 20 Tax Secrets for Canadians) Table of contents 00:46 -- Salary (Advantages) 02:04 -- Salary (Disadvantages) 02:48 -- Dividends (Advantages and Disadvantages) 04:27 - Breakdown About the Author -- Allan Madan -- Accountant Mississauga Allan Madan is a Chartered Accountant and a Tax Expert in the Toronto, Mississauga and Oakville regions of Ontario, Canada. If you found this article useful, Allan Madan encourages you to visit his website http://madanca.com for additional tax tips and more information on this topic. Also, get access to Allan Madan's Free Report, "20 Tax Secrets on How to Beat the Tax Man," http://www.siteproweb.com/20-free-tax-secrets-from-allan-madan Disclaimer: The information provided in this video is intended to provide general information. The information does not take into account your personal situation and is not intended to be used without consultation from accounting and financial professionals. Allan Madan and Madan Chartered Accountant will not be held liable for any problems that arise from the usage of the information provided in this video.
Views: 60524 Allan Madan
How does a LLC Pay Quarterly Taxes?
 
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How does a LLC Pay Quarterly Taxes?
Views: 1260 Home Biz Tax Lady
How to Pay Yourself as The Owner of a Single-Member LLC
 
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Wondering how to pay yourself as a single-member LLC? We’ve got you covered! The main way to pay yourself is through Owners Draw, which means you’re withdrawing money from the business for personal use. But why an Owners Draw? For Federal Taxes, a single-member LLC is handled just like a sole-prop. How much can you take out? Up to you. Just make sure that whatever you take out is in your company bank account and that you have accounted for any taxes you may owe down the road. You can receive the draw through a check, electronic money or cash withdrawal. Just don’t forget to keep records. Fun Fact: As an owner of an LLC, you can actually choose to pay taxes like an S-Corp. If you elect this treatment, you should pay yourself as an Employee on payroll. Make sure to check out our video on S-Corp to learn more. To learn more about payroll and owners draw, check out these articles: - [READ] Want to Do an Owner’s Draw? Here’s the Overview You Need https://goo.gl/M8s8U7 - [WATCH] How to Pay Yourself as a Sole-Prop https://goo.gl/8wnc7z Ask Gusto is a YouTube series designed to answer your top payroll, HR, and benefits questions. New episodes come out regularly — feel free to ask what's on your mind, and we'll answer it! Who is Gusto, exactly? Gusto serves over 40,000 small businesses across the country with a refreshingly easy payroll, benefits, and HR solution. To learn about Gusto, visit: https://www.Gusto.com. For more small business answers, visit us at: https://www.gusto.com/ask-gusto
Views: 7521 Gusto
1. How can I Pay Myself from my Company? Tax Efficient Remuneration Strategies for UK Directors
 
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*****NOTE THAT THIS VIDEO SERIES IS NOW OUT OF DATE****** In this video we set out the ways in which director shareholders of UK companies can extract funds from their company as remuneration in a tax efficient way. This is a series of seven short videos covering this topic of Tax Efficient Remuneration Strategies for UK Director Shareholders and is aimed at SMEs. You can learn more at: https://www.businessn2k.com https://www.iptaxsolutions.co.uk This video is for educational and information purposes only. It does not constitute professional advice. Reach out if you need help!
Views: 24679 Steve Livingston
Don't Pay Tax!!! (#ArtistAdvice EP03)
 
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#ArtistAdvice A web series by DJ DUBL providing valuable knowledge to help up & coming artists (musicians, rappers, producers, singers, songwriters, etc) gain more knowledge on how to work within the music industry more successfully. Episode 3 - Don't Pay Tax! DJ DUBL runs through some very simple tips on how to avoid paying too much tax as an unsigned artists working on a 'self employed' basis. SUBSCRIBE TO THE CHANNEL FOR MORE! -Useful Links- Set up as a sole trader: https://www.gov.uk/set-up-sole-trader/overview Expenses (What you can claim as expenses): https://www.gov.uk/expenses-if-youre-self-employed/overview Self Employment Tips: http://www.thisismoney.co.uk/money/smallbusiness/article-2323791/Ten-legal-ways-avoid-overpaying-tax-youre-self-employed.html National Insurance for Self Employed: http://www.moneysavingexpert.com/news/protect/2014/03/budget-2014-self-employed-nation-insurance-payments-to-be-simplified National Insurance Rates: https://www.gov.uk/self-employed-national-insurance-rates A Warning to self employed people: http://blog.moneysavingexpert.com/2012/02/02/a-warning-to-freelancers-and-the-self-employed-everywhere/ Visit DJ DUBL online: Website - http://www.djdubl.co.uk Twitter - @DJDUBL Facebook: DJ DUBL Snapchat: DJ DUBL SoundCloud: DJDUBL #ArtistAdvice
Views: 5272 DJDUBLTV
Do you pay tax on SMALL EARNINGS from self employment in the UK? (YouTube, Ebay, Etsy etc.) [6]
 
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As a small business owner who also does YouTube one of the most common things I get asked is whether you have to pay tax on YouTube earnings and also small income from the likes of eBay, Etsy and the like? In this video I'm going to hopefully answer that question! This is specifically for the UK for the 2017/2018 tax year but if you're in a different part of the world it would be interesting to hear things are done where you're from! For more small business and self employment tips don't forget to Like, Share & Subscribe! :-) Here's the HMRC guidance for tax free allowances on trading and property income: https://www.gov.uk/guidance/tax-free-allowances-on-property-and-trading-income Also an excellent article here on Accountancy Age that discusses these allowances in more detail: https://www.accountancyage.com/2017/10/09/new-trading-allowance-simplicity-not-know/ Extra stuff on Patreon: https://www.patreon.com/smallbusinesstoolbox More stuff on the web: https://smallbusinesstoolbox.uk As per usual, I'm not in any way qualified to give you accountancy advice. Always get a good accountant! I've just been self employed for a long time and hopefully I can pass on some of the things I've learned over the years. I use affiliate links - these don’t cost you a penny and help to keep this channel going - thanks so much for your awesome support! MUSIC: Ice Cold by Audionautix is licensed under a Creative Commons Attribution license (https://creativecommons.org/licenses/by/4.0/) Artist: http://audionautix.com/ #SmallBusiness #BusinessTips #SelfEmployed
5 Reasons Small Businesses Pay Too Much Taxes
 
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Bookkeeper Girls, Inc.
Views: 82 Michelle Morgan
Do I Have To Pay Tax On Landscaping Business Income?
 
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http://www.lawncaremillionaire.com - Learn about paying tax on landscape business income. Video discusses Sales Tax, Income Tax, Payroll Tax and more. The question is that an individual asked this business owner and this person owns a small business if he had the correct licensing and if he paid taxes on his gross recepits. This individual says, " I never knew I had to pay taxes for this work." I'm going to explain several things about this. He goes on to say if he pays tax, it will really damage his business. He also is asking about if he has licensing and insurance. I'm going to try and answer this question with some details.
Views: 12702 Lawn Care Millionaire
2018 Tax Update for The Self Employed | A Brief Digestible Summary of the New Tax Laws
 
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UPDATE (please read): Some of my contact information has changed. In you need to reach me... The new information is as follows: Twitter Handle = @TheSETaxGuy New Facebook Page = /TheSelfEmployedTaxGuy New Email = [email protected] Instagram = @theselfemployedtaxguy Ok carry on :) Did you know that as of January 1st 2018, there were some new tax laws that took effect that will change the outcome of your Self-employment taxes and business deductions? Well... if you did or if you didn't, in this short video I'm going to briefly explain what changes took effect and how its going to impact you and your self-employment taxes. Please understand, however, that there were a ton of changes and whats covered in this video only pertains to a small part of the personal and business changes. And because this law is so new... somethings are subject to be amended. I ask for your forgiveness in advance, as like everyone in the field of taxation, I'm still trying to wrap my mind around it all so if there were any parts that were not clear - I apologize. For more information on the Self-Employed Tax Academy click here: https://www.selfemployedtaxacademy.com
Should I declare a year end bonus, or pay company dividends to myself? - Tax Tip Weekly
 
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With the end of the year approaching, business owners must make important decisions quickly to reduce their business taxes for the year, one of which is paying out bonuses. The topic of today’s video is “Should I declare a year-end bonus or pay dividends from company profits to myself?” 0:34 – Bonuses 1:45 – Dividends 2:45 – For Example 3:00 – Here's the tip! Visit our website for more information and tax-related advice: http://madanca.com Follow us on social media Twitter: https://twitter.com/Madan_CA Facebook: https://www.facebook.com/MadanCharteredAccountant/ Instagram: https://www.instagram.com/madanaccounting/ Google+: https://plus.google.com/108551869453511666601/posts Download any of our free eBooks available on our website: http://madanca.com/free-tax-secrets/ (Including Tax Tips for Canadians, Personal Tax Planning Guide for Canadians: 2014 Edition and 20 Tax Secrets for Canadians) Disclaimer: The information provided in this video is intended to provide general information. The information does not take into account your personal situation and is not intended to be used without consultation from accounting and financial professionals. All figures and dollar amounts are used for example purposes only. Allan Madan and Madan Chartered Accountant will not be held liable for any problems that arise from the usage of the information provided in this video.
Views: 2358 Allan Madan
Should You Pay Taxes On YouTube Money | YouTube Taxes Explained
 
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Should you pay taxes on YouTube money? Is the income you make from YouTube enough to declare? These YouTube tax questions and more answered in this video. Subscribe for more free YouTube tips: https://goo.gl/c57Xfh Share this video with a YouTuber friend: https://youtu.be/iKUvXcSPmAg If you have a topic you want me to make a video about use #nicknimmin in the comments. My most recent upload: https://goo.gl/t9SQhi My secret weapon for YouTube growth: https://www.tubebuddy.com/nimmin Get Your "Start Right Now" Shirt - https://shop.spreadshirt.com/nicknimmin/ Recommended Playlist - How to Make YouTube Videos https://www.youtube.com/watch?v=UQmQ3MjOmwI&list=PLsDhsOkbwsC6Ibko8cAaEz2tq3xVJ1-uD ----- About Scott and Steve ----- Scott Weiss is a Fee-Only Financial Planner serving the entire Putnam and Dutchess Counties, NY region (Mahopac, Brewster, Poughkeepsie, Fishkill, Danbury, CT). Scott specializes in providing objective financial planning and retirement planning to help his clients build, manage and protect their assets through life's transitions. Scott is a NAPFA-Registered Financial Advisor and a CERTIFIED FINANCIAL PLANNER™ Professional. Learn more about working with Scott at Weiss Financial Group Here: http://www.weiss-financial.com Get your FREE copy of our Pre-Retirement Toolkit: http://bit.ly/WFGToolkit Steven Stern is a CPA providing tax and accounting services for individuals and small businesses Learn more about working with Steve at Weiss, Orro, & Stern Here: http://www.weissorrostern.com Weiss Financial Group is a registered investment advisor. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities product, service, or investment strategy. Investments involve risk and unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial adviser, tax professional, or attorney before implementing any strategy or recommendation discussed herein. Insurance products and services are offered through individually licensed and appointed agents in all applicable jurisdictions. The advisers at Weiss Financial Group are not attorneys of a law firm but can provide guidance to the client’s other professionals. This video was not intended or written to be used, and it cannot be used, for the purpose of avoiding tax penalties that may be imposed on the taxpayer. ----- Check out Scott's YouTube channel: https://www.youtube.com/user/scottgweiss ----- Get custom channel branding at http://www.tubertools.com Check out my brother's channel if you're into ASMR content: https://www.youtube.com/channel/UCNv7vNwmJGiptjvnNlrsHjg/ Join my VIP club http://www.nicknimmin.com/vip/ Disclaimer: Some of these links go to one of my websites and some are affiliate links where I'll earn a small commission if you make a purchase. Shopping through these links is a great way to support the channel so I can keep making helpful videos for you. Thanks! Learn more about me or contact me here: https://www.youtube.com/user/NickNimmin/about
Views: 10942 Nick Nimmin
Business taxes,  DON'T PAY THE IRS + APPRENTICESHIP PROGRAM?
 
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Hi guys this video explains how small business taxes work, and also a bonus Apprenticeship program. Attention young boys and girls.
Views: 7858 MR. FIX-ALL INC.
How To Pay Sales Tax For Your Online Business
 
02:56
Get Your Free Online Store Success Pack Here: http://www.effectiveecommerce.com/successpack/
Views: 4516 Travis Marziani
How I Setup My Business To Pay Crazy Low Taxes & Have Higher Protection
 
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COURSES: -Amazon Course + 2 Months of Mentoring: https://goo.gl/LTB1Vp -YouTube/Personal Branding Course: https://goo.gl/PgARrR -Affiliate Marketing Mastery: https://goo.gl/cSioEH FREE GROUPS: -Youtube/Personal Brand FB Group: https://goo.gl/pjMD4F Free Entrepreneur Mentoring Group: https://goo.gl/CZEB5U TOOLS: -JungleScout: http://goo.gl/Vb4HdO SOCIALS: -Instagram: https://instagram.com/tannerjfox -Facebook: https://www.facebook.com/TannerJFox
Views: 13761 Tanner J Fox
How Much Should I Pay Myself As A Business Owner Entrepreneur LLC
 
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How To Pay Yourself A Salary as a Business Owner Salary Entrepreneur or LLC. The best way to pay yourself as a business owner, llc and how much dividend to pay yourself from your business as an entrepreneur llc. ------------------------------------------------------------ GET A COPY OF MY BOOK AT: https://www.the21dayboss.com START YOUR ONLINE BUSINESS at: https://www.incomereap.com ------------------------------------------------------------ To start a paying yourself an entrepreneur salary; Step 1 - Be Making a business Profit Step 2 - Register Your Business for tax Purposes through HMRC or IRS Step 3 - Have a separate business and personal account Step 4 - Pay Yourself an Equivalent of your monthly Expenses ------------------------------------------------------------ CONNECT WITH ME ON; Facebook: https://www.facebook.com/startupreine Twitter: https://twitter.com/startupreine Instagram https://www.instagram.com/startupreine/ Website: http://www.startupreine.com Email: [email protected] ------------------------------------------------------------
Views: 1313 Startup Reine
How To Pay Yourself as a Business Owner
 
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How to pay yourself as a business owner: watch the video for advice on paying yourself as a small business owner from Nashville CPA Evan Hutcheson (http://www.evanhcpa.com). In the video, I go over certain issues regarding payroll for startup companies in Tennessee. One of the first, and most important, things you need to make sure you understand and do correctly is how to pay yourself as a business owner, and paying your employees if you have any employees. First you need identify the type have entity that you are, whether it’s an LLC or a corporation. If you're an LLC and you have no employees, then you do not actually need to set up payroll for yourself. You can simply transferring money from your business account to your personal account to pay yourself as the business owner. It's always a good idea to set up some sort of budget to establish control over the withdrawals that you make. If you're a corporation on the other hand, with or without employees, you still need to set up payroll. Shareholders of corporations pay themselves through payroll instead of taking withdrawals like an LLC owner. As I go over in the video,there are many ways to pay yourself as a business owner when doing payroll. You can hire a payroll company to issue your payroll, try to do it yourself or have a CPA do it. It is possible to do it yourself if it's not very complex. In that case you can just use a spreadsheet. I go through an example in the video showing you what categories you need for a spreadsheet: gross pay; net pay; payroll tax liabilities; employer and employer social security; and employer Medicare tax, both of which are tax deductible by the way. I go into these categories in depth. So watch the video to learn about how to pay yourself as a business owner. Please share this video about paying yourself as a business owner: http://www.youtube.com/watch?v=2QAmJFD4V8k Subscribe to my Channel: http://www.youtube.com/user/EvanHutchesonCPA Follow Me: http://www.facebook.com/EvanHutchesonCpa http://twitter.com/Nashville_CPA http://plus.google.com/+Evanhcpa/about http://www.linkedin.com/pub/evan-hutcheson/30/909/746 You might like this video too: http://www.youtube.com/watch?v=THzREyqpjbE How To Pay Yourself as a Business Owner Startup Business Tennessee
How to Pay Yourself as a Sole Proprietor
 
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Jarell explains how to pay yourself as a sole prop. Hint: an owner's draw. What is an owner's draw? - An Owner's draw means taking money from the business for personal use. How is it taxed? -In a sole prop, both the owners draw and the business profits are taxable on your personal income tax return. How much do you take? - It's completely up to you. Just make sure that however much you take is both available in your bank account and you have accounted for any taxes you may owe down the road. How do you do the draw? -You can take the draw by cutting yourself a check, an electronic money transfer or by doing a cash withdraw. And don't forget: Always check with your CPA to ensure that you are capturing your owner's draw correctly. Interested in learning more about owner's draw? Check out the articles below: [READ] Want to Do an Owner’s Draw? Here’s the Overview You Need https://goo.gl/NEnaiX [READ] How Much Can I (and Should I) Pay Myself? https://goo.gl/co2U8C Ask Gusto is a YouTube series designed to answer your top payroll, HR, and benefits questions. New episodes come out regularly — feel free to ask what's on your mind, and we'll answer it! Who is Gusto, exactly? Gusto serves over 40,000 small businesses across the country with a refreshingly easy payroll, benefits, and HR solution. To learn about Gusto, visit: https://www.Gusto.com. For more small business answers, visit us at: https://www.gusto.com/ask-gusto
Views: 8804 Gusto
VAT - How to make it pay for small businesses
 
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http://www.deb-accountants.co.uk/ VAT registration - how to make it pay for you. If your turnover exceeds the prevailing VAT registration limit you have to register with HMRC. However it may be in your interest to register on a voluntary basis. If you sell to other businesses that are themselves VAT registered, by becoming registered you will charge them VAT on your supply of goods and services Which most likely they will be able to recover. If you do this you will then you would be better off as you would then be able to recover any input VAT that you incur on many of your purchases In such circumstances you could be uncompetitive if you don't register. Imagine that your purchases cost £100 plus VAT at 20%. You thus pay out £120. Say you want to make a profit on the sale of £100, then you have to sell at a price of £220. If you are VAT registered you still pay out £120 but you can recover the input tax and thus the cost to you is only £100. To make the same £100 profit you must sell at a price of £200, but if you are VAT registered you Have to charge £40 VAT If you sell to a VAT registered business they will recover the VAT also and thus the net cost of your goods to them is £200. This is cheaper than the price of £210 if you are not registered. Your VAT registered customers would thus prefer you to be registered also. Where you sell to the general public your VAT registration will make you more expensive as they would be unable to recover the VAT that you charge them They would face a cost of £240 instead of £220. It is also relevant to mention that by not being registered your customers will know that your business is small. Your may need to register for image purposes. Another way you can make money on being VAT registered is to take advantage of the Flat Rate Scheme should this work to your advantage. Whilst you still charge VAT on all your sales at the prevailing VAT rate, in calculating the amount that you pay you simply apply the appropriate Flat Rate percentage for your business to your gross turnover. You can ascertain the appropriate rates for your business by simply doing a Google search For Flat Rate Scheme and follow the link to the HMRC website. Whether or not the Flat Rate scheme will work for you will depend upon the profit margins that you work with in your business and the rate that applies to your business. Some businesses will benefit from the scheme -- others will not. You will need to do the calculations on both the Flat Rate scheme and the conventional basis to see which one works best for you. If you want to discuss your options with regard to VAT, please contact us at DEB Telephone 01226 245824 or Email [email protected] Watch out for our video about the problems of the VAT trap as this may help you make The best decision for you business.. To get further help and advice please subscribe to our YouTube channel And sign up to our blog which you can access by clicking on this button on our website And entering you email details here.
Views: 28587 debaccountants
HOW TO PAY LESS TAXES (How The Rich Do It...)
 
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In today's episode, Matthew Pillmore, president of VIP Financial Education, outlines 6 ways the rich and successful pay less taxes to the IRS year after year. Want to learn how to pay less taxes so you can keep more of your hard earned money? Of course you do. Be sure to watch today's episode to learn how to pay less tax legally. Don't forget to sign up TODAY for your exclusive one on one consultation at: http://www.FreeCoachingCalendar.com Our coaching costs can change with demand. To see our current pricing please watch this video: https://www.youtube.com/watch?v=HbVLmCvFjoI Much like Robert Kiyosaki, VIP is all about utilizing leverage (via Debt Weapons) to increase cash flow through investing in all types of things, from real estate to small businesses. VIP differs in their approach to the follow through, utilizing some of the things Dave Ramsey teaches - optimizing your cash flow by decreasing expenses - however VIP differs there too. We are all about maintaining the lifestyle design YOU want, all while optimizing your expenses through creative approaches. We're all about the best of both worlds. Do you watch Dave Ramsey, Robert Kiyosaki, Grant Cardone, Gary Vee, Graham Stephan, Meet Kevin, Ryan Scribner, Replace Your Mortgage, Project Life Mastery, Russel Brunson, Alex Becker, Tanner J Fox, Refusing to Settle, Dan Lok, Jeff Rose, Tai Lopez, Bigger Pockets, or Pat Flynn? Then you'll love our channel! Be sure to subscribe!! Want more actionable financial tips and tricks like this one? Check out our YouTube channel here https://www.youtube.com/channel/UC45hHuqWfdi7TIZg0RDG9_g Make sure to check out our social channels for more insight and industry news! Facebook - https://www.facebook.com/VIPFinancialEducation/ Instagram - https://www.instagram.com/vipfinancialed/ Instagram (Lifestyle) - https://www.instagram.com/vipfinancialedlifestyle/ Twitter - https://twitter.com/VIPFinancialEd LinkedIn - https://www.linkedin.com/in/vipfinancialed/ BBB A+ Rating - https://www.bbb.org/denver/business-reviews/financial-services/vip-enterprises-llc-in-westminster-co-90024254/ CONTEST RULES: In order to be eligible for the ongoing contests you must: A) Be Subscribed B) Comment on this video (We’d love to hear what you’ve learned from our channel and how it is impacting you!) Each time you comment on a new video your name will be entered into the contest drawing, so the more you comment on the videos, the better your chances of winning! You can also gain additional entries by sharing our video on your social media accounts or by commenting on our Instagram or Facebook accounts. Current coaching members are also eligible for the contest! CONTEST PRIZE: $25 Amazon Gift Card 1 winner selected each week to the end of 2018. Disclaimer and Waiver — VIP Enterprises, LLC, its owners, officers, directors, employees, subsidiaries, service providers, content providers and agents (referred to as "VIP Financial Education") are not financial or investment advisers and not licensed to sell securities or investments. None of the information provided is intended as investment, tax, accounting or legal advice, as an offer or solicitation of an offer to buy or sell, or as an endorsement, of any company, security, fund, or other offering. The information should not be relied upon for purposes of transacting securities or other investments. Your use of the information contained herein is at your own risk and results always vary. The content is provided 'as is' and without warranties, either expressed or implied. VIP Enterprises does not promise or guarantee any income or particular result from your use of the information contained herein. Under no circumstances will VIP Enterprises be liable for any loss or damage caused by your reliance on the information contained herein. It is your responsibility to evaluate any information, opinion, advice or other content contained. Please seek the advice of professionals, as appropriate, regarding the evaluation of any specific information, opinion, or other content. Furthermore, from time to time VIP Enterprises may earn an affiliate commission when a viewer purchases a product, program, or service as a result of our content. entreprenuer, entrepreneur, taxation, entrepreneurship, financial strategies, two comma club, 2 comma club, money management, financial management, finance, finances, pay less taxes legally, how to pay less tax #PayLessTaxes #Taxes2019 #VIPFinancialEd
Views: 10225 VIPFinancialEd
4 Steps to Get all of the SECRET Tax Write-offs for Self-employed LLCs PART 1
 
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Get the Business Spreadsheet Template: www.amandarussell.mba/getthebusinessspreadsheet Most self-employed/LLC business owners feel like they're missing out on all the write-offs and tax planning they deserve. As a professional in this industry - I can tell you that people are right to feel this way - but the truth to getting all the write-offs you deserve, most likely isn't the answer you're expecting. In these 4 steps, I'll super simplify what you need to do, to not only get all the tax write-offs you deserve, but also grow your business! It's a win-win. See you in the video!
Views: 15848 Business Finance Coach
S-Corp VS LLC Partnership: How to Pay Less Tax!
 
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We take a look at the advantages of switching you LLC Partnership to an S-corp and how it will save you on your tax bill.
Views: 3245 The Business Shifu
BIR hopes TRAIN law will encourage more small businesses to pay proper taxes
 
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The Bureau of Internal Revenue (BIR) is hoping that more small and medium enterprises can pay their taxes due to the tax reform law. For more videos: http://www.untvweb.com/video/ For News Update, visit: http://www.untvweb.com/news/ Check out our official social media accounts: http://www.facebook.com/UNTVNewsRescue http://www.twitter.com/untvnewsrescue https://www.youtube.com/UNTVNewsandRescue Instagram account - @UNTVLife Feel free to share but do not re-upload.
Views: 3995 UNTV News and Rescue
Do you have to pay sales tax for online sales - Drop ShippinG
 
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Do you have to pay sales tax for online sales Drop Shipping Do You Need to Report Your Online Sales to the IRS? http://tax.findlaw.com/federal-taxes/do-you-need-to-report-your-online-sales-to-the-irs.html What Is Nexus and How Does It Affect Your Small Business? by Katherine Gustafson https://quickbooks.intuit.com/r/taxes/what-is-nexus-and-how-does-it-affect-your-small-business/ I'M MAKING SALES OVER THE INTERNET. DO I HAVE TO COLLECT SALES TAX ON ALL THE SALES I MAKE? http://www.salestaxinstitute.com/Sales_Tax_FAQs/collect_sales_tax_on_Internet_sales IRS Reporting Regulations on Third-Party Payment Transactions https://www.amazon.com/gp/help/customer/display.html?nodeId=200663310#read 🙈
Views: 1880 Home Business Expert
Small Business: How Do I Pay Myself in a Single-Member LLC
 
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This video helps answer some of the most basic, common questions about how to pay yourself in a Single-Member LLC.
Views: 1878 Ashley Cameron
How to pay family members and write it off on your taxes
 
03:16
Laura Pitkute is a Real Estate Investor and a mother and in her business she doesn’t just focus on implementing strategies that allow her to make more money, but she focuses on incorporating strategies that will allow her to keep the maximum amount of money that she makes. In this video she will share a strategy that will allow you to keep more of your money by writing-off your family's kids on your taxes. To implement this strategy you must get your family kids involved in your business by putting them on payroll and paying them a salary. To avoid dealing with employers compensation and FICA when you hire your family kids, 1099 the parent of the child and then the parent will transfer the kids' earned income directly to their bank accounts. When tax season comes around the parent will file a schedule C and write off all of their kids salary as outside labor expense and the parents of the children will not have to pay taxes. ★☆★ LINK TO PART 1 OF THIS VIDEO SERIES ★☆★ https://youtu.be/QkLQjmJl9ug ★☆★ TO LEARN THESE STRATEGIES GET THE FOLLOWING BOOKS ★☆★ 1.) The Tax and Legal Playbook: Game-Changing Solutions to Your Small-Business Questions: TO GET THIS BOOK CLICK THE LINK -https://goo.gl/DKqXTZ 2.) What Your CPA Isn't Telling You: Life-Changing Tax Strategies: TO GET THIS BOOK CLICK THE LINK - https://goo.gl/NxyopY 3.) The Business Owner's Guide to Financial Freedom: What Wall Street Isn't Telling You: TO GET THIS BOOK CLICK THE LINK -https://goo.gl/5vGJKq ★☆★ SUBSCRIBE TO MY YOUTUBE CHANNEL FOR VIDEOS ABOUT REAL ESTATE AND BUSINESS ★☆★ ► Velocity Banking/Real Estate Investing/Tax&Legal Course - Please email me at [email protected] for more information. ★☆★ CONNECT WITH ME ON SOCIAL MEDIA ★☆★ FACEBOOK: https://www.facebook.com/Laura-Pitko-1464576883611081/ INSTAGRAM: https://www.instagram.com/laura_pitko24/ DISCLAIMER: I (Laura Pitkute) am committed to providing legal and ethical information to the best of my knowledge at all times, but I (Laura Pitkute) am not a certified CPA, nothing I say in this video or comments should be taken as legal advice. Prior to applying any strategies I share in my videos or comments please consult with a competent professional.
Views: 31043 Laura Pitko
Business Startup Tips - LLC vs S Corp: Which is better to minimize tax?
 
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Business Startup Tips - LLC vs S Corp: Which is better to minimize tax? ONLINE COURSE - Complete Guide to Choosing the Right Business Structure http://bit.ly/2cm5EYI JOIN 1,000+ STUDENTS WHO HAVE CHOSE THE CORRECT BUSINESS STRUCTURE FOR THEIR BUSINESS & INCORPORATED THEIR BUSINESS ON THEIR OWN! Are you an entrepreneur, online business owner, or small business owner? Are you confused about how to start your business? Do you want to know the difference between a Sole Proprietorship, Limited Liability Company, or Corporation? This course is a comprehensive overview to help you understand the differences and advantages and disadvantages of the most common business types, including: Sole Proprietorship, Partnership, Limited Liability Company LLC, C-Corporation, and S-Corp. Most people are surprised to find out that you don't need a business lawyer to choose and form the correct business structure for your business. For less than the cost of one-hour of legal work, you’ll be in great position to start your business and save money on a business lawyer. All businesses are taxed on their net profit (or loss) which is computed by taking sales less allowable deductible expenses. An LLC's tax is paid on the owner's individual tax return based on percentage of ownership in the company. If you are a 50% owner of an LLC, with $120,000 of net profit, you pay tax on 50% of that net profit($60,000) on your personal tax return. An S Corporation pays a reasonable salary to the working owner of a business. Then any remaining profit or loss (after subtracting the salary to the owner as a deductible expense) flows through to the owner's personal tax return. Say you are a working 50% owner of a profitable business and you are paid $50,000 in salary. The corporation has $20,000 of net profit of which you are entitled to 50%; therefore, on your personal tax return you would pay tax on the salary of $50,000 plus $10,000 profit which equals $60,000 in total taxable business income. Something else to consider is that if you start with an LLC entity the tax law allows you to switch tax free to an S Corporation once you are an LLC. But, you can not do the reverse. Once you are an S Corporation, you can not switch to an LLC. There are always other tax, legal and financial considerations that should be taken into account when making such an important decision. The video also discusses the need for having a buy-sell agreement, employment contracts. https://www.youtube.com/channel/UCIypuA7lS-FsVG6cMlNCK2w?sub_confirmation=1 Check out some of our other videos Compensation claims - how long should it take https://youtu.be/NuxfrgSTg78 LLC vs S Corp https://youtu.be/4xNCnf9hitw
Views: 9880 The Business Channel
How do I pay myself from my small business?
 
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If you are a sole proprietor or a single member LLC, it's really easy to pay yourself from your small business. In this video learn how to pay yourself, how much you can pay yourself, and how often you can pay yourself from your small business. You will walk away knowing, "How do I pay myself from my small business?" Get your FREE Small Business Startup Checklist - https://www.SmallBusinessSarah.com/newsletter Have more small business tax and accounting questions? I love helping micro business owners like bloggers and Etsy sellers get a handle on their bookkeeping needs and tax questions. Get the answers you need at https://www.SmallBusinessSarah.com This video is for informational purposes only. Consult your accountant or tax professional for advice on your unique situation.
Views: 110 Sarah Korhnak
Do I Need to Pay Taxes on my Photography Hobby?
 
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Don't miss another live video! http://www.flourish.academy/live SEEK PROFESSIONAL ADVICE. IRS article: https://www.irs.com/articles/tax-tips-people-who-earn-income-hobby
Views: 1980 Heather Lahtinen
How Do I Pay Myself From My Business?
 
10:54
Toby Mathis answers your questions during Tax Tuesdays a bi-weekly webinar event. 👉https://AndersonAdvisors.com/tax-tuesdays How do you pay yourself from your own business is discussed during this Q&A segment of Tax Tuesdays. Get YOUR most pressing tax questions answered by one of the nations top tax attorneys LIVE! Whether your a small business owner, real estate business owner, or you have a corporation, the new tax laws that were passed in 2017 will have some impact on what tax deductions you can take. Don't be caught off guard or miss out on important tax saving strategies that you're business is entitled to. Join Us LIVE 👉https://AndersonAdvisors.com/tax-tuesdays * 🚀Ready To Take Your Business To The Next Level While Protecting Your Assets From Frivolous Lawsuits? ~*~ 💰Get Your FREE 30 min Consultation & Wealth Planning Blueprint NOW! https://AndersonAdvisors.com/register-now-a Check out https://AndersonAdvisors.com for financial strategies and details on upcoming workshops. ** SUBSCRIBE** Anderson Business Advisors Youtube Channel https://www.youtube.com/c/AndersonBusinessAdvisors 800.706.4741 https://AndersonAdvisors.com Twitter: @TaxWiseToby Blog: https://TobyMathis.com The information provided in this video should not be construed or relied on as legal advice for any specific fact or circumstance. Its content was prepared by Anderson Business Advisors with its main office at 3225 McLeod Drive Suite 100 Las Vegas, Nevada 89121. This video is designed for entertainment and information purposes only. Viewing this video does not create an attorney-client relationship with Anderson Business Advisors or any of its lawyers. You should not act or rely on any of the information contained herein without seeking professional legal advice.
What UK taxes do I need to pay for my small business?
 
00:56
What UK taxes should I pay? The bookkeeping ladies makes it simple and understandable for you! For more information, contact us directly through our website... http://www.thebookkeepingladies.co.uk
Paying workers - Pay as you go (PAYG) withholding: Tax basics for small business
 
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If you employ a worker or if you are a director of your company, this video explains the pay as you go withholding obligations you have as an employer. For more information, visit http://www.ato.gov.au/TaxBasicsVideos
When do I pay capital gains tax on the sale of a business?
 
04:14
Do I have to pay capital gains tax? What is capital gains tax? What concession will I receive? Simon Winter, Principal of Raine & Horne Corporate Business Sales SA & recent winner of the Real Estate institute of Australia's Business Broker of the Year Award for 2015 discusses capital gains tax when selling a business in Australia. If you would like to know more or are looking to buy or sell a business feel free to contact Simon using the details found at the end of the video.
Why Businesses Don't Pay Taxes, Customers Do
 
03:33
This video shows why customers pay business taxes. It's very simple.
Do I have to pay taxes on my employees tips?
 
01:39
http://www.wisefinancialservices.ca Wise Financial Services, Shawnigan Lake and Victoria BC (Vancouver Island) Small Business Specialists Gay Wise Wise Financial Services 1757 Shawnigan-Mill Bay Road Phone: 250-743-5999 From the beginning, Wise Financial in Shawnigan Lake, Vancouver Island, British Columbia, has focused on providing a range of high quality financial services for small businesses. From accounting and bookkeeping to business training and consultation, we are your one stop shop for any financially related business services. As the Cowichan Valley's Small Business Specialists, we provide the following services: Accounting and Bookkeeping Personal and Corporate Tax Advisement Business Consulting and Training Certified QuickBooks Training
Views: 315 WiseFinancial
How to Pay Myself In a S-corporation (S-corp)? [LLC comparison too!]
 
04:32
Where's my S-corp tax savings!? First, you must pay yourself! Second, you must earn more than 'your standard' pay! Check out the video for more!
S Corporation Form 2553: How To Pay Yourself Reasonable Compensation Reasonable Salary Gusto Payroll
 
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S Corporation (Form 2553) Reasonable Compensation Reasonable Salary How To Pay Yourself Gusto Payroll. ★ S-CORP ONLINE COURSE NOW AVAILABLE (CLICK☞): https://bootcamp.advisorfi.com/p/s-corporation-bootcamp Business ownership is adventurous, rewarding, and completely confusing. Sure you can come up with the next business idea and change the world with a single event, but how do you organize and run the business side of that idea? Should you set up an LLC and how should it be taxed? Are you prepared to streamline this new business venture and idea? What information should you consider in your business that's meaningful, and when do you implement it? Where do you go to find the best tools possible for your business? How do you save money on taxes? Where do you set up your new company? What technology should you use to make running your business easier? These aren't the things that we learn in school, and chances are you don't have time for trial and error. You're here to make money doing what you love, and I'm here to make that easier for you and absolutely practical. ★ S-CORP ONLINE COURSE NOW AVAILABLE (CLICK☞): https://bootcamp.advisorfi.com/p/s-corporation-bootcamp In this Bootcamp for Converting to S-Corp (Form 2553), you will walk away with knowledge such as; How do you to properly start your business, ~ Why you should consider S-corporation (Form 2553) for your business venture, ~ How do you properly complete S-Corporation (Form 2553) correctly when you are NOT late in electing, ~ How do you properly complete S-Corporation (Form 2553) correctly when you ARE late in electing, ~ What are the IRS S-corporation expectations and requirement for your S-Corporation (Form 2553), ~ What are the best 2018+ tax reform business savings for my S-Corporation (Form 2553), ~ What are the best business and accounting apps to use to make running a business easier and are there exclusive offers for them through AdvisorFi.com, and much more! ★ S-CORP ONLINE COURSE NOW AVAILABLE (CLICK☞): https://bootcamp.advisorfi.com/p/s-corporation-bootcamp By the end of this S-Corp Bootcamp, your business venture will be in tip-top shape to make your dreams and tax savings become reality. You'll have a complete plan for how to set up your business venture correctly that saves you money and time, and rolling out the best technology that will make business ownership as an S-Corporation a breeze! This online course is the first of it's kind and is the beginning of a series of educational online products to be created by Will Lopez, Founder of AdvisorFi. Needless to say, we are excited to show you how successful business ownership is really done. :) ★ S-CORP ONLINE COURSE NOW AVAILABLE (CLICK☞): https://bootcamp.advisorfi.com/p/s-corporation-bootcamp =========== Gusto Payroll (CLICK☞): https://gusto.com/r/uBiOb =========== FREE Consultations (CLICK☞): http://meetme.so/freebie =========== Subscribe (CLICK☞): https://goo.gl/o8hRuk =========== Best Playlist (CLICK☞): https://goo.gl/Kvb41h =========== IRS: Reasonable Compensation: "S corporations must pay reasonable compensation to a shareholder-employee in return for services that the employee provides to the corporation before non-wage distributions may be made to the shareholder-employee. The amount of reasonable compensation will never exceed the amount received by the shareholder either directly or indirectly." Reasonable Salary: https://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/S-Corporation-Compensation-and-Medical-Insurance-Issues LLC Tax Classifications: http://www.companiesinc.com/llc/tax-classifications.asp Key Words: S-Corporation, Form 2553, Small Business, Partnership, Sole Proprietorship, C-Corporation, Tax Classifications, Small Business Election, Entrepreneur, ★ Please LIKE Comment & SUBSCRIBE: https://goo.gl/o8hRuk ★ Thanks for watching http://AdvisorFi.com ★ Music from YouTube: https://www.youtube.com/audiolibrary/music #Accounting #Business #Taxes
Views: 36775 advisorfi.com
What monthly Taxes do I have to pay every month?
 
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$8 million in penalties was paid the government from Small Businesses that didn't do their tax paying correctly. Don't be one of this statistic! As small businesses we have to pay out taxes, and then we have to reconcile them. So much work. So much can go wrong. Hire Chad and Paychex to handle these in order to stay current and grow your business! Hire Chad Young and Paychex! Account reps at your fingertips! http://www.paychex.com/ http://www.paychex.com/payroll-taxes/small-business-payroll-services/ https://www.paychex.com/secure/payroll-taxes/sales.aspx?e=5
Taxes: How much should Independent Contractors pay in estimated taxes
 
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Recently, I was asked how much in taxes should be paid when receiving payment. I exampled that when you are an independent contractor you are treated like a business owner from a tax perspective. That can be a good and bad thing if you don't fully understand how to leverage being a business owner from a tax perspective. Many side hustlers, solopreneuers and entrepreneurs are not aware that the Internal Revenue Service (IRS) requires business operators to file estimated payments, which are due quarterly, on the following dates every year. January 15th, April 15th, June 15th, and October 15th. When you don't pay your estimated payments and you owe money to the IRS, they are kind enough to apply a penalty for not paying those payments. I want this young solopreneur to avoid any penalties so i recommended that he pay his estimated taxes monthly instead of quarterly due to the typical money psychology that most people have.
Views: 828 Camari Ellis

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