San Francisco here

Steve from Chicagoland

Detroit, MI

Hi from Santa Cruz, CA

Good morning from Las Vegas, Nevada! Theresa Bimbela with TAB Professional Services LLC - grant writing services. :D

California

Denver

San Francisco

Burlingame, CA

Jacksonville FL

Sacramento

Hi from Brazil

Northwest Michigan

Atlanta, GA

Oklahoma

Good morning from Fontana, CA

Hello! Colorado here!

Calling from Palm Beach Gardens, FL & am currently under a hurricane warning.

John Bunch, SBDC consultant from Michigan

Hello from Seven Hills, Ohio!!!

Hello andrews, tx

Park Rapids, MN

Marline - Ft Lauderdale FL - Hello Everyone!

Lorna Anaya Anaya Medical

Good Morning, Amanda From Hartshorne Ok Three Queen Brats, LLC

Greetings from Balm of Gilead Skincare Products LLC/Cape Girardeau, MO ReNaTa Cole.

I’m Tearsa, co-founder of Two Crowns Media, a SF Bay Area based videography and photography company.

Fay Glass, CEO/President from Focus Point Emergency Management Consulting Services in Southern California in the city of Fontana.

Good morning everyone

Dawn R. VargaManaging Partner, OnTarget Digital ServicesO: (951) 394-1952www.ontargetdigitalservices.com

Rowen Kanj, Operations manager & tutor in Ontario, CA!

Laurie Heon, Business Manager of EMTi, Easthampton Machine & Tool, Inc. in Easthampton MA. I will only be listening to you today.

Good Morning! Kehinde from Oakland CaOwner of Kalm Korner and Choc’late Mama CookiesKalmkorner.com

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 Heat Owner of Magz Wagz Dog Walking and Pet Care in Charleston, SC

Nakita Price Owner of 3rd Eye Watching

My finance lady!!!

Hey, Talibah!

Connect with Talibah Online:Facebook: facebook.com/tmbtaxesllcLinkedIn: https://www.linkedin.com/in/talibah-bayles-tmbtaxes/Instagram: @tmbtax

Talibah your energy is so uplifting! Making taxes fun!

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.

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.

Loans

never

seeking funding

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

Seeking a grant.

first year in business

Loan

When applying for grants I have provided tax information

I've had to show them for benefits verification for my kids disability services

It’s my first year in business also

As a requirement to apply for funding for my company.

when applying for women/minority owned business certification had to show taxes

Franchise Tax Board

I had to show my tax return when applying for business grants and applying for my business office lease.

provided tax return when applying for CA grant during covid and also when seeking a new tax preparer :)

To get certified as a women owned biz, we must show our return

if you need FREE business support in LA County we are the SBDC - 866-588-7232

Business Tax write off for small business ie. Home office, expenses, vehicle

Have had to share yet. I am wanting to run my business correctly - bookkeeper/CPA.

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

A big part of what we do is to proportionally allocate our costs for things like utilities because we have a home office.

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.

Connect with Talibah Online:Facebook: facebook.com/tmbtaxesllcLinkedIn: https://www.linkedin.com/in/talibah-bayles-tmbtaxes/Instagram: @tmbtax

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

When should I hire myself as an employee? Does that ever make sense?

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..

When is the single member LLC deadline?

That’s my questions

schedule c

Schedule C

Form 1120

Schedule C

Sch c

Schedule C

Schedule c

1065 for llc i believe

Schedule C

Schedule C

1120 S

Schedule C and then there is a form that reports the LLC income for the Sched C...?

1120s

Schedule C when I was sole Proprietorship, now my business is an SM LLC

I don't have a clue

@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???

Schedule C

My business Sch C & 1120 S

Schedule C

21 = Sch C and 22 = 1120s

schedule e

Please send power point presentation after webinar. Thanks!

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?

power point would be nice

1120 S

Hi All, the powerpoint presentation and recording of today’s webinar will be sent to the email you registered for today’s webinar with.

1040

1040

1040

S-corp It seems like I file a lot of types

Schedule C

940, 1065 and 944

schedule C last year

Thanks Tearsa

new year new filing

1040 with schedule C

Glad to find I’m not the only one wondering the same things, Annie.

Schedule K-1, 1065

where is LLC on this listing?

LLC is either filed as Sole Prop OR S Corp

My company is registered as LLC, but I am the only member in this company. Which tax form should I use?

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?

Got it. Schedule C

Is there an advantage for an LLC to file as a corporation instead of an Individual?

So schedule C is also for Single member LLC's as well?

Yes if you make like 60k+ per year is what I’m told but don’t quote me

RE: Sandra

90 days

9 days

Say again!

75 days

January

5532

3 years

Talibah, could you comment on

will you repeat the question about the scorp and time?

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?

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?

I’ll be filing on Sched C with my usual 1040, Annie.

@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.

S Corp is ideal for saving money on taxes if you make a certain amount.

Can a link be posted to watch the recorded meeting

would like to have the recording if possible. Thanks

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.

When the staff is working remotely, is there a way to apply for a deduction from taxes?

Check out Talibah’s website for more resources + to schedule a 1:1 meeting: https://trusttmbtaxes.com/

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?

did the required working at home during pandemic for w2 employees allow home deduction

What if I have a positive income flow but a loss when I include the allocated costs of things like my home office?

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?

I have the same question as Charles

what about I file the business in 1120-S

I came in late will this video be able to be viewed again?

what about if you are a W2 worker but you also have a LLC business you are running, can you take / use the deduction?

I suppose I could pay myself rent in lieu of the home office deduction.

If you have a company but use your home as the main office, can you use the deductions.

If I have a mortgage, (new home owner) how do I claim my office space on my 1120S) Line #?

how long you need to keep the receipts for

I always figured out square footage and % of the rooms I use for my business activities.

Thank you

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?

Does that help me to apply for a business credit card?

Talibah: could you talk about having a business address as your home office when you are a Single Member LLC. Thanks.

Since I’m doing cottage production, my business address is my home address. 2 years of this.

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?

My kitchen and breakfast nook area are also included.

I have a virtual address but I am working at home. Can I claim some percentage for my home expense such as internet?

Track you miles against odometre

QB has a mileage tracker so you can easily track mileage and trips

Please elaborate on weight? a lot of work trucks have GVWR > 3 tons

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

Good morning, Will the recording be sent to us.

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?

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?

Please elaborate on weight? a lot of work trucks have GVWR > 3 tons

That is usually listed on the v

State vehicle registration

thanks!

I just bought a Toyota Highlander and weights almost 4500..so cannot be much bigger than that!

sq footage

square footage

Sq footage

for bonus depreciation, does that apply to a rental home hvac?

I use a virtual address for taxation purpose, but I work at home. Can I claim Home Office Expense?

What if I just have a contract in place but not by a percentage

Now...are we able to just do a space lease for our home office to prevent recapture and such upon sale of the residence?

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?

If my business partner and I both work from our homes, do we combine the expenses for Home Office expense?

was that a tax lawyer? or what type of lawyer gave that advice is the key

LLC gives her some legal protection liability-wise?

Do you have or recommend any kind of spreadsheet to track what we need.

this has been great! when is part 2

Connect with Talibah Online:Facebook: facebook.com/tmbtaxesllcLinkedIn: https://www.linkedin.com/in/talibah-bayles-tmbtaxes/Instagram: @tmbtax

Talibah’s website: https://trusttmbtaxes.com/

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

But payroll will incurr FUTA and SUTA cost.

Thank you very much!

Awesome explanation for why I switched to S corp filing.

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.

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.

Excellent information!

Thank you! This was very informative!

Thanks Talibah - great talk - thanks Rachel!

So true, never enough time. THANK U!!!

Rachel Shanklin: rshanklin@smallbusinessmajority.org

Great presentation and discussion. Thanks. Any previous webinar on ERTC?

Lots of great and valuable information! Thank you Talibah!

This was a great and productive presentation. Cannot wait for the next one,

Thank you so very much!

This was great. Thank you

Thank you. I am so sorry I missed so much I look forward to the recording.

Thank you all for joining!

Awesome! so very informative. Thank you Talibah

I’ve had my LLC for 6 years, can I move to S corp?

Thank you so much!!!!

Thanks a million for this great webinar

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.