@oliviasaad3: An LLC and taxes can be hard to understand. Here’s the easiest explanation I can give. #finance #learnontiktok #selfemployed #llc #finance101

pepboysautop :

An LLC is just a legality. You don’t have to have an LLC in order to make/spend money. You are by default a sole proprietor and can write off any expenses related to the business income. Filing LLC paperwork is merely for legal protection of personal assets.

Ray :

you are not a normal person you are a very smart person great job

Saif...... :

so its like subcontractor

user5702618657379 :

Explain it to me like im 5

crizzg6 :

Business owner here .. You won’t be sorry ! Put money in retirement each month .. even if it’s not a lot.

Monica :

Here for my weekly lesson.

Schnauzy Dad :

Congrats. I just did what you did this year as well. I was with my company 19 years ago now I work for myself!

Lilly😊 :

I thought the video explained everything but after reading the comments I feel lost 😅🤷🏽‍♀️

305Gomez :

LLc limited liability company. Protects your personal assets.

McMars :

This is not what llc means but it’s a part of having an llc. It just separates your personal money from business money. You could be 1099 and tax’s are the same as llc but you have no protection. The llc protects your personal assets if you were sued or go bankrupt. Like how trump had business go bankrupt but not him. The llc doesn’t really impact taxes.

Staci Sour Martinez :

id hop right on out of that into a sole proprietorship if you dont wanna get screwed on your taxes... the way you explained this you'll end up owing a boat load of taxes... 🫣 please dont screw yourself

Uriel Valles :

While your partly true about the tax aspects when working w2 vs 1099. The llc is not something to with taxes it’s about protecting yourself. In your 9to5 example if you mess up or do something your employer is on the hook. If you have an llc and you mess up only the llc and what’s under the llc can be sued. Your personal assets are safe

IEDaniel :

Very well done. To elaborate, an LLC is a single person owned pass through entity for tax purposes. LLC generates revenue and pays the taxes and holds the sole liability and profitability. The owner then is distributions from the LLC known as income.

marisol☀️ :

Tommy t :

That’s good. You’re in an LLC. You’re protected at least. That’s smart moves

user7713024356215 :

Careful if you get a 990t and don’t catch it. 😢

Skuff & Hyler :

Sooo are you needing employees for your LLC? 👀I know you’d be the coolest boss

ElTri :

Great job on the explanation. I’m an accountant and I found the easiest way to explain this is that an LLC is just a legal entity. From a tax perspective, the responsibility of paying taxes now falls on your rather than your employer. The two taxes are your income tax and your self employment tax which is 15.3% of your net income (after applying expenses). I recommend my clients always keep track of their accounting, that’s were people drop the ball 90% of the time.

🫱🏻‍🫲🏿 :

first!!

Amy Anderson :

Limited Liability Company? (Did I get it right)?

AssGoblin :

Let’s go 1099 gang 👍🏽

Lexx :

You even look happier! Look at that smile at the end! 😁

robvicious :

i need more help hahahah 😂

MamaBec :

Smart

CheeryRestorations :