Sole Proprietorship Taxes Explained - Sherman the CPA

I have a question, what if you have only brought the assets to use for your business like an influencer. Can you still write those items off even though you haven’t started and made any money? Basically, you are just setting the business up. Love the channel! Thank you!

How do find out what you owe ? Site etc. Thank you for this great breakdown !

This is very useful. Thank you! Can I file my taxes as a sole proprietorship if I'm part of the gig economy (UBER, Uber eats, etc.)?

First of all I am convinced that angels exist and you are one of them. Thank you. It makes so much sense and in just under 9 minutes you will likely be the reason I save a ton of money during tax season. You are a CPA - Certified Particularly Awesome ❤

Thank you very much.

THank you, i am using your video as part of my training class, the way you explained everything is as though you talk this language everyday. It was very clear, easy to understand and is now a required review for all my new business clients coming on board!.. Excellent work!!

nice job - I have been needing this info for a long time! but, how do we make those quarterly payments??? where do I find the forms, who do I submit to, etc.....? THANKS!

God bless you because I was getting stressed out about this lol thank you!

i have a question hopefully youll respond, i had an llc registered with the state, Virtual address, registered agent etc, however due to the business not making alot of money in its first year, i was told to file together ( personal and business as one), therefore it was filed as an sole proprietorship as opposed to llc, can i still move forward with my business as a llc next year filing. , if so what are the steps

Bruh, that background fake as hell but it had me mesmerized for a good minute! Lol

I was with you until the end. You lost me at the tax bracket part. Is the business income separate from the employer income? Am I and my DBA/sole proprietor in our own tax brackets? Or will both my income from an employer and income from DBA/sole proprietor combine and then I am in a tax bracket with both incomes.

And I thought that you only had to pay taxes once a year? You mentioned "estimated quarterly tax payments". Is it just calculating what you would pay quarterly and then paying it by the deadline?

Great information!!!!! This is a video all mew small business owners need to watch. He explains it thoroughly and doesn't speed through the video.

Thank you for this now i know what Sole Proprietor means?

Thank you so much for a concise and informative presentation.

This answers a lot of questions 👍 Thanks for sharing all of this information

Can i file as a sole proprietor in tennesse. So this exempts me from franchise and excise tax?

Sole Proprietors do not have to pay taxes on the revenue their Sole Prop earns or the income reported on the 1099. Instead, Revenue Earned Minus Expense Deductions=Taxable Income ❤

so use form 941 for quarterly right or 944 for yearly?

Excellent information and expertly explained. Liked and subscribed.

Time stamps please

Thanks for the info!!

this was soooo helpful!

Great info ty

Very helpful! Thank you!! New subscriber!!!

The information is awesome and I appreciate it but it would be nice if there was some picture reference with the forms you would need to file.

Start up business sole. Expenses 20k. 0 profit for calender year. Should I owe 0? Thanks

Invaluable info. Thanks for sharing. Would love to see a video with instructions for completing the schedule C and transferring info to the 1040.

If I set up my own 401K plan because you know its my retirement plan is that tax deductible.

Do we pay all of these taxes ( federal, state, self-employment) on the IRS website or different websites?

This was super helpful, thank you!

This is the best video I seen on explaining these processes foreal bro keep up the good work please keep the content coming

this is so incredibly confusing...

Thank you so much!! Your videos are so helpful!

good video. I have to watch again

37% + 10% + 15% is the amount of taxes you could potentially pay as a sole proprietor I truly hate this country

Generating income is an action but keeping money is a behaviour, During time's like this it's proven to be a difficult challenge.💯💯

How would one go, about doing the same taxes while being a veteran and also being a sole proprietor. Recent months have been lacking in customers and travel has been extreme.

What do you do if your business is brand new, and you have no idea what your revenue, deductions and credits will be? How are you to estimate?

If the sole proprietor waits until the end of their first year in business to pay taxes, will he/she be penilized?

Over 11,000 views but not 1000 likes. Stop hating on this man and give him his props. Just like you would if it were you and what you’re doing for others. You want to be appreciated for what you do. You get back what you put out.

hi! thanks for this great video!!
regarding EIN - in the address section -for a Sole proprietor Does the Government want the Address of the business? or Address of the owner of the business?
If it is the Address of the Business - And this is a home based business, because it is a mobile business and do not have an office space But- have paid for a legitimate business address with a company and that address will be used as a business address and will be registered as a business address... is it appropriate then to use the paid for business address service on this government EIN form in the address section? This is a legitimate address that would work for a business address because no PO box or any box number.
So in the address section of the EIN form - They are looking for a business address not an owner of the business address? Thanks!

That is contingent upon the state as all states do not deduct/pay state taxes.

Part I. Taxpayer Identification Number (TIN)
Enter your TIN in the appropriate box. If you are a resident alien and
you do not have and are not eligible to get an SSN, your TIN is your IRS
individual taxpayer identification number (ITIN). Enter it in the social
security number box. If you do not have an ITIN, see How to get a TIN
below.
If you are a sole proprietor and you have an EIN, you may enter either
your SSN or EIN. However, the IRS prefers that you use your SSN.
If you are a single-member LLC that is disregarded as an entity
separate from its owner (see Limited Liability Company (LLC) on page 2),
enter the owner’s SSN (or EIN, if the owner has one). Do not enter the
disregarded entity’s EIN. If the LLC is classified as a corporation or
partnership, enter the entity’s EIN.
Note. See the chart on page 4 for further clarification of name and TIN
combinations.

Not my dog Sherman talking crazies I'm reading the same first sentence in paragraph 2 on page 3 and being that I am a sole proprietor I can enter either my SSN or Ein and the IRS prefers that I use my SSN but if I enter my Ein then I am my business not my personal business. What is this you saying now

Such a great video thank you! Can you make a video on: what happens to state tax if you start your business in one state and but are temporarily living in another (for example: for college)? Would really appreciate it!

Hi. What's the difference etween sole p and dba?

Excellent breakdown

Thanks so much for the information. It was very clear and easy to understand.

question- I am an RN and receive a salary from a hospital, but i also just started a real estate investment business (sole proprietorship)- how do i file together?

Everybody talks about what taxes need to be paid and what the percentages are. No one ever tells you which order they get paid and what gets deducted from what. Please explain to me like I got dropped on my head a lot...

Would my self employment and federal income taxes be calculated based on my gross profits(gross sales minus state sales tax and cost of supplies/fuel/etc), OR, are they calculated after also deducting state income tax? Is my state income tax based on my gross profits, OR, is it based on whats left after paying SE and federal income taxes?

Great content

😁👍💰