Small Business Tax Filings - Everything You Need to Know to Avoid IRS Penalties!

Filing taxes can complicated, especially as a business owner. In this video, I will explain the specific forms and filings you need to file to avoid owing penalties to the IRS.

Intro: 0:00
Sole Proprietorship Filings: 1:44
Partnership Filings: 3:11
S-Corporation Filings: 4:51
C-Corporation Filings: 6:09
Additional Filings to be Aware of: 7:02

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Disclaimer: The information provided in this video is for informational purposes only and is not meant to take the place of professional legal, accounting, or financial advice. If you have any legal questions about this video or the subjects discussed, or any other legal matter, you should consult with an attorney or tax professional in your jurisdiction (i.e. where you live).

[jwhubert]

What an amazing video. Really great clarity and detail on the different types of business structures and taxes. Thank you! I’ll definitely be rewatching this one

[tribaltravelclub]

So Helpful. I am glad I found your page. It's a digestible Tax game changer for us. Blessings

[dlw]

love her. Well spoken, articulate and great energy!

[kx]

I have a bachelor's degree in account and am brushing up on some things. This video was so enjoyable to watch. I was never so happy to subscribe to a channel.

[EducatedEmpress]

Thank you so much for this informational video. I needed this and it came right on time.🙌🏾😎

[JamaicanDeelite]

Fantastic video! Thank you for putting this together!👏🏿👏🏿👏🏿👏🏿

[dancers]

You give me hope for our future, thanks young lady!

[monica]

This is fantastic! Keep up the good work

[MrNitPic]

Amazzzing!! SOO well done and Beautifully Presented and Imagery!

[NinaRossBusiness]

Thank you for sharing. Good information

[XYRN]

I was looking for this video to explain the forms… Great job … LYFE Accounting. When will you guys do a live? I have a few questions…

[amazinkprinting]

Really helpful. Thanks so much, Krystal.

[pcdivision]

This video was on point, thank you so much 🙏😊

[dream.machine]

I started my YouTube monetization in October last year and got my first check in February. I needed to see this video since I found out that I needed to pay taxes as a new Sole Proprietor for 2021. I was a bit stressed the last few months about how much I needed to pay and save up for taxes. I subscribed too by the way 👍🙂

[susanjenkins]

Great explanation of taxes for an LLC. So I can keep filling my personal and use schedule C for my business.

[elizabethaviles]

Hello thank you for this!

Is there such thing as quarterly estimated state taxes?

[willvanderwal]

I started a LLC stump removal business with a 50/50 partner. When we opened a small business account the bank asked if we were s Corp or c Corp. we are s Corp. we’ve been in business for about 7 months, we are just finding now we may be needing to file tax reports quarterly and don’t know which forms to use or what to do about the previous quarters. Only one quarter was profitable. Thanks for your help in advance

[lllunasutra]

sooo i only have my DBA and EIN no llc, i didnt file last year cuz i wasn't thinking about it so hopefully this will help me figure out what to do now

[sarahthomas]

Do you file all of these taxes quarterly or just wait till you file your personal taxes to report them and pay at that time?

[melodeful]

I’m new to to wanting to start a business I just watched your video which was extremely helpful I do have a question so because I’m in the start up phase I have processed my ein with the irs and started my business account but should I have waited till I have constant income from my business to create my ein . When taxes come around if I file & don’t make enough will I owe penalties .