Episode 170: Answering your S-Corp Questions and More

q&a solo show Apr 27, 2021

This episode is brought to you by my new FREE Masterclass, "The Most Common Legal and Tax Mistake at Each Stage of Business and How to Avoid Them." In this Masterclass you will learn if it's time to go from a sole proprietorship to an LLC, an LLC to a S-Corp, and how to properly run an S-Corp. You'll learn how to get more profitable in a snap and put your taxes on auto-pilot as well as how to manage the growth of your business without fear or IRS hate mail or lawsuits. Click here to sign up for the Masterclass.

 

 

This week on Facebook Live I answered the following questions:

1. I have a business that was recently registered as an S-corp under the advice of my accountant. I registered my business in my home state of TX. Due to my husband's work in the military, we move every few years. What's the point of registering my company in my home state when apparently I need to register it in whatever current state we're living in as well? - submitted by Jen H

As a military...

YAAAS, I need to finish reading this one...

Episode 163: FB Live

q&a solo show Apr 13, 2021

This episode is brought to you by my new FREE Masterclass, "The Most Common Legal and Tax Mistake at Each Stage of Business and How to Avoid Them." In this Masterclass you will learn if it's time to go from a sole proprietorship to an LLC, an LLC to a S-Corp, and how to properly run an S-Corp. You'll learn how to get more profitable in a snap and put your taxes on auto-pilot as well as how to manage the growth of your business without fear or IRS hate mail or lawsuits. Click here to sign up for the Masterclass.

 

 

This week on Facebook Live I answered the following questions:

 

1. I am self-employed (single-member LLC) and I know that I will, of course, have to pay taxes. My husband (employee for a company, not self-employed) is concerned that if we file together he will not get a return. Should we file together or separately? What are some pros/cons for this? - submitted by Bristol E

 

If we are married and filing jointly then our taxes are based on our...

YAAAS, I need to finish reading this one...

Episode 159: Answering Your Legal Protection Questions

q&a solo show Apr 06, 2021

This episode is brought to you by my new FREE Masterclass, "The Most Common Legal and Tax Mistake at Each Stage of Business and How to Avoid Them." In this Masterclass you will learn if it's time to go from a sole proprietorship to an LLC, an LLC to a S-Corp, and how to properly run an S-Corp. You'll learn how to get more profitable in a snap and put your taxes on auto-pilot as well as how to manage the growth of your business without fear or IRS hate mail or lawsuits. Click here to sign up for the Masterclass.

 

 

This week on Facebook Live I answered the following questions:

 

1. Researching domestication of my client’s LLC from one state to another and discovered their LLC expired in January. Can they still switch states if it’s expired, or will they have to renew it first? They asked if they should just apply for the LLC in their new state and dismiss the old one but wouldn’t that cause problems with the payments received since January not going...

YAAAS, I need to finish reading this one...

Episode 154: Answering your DBA and Business Auditing Questions

q&a solo show Mar 30, 2021

On this episode of the podcast I discuss DBAs, tax filing, and how to audit your business.

 

This episode is brought to you by my FREE Tax Challenge. Taxes suck but we all have to file them. I'll walk you through the 5 steps you need to get your tax documents organized and ready to file. Sign up for this free challenge.

 

Here are this week's questions:

1. I am a solopreneur of a small health and wellness business and am planning to get married this year. What is the most tax advantageous way for myself and future spouse to file our taxes? Separately? Jointly? - submitted by Christiana

Generally speaking, the best way when you are married is to file - married, filing joint because you get a bit of a better tax rate. A few times you might not want to file jointly is if one person has a lot of student loans or medical bills so it's best to look into that. Note that if you are not filing quarterly taxes for your business, it can eat into your spouse's refund. I share a lot...

YAAAS, I need to finish reading this one...

Episode 152: Your Sales Tax Filing Questions Answered

q&a solo show Mar 23, 2021

On this episode of the podcast I answer, tax filing questions from my Facebook group, Braden's Besties.

 

This episode is brought to you by my FREE Tax Challenge. Taxes suck but we all have to file them. I'll walk you through the 5 steps you need to get your tax documents organized and ready to file. Sign up for this free challenge.

 

Here are this week's questions:

1. My husband and I had an LLC that we closed last year (or didn't renew, or whatever the appropriate term is) and my current CPA is asking for a final K1 for that LLC. That didn't even occur to me, and as it files as an S-Corp, I'm pretty sure we've missed the due date. My current CPA asked me to go back to my previous CPA who had provided K1s for that business in the past - but I'm not working with her anymore and it's the middle of tax season and I would feel really really bad asking. Is this something that I could maybe do myself? I'm pretty sure it would just be expenses with zero revenue. If I can do...

YAAAS, I need to finish reading this one...

Episode 150: Home Office Deductions

q&a solo show Mar 16, 2021

On this episode of the podcast I answer your home office deduction and other small business entity questions from my Friday Facebook Live.

 

This episode is brought to you by my FREE Tax Challenge. Taxes suck but we all have to file them. I'll walk you through the 5 steps you need to get your tax documents organized and ready to file. Sign up for this free challenge.

 

Here are this week's questions:

 

1. What's the biggest financial mistake you see sole proprietorships make in their first year? - submitted by Annika P

Short answer: not paying quarterly taxes. People get in the "oh shit" cycle of not saving for quarterly taxes, getting caught off guard, then getting behind on paying them.

 

2. When I created my LLC  I set it up as a partner LLC with my husband and me. Was that a mistake? He's going to help me with things once I get everything up and running. You mentioned something about a single-member LLC and now I'm wondering if I messed up. We haven't...

YAAAS, I need to finish reading this one...
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