November 23, 2020

When Can You File Taxes 2020

When Can You File Taxes 2020 hi everyone so a lot of people have been reaching out to ask me about filing your business taxes and filing taxes as an entrepreneur so in today’s video that’s what I’m going to be enlightening you on filing taxes as, a sole proprietorship and LLC or C Corp, and S Corp a partnership as well as those who side hustle okay if you are a client welcome back. Or someone who follows me on social media and if you’re not if you don’t know me and you’re not for me with who I am and what I do my name.

Is Tasha Nicola entrepreneur I’m a tax strategist.

Consultant and educator – hi it’s for middle to high income beauty industry entrepreneurs that includes hairstylist nail techs makeup artists barbers. Traveling professionals okay and I definitely still serve other industries as well as individuals throughout the United States okay I’m your GPS to helping you start and grow your, own business from home or from anywhere all right so oh yeah and if you want to follow me on Instagram, or YouTube I’m entrepreneur underscore help underscore a desk alright my business name is. Hard connection to LLC now let me just get my notes so that I can try and stay focused you may want to grab, a pen and paper to jot down some notes the first thing I want to address, is filing the correct form based on how you are set up so just as I mentioned, you know the primary business structures are sole proprietorship LLC let’s first talk about those sole proprietorships and LLC’s if that’s how you are. Set up you’re going to be filing a form called Schedule C which is part of your personal tax return. Ok your personal 1040 if, you are a partnership your partnership is going to file a business tax return court form 1065 and then each partner is going to get a form called k-1 which then becomes part of your personal, 1040 filing okay because at the end of the day there’s really. Not going to be a case well in most case where you wouldn’t also be filing a personal. Return regardless of what the situation is for your business return now if you are AC corporation then your business will be filing a form 1120 and then I don’t know if anyone has. Informed you or not and hopefully hopefully like if this is your first year whatever you, are actually an employee to your own business now you, may not have taken a salary so then in that case you won’t be filing a w2 for your, own wage but if you did yes then you’re going to prepare a w-2 form for yourself and that w-2 form then becomes into your personal 1040 if you are an. S corporation your business is going to file a form called 1120s and. Then you still are paying yourself as a w-2 if you even paid yourself because remember you maybe didn’t and that’s fine. And then you won’t be issuing yourself a w-2 but if so then again that w2 for your S corporation will be part of your personal 1040 now, if you’re an LLC there’s another option here if you are an LLC that’s taxed as, an S corporation or a C corporation then. Those filing rules that I just said apply to you as well okay meaning if you’re an LLC tax as a C corporation that means that, if you did take any salary you’re paying yourself as a w-2 you’re issuing yourself a w-2 same thing if. You’re an LLC taxed as an S corporation same thing if you took money for yourself w2 and it’s part of, your personal 1040 the only time that’s not the case is if you’re just a straight LLC again like I said a few minutes ago that means. You will be filing a form Schedule C which is part of your personal 1040 return ok, so hopefully I didn’t confuse you hopefully that I made that clear now the next thing you want to make sure you. Have is your all of your business and obviously your business name your federal tax ID number which hopefully you definitely. Took one out with the IRS you also need to know your business address if it’s different from your home address.

You know some of us are, using like Pio box or you know mailbox rentals or some of us are using like shared office spaces virtual offices whatever. That business address is for your business that’s what you would use and then you also now obviously if it’s your home then it’s the same thing you.

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