Sole Proprietorship Taxes Explained

In this video, about sole proprietorship taxes explained, we cover self employment taxes and the Schedule C. If you are a sole proprietor or single member LLC, this is a good guide for you to follow for your tax obligations, filing, and estimated tax payments.

Please know the importance of tax write-offs as well as your tax filing and tax reporting obligations with the IRS. We'll also cover estimated tax payments to see whether you will get penalized. Please let us know if you have any questions and we'll be happy to answer them.

[BlockDefender]

Thank you so much for just getting to the point and keeping it short and sweet. I had already watched two 15 minutes videos and still had no idea what the hell I was actually supposed to do but you made it crystal clear. Thanks!

[izm]

After all I've been through, if someone would've just got to the point like you.... You are greatly appreciated. Thank you so much for this great content!!!!

[jeanalexandre]

According to Cassandra the tax lady on YouTube. You should set up a separate saving business account for your taxes only. Second tip is you should save 33% of your gross income for taxes.

[kencross]

Thank you, I enjoy your simplified versions on "Sole Proprietorships." Your explanations are the meat and potatoes of real world application without all the filler green salad and breadsticks..

[JTL]

this video literally helped me so much .. you guys should definitely make an instagram and get it poppin' .. you deserve to be noticed more

[AnthonyVargasHD]

The teacher who brung the public out of ignorance <3

[chefDiezel]

This just helped me so much. Thank you for putting it so clearly. I feel a lot less overwhelmed now!

[Shoeicide]

Just started a business and decided to see what information you had! I am a tax professional and I explain this to my customers all the time.

[chadself]

I have to thank you. I've been watching your videos for years and you really do break it down simple. I'm so clueless with anything that you help so much. I've been clueless on how to pay quarterly tax and how to know how much to pay

[antiheroine]

Thank you. I appreciate when people explain things like I am a slow child. If I put ego aside, I can admit that I AM a slow child and I need it explained like this

[sevenblessed]

I can't believe you give us so much free information.... You are literally the best

[vinnygoombatts]

I pay at the end of the year. When the IRS asked me "why aren't you sending in your payments through out the year?" I told them, "I need that money to live off of all year long because taxes are so high and so many." they hung up.

[portaadonai]

wow fantastic clear simple explanation for me a person considering becoming a electrical contractor

[CindyValencia]

I have a business never learned this - would love to learn I always see people getting work cars and expensing it

[luluopal]

thank you so much! i've been wanting to start a small online business for nearly a year and 2021 is the year i'm starting. i had no idea where to begin with filing taxes or anything relating to taxes on my business and you really cleared up my confusion! thanks again!

[Mcgurkyyy]

I have two more questions. How do I know how much my estimated taxes are gonna be? And how do I exactly send them in? I assume it’s not as easy as just sending a check to the irs labeled estimated taxes

[ritaspartyrentals]

Just want to say Thank You for sharing this very important information. We appreciate all you do to help us all.

[MimiJulien]

So I work a 9-5 working a full time but I also started a small business last year. I got an EIN number. My business made less then $1000. But I spent more to get it going. How do I filed my tax and what to claim on my taxes? Please help me

[RobbGorringe]

Thank you SO much! All the info is so needed for me, even the "estimated tax payments". It makes total sense.

[morganadams]

So if we want to file estimated taxes throughout the year to avoid interest and fees, where do we file and send the money in? To the IRS or our state’s website?