Filing Taxes For Multiple Businesses?!

In this video, Alexander Efros, MBA, EA, CPA, CFP® from Efros Financial answers questions regarding the filing income tax returns for taxpayers with multiple sole proprietor businesses.

IMPORTANT: The information presented in this video is not tax advice, tax analysis, or legal advice, and it should not be construed as either of these. Consult with a qualified tax and/or legal adviser prior to acting on any of the information presented in this video.

Efros Financial is a Los Angeles-based CPA firm providing financial planning and tax preparation/resolution services.

[Liazon]

This content you made a year ago it’s totally helping me in 2022 when Covid has a screwed in the photography industry and I made myself a name doing automotive work on the side. Thanks a lot! You’ve earn a subscriber!

[acehyer]

I really appreciate your knowledge and clearly your experience. I'm allocating time to understand what I'm going to need going into business to toe the line with the IRS. I run multiple YouTube channels and and wanting to include separate merch stores to each niche along with being a musician and a producer, so understanding all of these small details are really a huge help at understand how I need to attack my taxes and my business structure .

[gabrielalopez]

Notary public services along with tax & bookkeeping will need to be reported separately?

[minem]

Questions!
If we switch business from dba to llc, each with different ein #’s, do we do 2 schedule c? Note: same type of business and name, just dba changed to Llc on the name.

[shericeskreativlane]

Great video! Is it okay these businesses also have separate bank accounts?

[Crystal-beze]

FYI you don’t always get a 1099, when you file a schedule C you rarely get a 1099 misc.

[deplorablechick]

Is there a way for non-tax professionals to locate the national averages for each category? Is there a worksheet somewhere, maybe like the one you'e using?

[mohammadalamgir]

Tax payer live in Texas and works in Dallas w-2 income 11460 and Nevada w-2 income 6850 ? What’s file I do?

[oblivion]

can each business claim the same type of tax credit

[soorinc]

Please advise, I have two LLCs
S Corp as separate entities, which tax tool is best for business tax filing?

[KS-hmfl]

PayPal has issued me one 1099K but with 22 transactions. some of the transactions belong to one business and some to my other business. How should I report it by having only one form? I have to assign it to a business, but I cannot allocate the total to one business and nothing to another. Thank you. Waiting for your reply.

[soundsbyeye]

I have a question, . CA charges $800 franchise tax. If I have single member LLC that owns/parents other single member LLC(s) [lets say 2], does the $800 franchise tax apply three times? Would each LLC get their own TAX ID or use the same Tax ID ?