Zoom Logo

Filing A Tax Return For Your LLC: What Small Businesses Need to Know - Shared screen with speaker view
Dennis Caliyo
13:43
San Francisco here
Steve Bob
13:46
Steve from Chicagoland
Teresa Peete
13:47
Detroit, MI
Annie Klein
13:53
Hi from Santa Cruz, CA
Theresa Bimbela
13:54
Good morning from Las Vegas, Nevada! Theresa Bimbela with TAB Professional Services LLC - grant writing services. :D
Dawn Varga
13:54
California
Alison Levin
13:55
Denver
Arelious Jones
13:56
San Francisco
Tearsa Hammock
13:58
Burlingame, CA
LaQuana Dawkins
14:03
Jacksonville FL
Nakita Price
14:03
Sacramento
Rene Bonomi
14:03
Hi from Brazil
Joni Krolczyk
14:05
Northwest Michigan
Gabrielle Thomas
14:07
Atlanta, GA
Ryan Nolf
14:10
Oklahoma
Fay Glass
14:11
Good morning from Fontana, CA
Tanya Perea Doose
14:26
Hello! Colorado here!
Sue Banks
14:27
Calling from Palm Beach Gardens, FL & am currently under a hurricane warning.
John Bunch
14:31
John Bunch, SBDC consultant from Michigan
Mireille Wozniak-Michalak
14:31
Hello from Seven Hills, Ohio!!!
Lora Hernandez
14:39
Hello andrews, tx
Tamara Hilden
14:44
Park Rapids, MN
Marline
14:46
Marline - Ft Lauderdale FL - Hello Everyone!
lorna anaya
14:48
Lorna Anaya Anaya Medical
Amanda Crouch
14:49
Good Morning, Amanda From Hartshorne Ok Three Queen Brats, LLC
Renate Cole
14:58
Greetings from Balm of Gilead Skincare Products LLC/Cape Girardeau, MO ReNaTa Cole.
Tearsa Hammock
14:59
I’m Tearsa, co-founder of Two Crowns Media, a SF Bay Area based videography and photography company.
Fay Glass
15:04
Fay Glass, CEO/President from Focus Point Emergency Management Consulting Services in Southern California in the city of Fontana.
Gabrielle Thomas
15:25
Good morning everyone
Dawn Varga
15:36
Dawn R. VargaManaging Partner, OnTarget Digital ServicesO: (951) 394-1952www.ontargetdigitalservices.com
Rowen Kanj
16:20
Rowen Kanj, Operations manager & tutor in Ontario, CA!
Laurie Heon
16:36
Laurie Heon, Business Manager of EMTi, Easthampton Machine & Tool, Inc. in Easthampton MA. I will only be listening to you today.
Kehinde Koyejo
16:41
Good Morning! Kehinde from Oakland CaOwner of Kalm Korner and Choc’late Mama CookiesKalmkorner.com
Rene Bonomi
17:16
Rene Bonomi with Bonomi Desenvolvimento Empresarial, a strategic financial advisory for sustainable business. We are located in Brazil and work with business worldwide: https://bonomirene.wixsite.com/bonomi-bde
Magz
17:33
Magz Heat Owner of Magz Wagz Dog Walking and Pet Care in Charleston, SC
Nakita Price
18:22
Nakita Price Owner of 3rd Eye Watching
Ashley Johnson
18:57
My finance lady!!!
Ashley Johnson
19:12
Hey, Talibah!
Rachel Shanklin, Small Business Majority
21:38
Connect with Talibah Online:Facebook: facebook.com/tmbtaxesllcLinkedIn: https://www.linkedin.com/in/talibah-bayles-tmbtaxes/Instagram: @tmbtax
Annie Klein
21:46
Talibah your energy is so uplifting! Making taxes fun!
Patty Ross-Golden State Marketing
24:15
I went from Sole Prop to LLC. I was always doing myself but probably should hire out but between QB and TurboTax, it was relatively easy.
Rachel Shanklin, Small Business Majority
24:27
Welcome everyone! If you’re just now joining, just a reminder to keep yourself muted unless you are speaking. This webinar is being recorded and the recording will be sent to the email that you registered for the event with.
lorna anaya
24:30
Loans
Black Agenda
24:39
never
Barbara Smith
24:39
seeking funding
Nakita Price
24:41
I'm going to do my own this year because I've had bad experiences in the past with bookkeeper & tax preparers. When applying for grants had to show tax return
Trish Alegre-Smith
24:51
Seeking a grant.
Black Agenda
24:52
first year in business
Pamela Hodge
25:00
Loan
Crystal Fairley
25:04
When applying for grants I have provided tax information
Lyssa Limbrecht-Moss
25:04
I've had to show them for benefits verification for my kids disability services
Tearsa Hammock
25:04
It’s my first year in business also
Elishevah Sepulveda
25:09
As a requirement to apply for funding for my company.
Nashonne Watkins
25:09
when applying for women/minority owned business certification had to show taxes
Dennis Caliyo
25:10
Franchise Tax Board
Annie Klein
25:11
I had to show my tax return when applying for business grants and applying for my business office lease.
Ingrid
25:37
provided tax return when applying for CA grant during covid and also when seeking a new tax preparer :)
Karen Stringer
25:51
To get certified as a women owned biz, we must show our return
Claudia Shah
26:09
if you need FREE business support in LA County we are the SBDC - 866-588-7232
Dennis Caliyo
26:14
Business Tax write off for small business ie. Home office, expenses, vehicle
Patricia Stinson
26:19
Have had to share yet. I am wanting to run my business correctly - bookkeeper/CPA.
Renata
27:18
1. Will this Webinar address advantages of LLC filing as S Corp?2. Services like QBO Payroll can be expensive for a 2-3 person office. Do you recommend self preparing payroll state and federal taxes? And is there a program to auto calculate the payments?Thank you
John Bunch
27:18
A big part of what we do is to proportionally allocate our costs for things like utilities because we have a home office.
Tearsa Hammock
27:48
I have a bookkeeper but waiting to see if I should also pay for the taxes side with them. Little to no income yet with mostly expenses as we just started in September.
Rachel Shanklin, Small Business Majority
27:53
Connect with Talibah Online:Facebook: facebook.com/tmbtaxesllcLinkedIn: https://www.linkedin.com/in/talibah-bayles-tmbtaxes/Instagram: @tmbtax
Rachel Shanklin, Small Business Majority
28:59
Do you have a story you would like to share about doing taxes as a small business owner? Make your voice heard here: https://go.smallbusinessmajority.org/l/229072/2018-01-02/w7xt
John Bunch
29:33
When should I hire myself as an employee? Does that ever make sense?
Patty Ross-Golden State Marketing
31:42
One thing I struggled with on TurboTax this year was how my deductibles were categorized..they didn’t match my QB categories so alot of expenses got lumped into “marketing” and I had to recategorize alot of expenses..
Annie Klein
32:17
When is the single member LLC deadline?
Tearsa Hammock
32:26
That’s my questions
Nashonne Watkins
32:27
schedule c
Lyssa Limbrecht-Moss
32:28
Schedule C
JOSE CASTILLO
32:33
Form 1120
Patty Ross-Golden State Marketing
32:34
Schedule C
Deb Wallbaum
32:35
Sch c
Trish Alegre-Smith
32:37
Schedule C
TZ
32:40
Schedule c
Christine Rose
32:45
1065 for llc i believe
Kelly Chu
32:48
Schedule C
Sandra Griffin
32:48
Schedule C
Elishevah Sepulveda
32:48
1120 S
John Bunch
32:52
Schedule C and then there is a form that reports the LLC income for the Sched C...?
Shelley Coyle
32:52
1120s
Annie Klein
32:56
Schedule C when I was sole Proprietorship, now my business is an SM LLC
Barbara Smith
32:58
I don't have a clue
Tearsa Hammock
33:08
@Annie Klein I’m a single member LLC currently and I’m told I still need to file as a sole prop even though we have an EIN now???
Becky Hass
33:09
Schedule C
Sue Banks
33:11
My business Sch C & 1120 S
Dena Fargo
33:11
Schedule C
Renata
33:26
21 = Sch C and 22 = 1120s
M Jones
33:40
schedule e
regina grant peterson
33:45
Please send power point presentation after webinar. Thanks!
John Bunch
33:53
Doesn't this depend on whether you have selected to have your LLC be treated as a Sole Prop or as a Sub S corp?
Becky Hass
34:23
power point would be nice
SIRWELTON HOBBS
34:29
1120 S
Rachel Shanklin, Small Business Majority
34:31
Hi All, the powerpoint presentation and recording of today’s webinar will be sent to the email you registered for today’s webinar with.
Laurie Jones
34:42
1040
claudia pasillas
34:54
1040
Sarah Leyva
34:59
1040
lorna anaya
35:03
S-corp It seems like I file a lot of types
Laurie Jones
35:11
Schedule C
Dennis Caliyo
35:28
940, 1065 and 944
Black Agenda
35:30
schedule C last year
Annie Klein
35:37
Thanks Tearsa
Black Agenda
35:41
new year new filing
Fletcher Otter
35:42
1040 with schedule C
Tearsa Hammock
35:57
Glad to find I’m not the only one wondering the same things, Annie.
Tina Inkrote
36:09
Schedule K-1, 1065
Nashonne Watkins
36:10
where is LLC on this listing?
Tearsa Hammock
36:44
LLC is either filed as Sole Prop OR S Corp
Kelly Chu
36:55
My company is registered as LLC, but I am the only member in this company. Which tax form should I use?
Laurie Jones
37:25
I already own a sole prop but am going to open a grant writing consultant company. Is it possible to do a non profit for this or would you rather recommend a sole prop?
Tearsa Hammock
37:36
Got it. Schedule C
Sandra Griffin
38:18
Is there an advantage for an LLC to file as a corporation instead of an Individual?
Nakita Price
38:25
So schedule C is also for Single member LLC's as well?
Tearsa Hammock
38:39
Yes if you make like 60k+ per year is what I’m told but don’t quote me
Tearsa Hammock
38:55
RE: Sandra
Lyssa Limbrecht-Moss
39:29
90 days
Nakita Price
39:30
9 days
Patty Ross-Golden State Marketing
39:31
Say again!
Teresa Peete
39:31
75 days
Dennis Caliyo
39:36
January
Amy S
39:39
5532
Ashley Johnson
39:47
3 years
Annie Klein
40:22
Talibah, could you comment on
Nashonne Watkins
40:36
will you repeat the question about the scorp and time?
Annie Klein
41:05
What you are referring about 3yr 75 days - what is this? Time you need to file as an S Corp from the day you license your business as an LLC?
John Bunch
42:22
How does being a Multi-member LLC fit into the picture? Do all the members of the LLC have to select the same tax treatment?
Tearsa Hammock
42:36
I’ll be filing on Sched C with my usual 1040, Annie.
Annie Klein
43:36
@Tearsa yes was planning on doing the same. I’m curious if electing to file as an S-Corp is better for my SM LLC.
Tearsa Hammock
47:07
S Corp is ideal for saving money on taxes if you make a certain amount.
Tony Gonzales
49:28
Can a link be posted to watch the recorded meeting
nimrat bindra
50:02
would like to have the recording if possible. Thanks
Rachel Shanklin, Small Business Majority
51:01
Hi Tony and Nimrat, the recording + slides will be shared with you via the email you registered for this event with once the webinar concludes.
JOSE CASTILLO
51:59
When the staff is working remotely, is there a way to apply for a deduction from taxes?
Rachel Shanklin, Small Business Majority
52:30
Check out Talibah’s website for more resources + to schedule a 1:1 meeting: https://trusttmbtaxes.com/
Fletcher Otter
52:34
How far back can you take this idea?Only expenses within the tax year?College debt for instance is not deductible right, but continuing education etc?
David Sauerbeck
56:07
did the required working at home during pandemic for w2 employees allow home deduction
John Bunch
58:26
What if I have a positive income flow but a loss when I include the allocated costs of things like my home office?
Charles Stephenson
01:03:59
If you are a W-2 of your own company, but work out of your home, does that exclude you from the home office deduction?
Cherry L
01:04:27
I have the same question as Charles
Cherry L
01:05:13
what about I file the business in 1120-S
Wayne
01:05:37
I came in late will this video be able to be viewed again?
Tim Craycraft
01:05:38
what about if you are a W2 worker but you also have a LLC business you are running, can you take / use the deduction?
Charles Stephenson
01:05:55
I suppose I could pay myself rent in lieu of the home office deduction.
Antoinette Elliott
01:06:06
If you have a company but use your home as the main office, can you use the deductions.
Elishevah Sepulveda
01:06:34
If I have a mortgage, (new home owner) how do I claim my office space on my 1120S) Line #?
Claudia Shah
01:06:43
how long you need to keep the receipts for
Patty Ross-Golden State Marketing
01:06:55
I always figured out square footage and % of the rooms I use for my business activities.
Elishevah Sepulveda
01:07:34
Thank you
nimrat bindra
01:07:41
I have a office space and I also use my home office for virtual sessions with my clients so can I claim that home office expense?
Elishevah Sepulveda
01:09:18
Does that help me to apply for a business credit card?
Annie Klein
01:09:22
Talibah: could you talk about having a business address as your home office when you are a Single Member LLC. Thanks.
Elishevah Sepulveda
01:10:53
Since I’m doing cottage production, my business address is my home address. 2 years of this.
Tim Craycraft
01:11:19
what about if you are a W2 worker but you also have a LLC business you are running, can you take / use the home office deduction for the LLC side?
Elishevah Sepulveda
01:11:26
My kitchen and breakfast nook area are also included.
Kelly Chu
01:13:00
I have a virtual address but I am working at home. Can I claim some percentage for my home expense such as internet?
Annie Klein
01:15:28
Track you miles against odometre
Patty Ross-Golden State Marketing
01:16:02
QB has a mileage tracker so you can easily track mileage and trips
Fletcher Otter
01:16:46
Please elaborate on weight? a lot of work trucks have GVWR > 3 tons
Tearsa Hammock
01:16:49
I have another call now, but I’m so thankful for this information and looking forward to reviewing the video again once sent out. Thank you, Talibah
Kahlea Qualls
01:16:59
Good morning, Will the recording be sent to us.
John Bunch
01:17:16
If I have an employee and I provide a car to them as a benefit... do they have to track mileage? If I am set to be an employee of my firm, how does this change?
Becky Cain
01:17:26
So if you have more than one vehicle and you "lease" your free and clear title vehicle back to your business would the lease payment put you back to actual expenses rather than mileage deduction?
Fletcher Otter
01:19:15
Please elaborate on weight? a lot of work trucks have GVWR > 3 tons
Elishevah Sepulveda
01:19:58
That is usually listed on the v
Elishevah Sepulveda
01:20:13
State vehicle registration
Fletcher Otter
01:20:24
thanks!
Patty Ross-Golden State Marketing
01:20:59
I just bought a Toyota Highlander and weights almost 4500..so cannot be much bigger than that!
Liz Garcia
01:24:59
sq footage
Christine McDevitt
01:25:12
square footage
Patty Ross-Golden State Marketing
01:25:16
Sq footage
M Jones
01:25:38
for bonus depreciation, does that apply to a rental home hvac?
Kelly Chu
01:26:14
I use a virtual address for taxation purpose, but I work at home. Can I claim Home Office Expense?
Mona
01:27:01
What if I just have a contract in place but not by a percentage
Becky Cain
01:27:28
Now...are we able to just do a space lease for our home office to prevent recapture and such upon sale of the residence?
Patty Ross-Golden State Marketing
01:27:31
I have a dedicate room in my apt that is my office..so I deduct that sf..but I also work in my living room in the evening..sit with laptop and watch tv and work..can I deduct the living room as well?
Tina Inkrote
01:29:30
If my business partner and I both work from our homes, do we combine the expenses for Home Office expense?
Nashonne Watkins
01:32:22
was that a tax lawyer? or what type of lawyer gave that advice is the key
Douglas Ling
01:32:53
LLC gives her some legal protection liability-wise?
lorna anaya
01:34:43
Do you have or recommend any kind of spreadsheet to track what we need.
Nashonne Watkins
01:34:49
this has been great! when is part 2
Rachel Shanklin, Small Business Majority
01:35:29
Connect with Talibah Online:Facebook: facebook.com/tmbtaxesllcLinkedIn: https://www.linkedin.com/in/talibah-bayles-tmbtaxes/Instagram: @tmbtax
Rachel Shanklin, Small Business Majority
01:35:46
Talibah’s website: https://trusttmbtaxes.com/
Rachel Shanklin, Small Business Majority
01:38:13
Run you business more effectively with Quickbooks. Use this link to get 30% off a year subscription: https://quickbooks.intuit.com/partners/irp/advanced/?cid=irp-70601
Amy S
01:39:55
But payroll will incurr FUTA and SUTA cost.
Tina Inkrote
01:39:58
Thank you very much!
Renata
01:40:09
Awesome explanation for why I switched to S corp filing.
Elishevah Sepulveda
01:40:41
I’ve been on social security for 5 years. I had a manufacturing business in the past. I went out of business when the building I was leasing space in went into foreclosure. I’ve been educating and prepping to reopen for years. I really need help since I’ve started the cottage industry productions the past 2 years. I need help.
Antoinette Elliott
01:40:46
I am in the process of getting a payroll system. Is there a way to go back and pay taxes on money paid to employees by personal check. It has only been a month.
Teresa Peete
01:41:01
Excellent information!
Gabrielle Thomas
01:41:06
Thank you! This was very informative!
Annie Klein
01:41:16
Thanks Talibah - great talk - thanks Rachel!
LaQuana Dawkins
01:41:16
So true, never enough time. THANK U!!!
Rachel Shanklin, Small Business Majority
01:41:20
Rachel Shanklin: rshanklin@smallbusinessmajority.org
Douglas Ling
01:41:27
Great presentation and discussion. Thanks. Any previous webinar on ERTC?
Marline
01:41:30
Lots of great and valuable information! Thank you Talibah!
lorna anaya
01:41:39
This was a great and productive presentation. Cannot wait for the next one,
Christine McDevitt
01:41:44
Thank you so very much!
Mona
01:41:48
This was great. Thank you
Brett Augustine
01:41:53
Thank you. I am so sorry I missed so much I look forward to the recording.
Rachel Shanklin, Small Business Majority
01:42:09
Thank you all for joining!
OMOLADE OLUTOWOJU
01:42:12
Awesome! so very informative. Thank you Talibah
Mona
01:42:30
I’ve had my LLC for 6 years, can I move to S corp?
Brittany Gaddy
01:42:36
Thank you so much!!!!
Karen Stringer
01:42:42
Thanks a million for this great webinar
Elishevah Sepulveda
01:42:45
I was supplying King Soopers Kroger and have a bigger retail opp now. Enterprise Colorado is about to fund me. Can you help me and get paid from my upcoming funding? I need help to get funded.