1. This was a very helpful and informative video!

2. Great work with the explanation

3. I’m confused. Does profit come from sales after expenses or from what is brought into the company (owner’s contribution and sales)?

4. Good Information. Thank you !
   My question is : what about the initial $500 you took from personal money to start the business, you don’t count it as expenses for the business ?
   And if the business does not make profit, you still pay federal tax ? On what ?
   Last , I can’t see the other video of you

5. How much can you pay yourself ? If you have no employees?

6. What about the money you keep in your business account. Does that not get taxed until you bringbit over to your personal account?

7. I thought it was take 30% for yourself not 40 and 30 for taxes and 40 back into the business

8. Excellent Video clip! Excuse me for butting in, I am interested in your initial thoughts. Have you heard the talk about – Chireetler Become Athletes Rule (erm, check it on google should be there)? It is a great one off product for understanding how to get a government grant minus the hard work. Ive heard some great things about it and my friend Sam got astronomical success with it.

9. Yea perfect. Let’s work hard so we have to give half to the communist crooks who don’t work for it. Thanks for fucking me irs

10. Cool but still how to keep it steady regarding market/currency continuous changes which make almost hard not to use personal , its a maze man .
    Thank you this was helpfull.

11. Jokes on the IRS I make no profit… each quater they get to see I'm negative lol. Then, I write off the loss on my personal taxes as a loss from Investment from my W-2 taxes. So, lowers my annual income and gets taxed at a lower rate.

12. So the money that you save in the business saving account doesn’t get taxed?

13. Your friendliness makes me feel so comfortable!👍

14. Long story short. Taxation is theft…..

15. That’s not how federal income tax works. You’re not taxed 25% on $50,000 just because you made $50,000 or more. You’re taxed at different rates up until that amount. That’s the point of “brackets”.

16. if i plan to create a single member llc in texas next in march or april

    march/april 2020…i wont pay taxes for the llc until next year correct? on april 15, 2021….then from there on i'll do the quarterlies if needed/depending on amount made the 1st year..etc.
    
    or
    
    if i start llc on march 2020, i'll have to pay 1 month later? on april 15, 2020?
    
    or if i create the llc on 4,1,2020…i'll have to pay 14 days later 4,15,2020?

17. This was simple I loved it, am into small business.

18. That's so ridiculous, how I already paid taxes on those initial 500 dollars and to pay my self back I have to pay taxes again. Doesn't even make sense

19. This video helped us out so much. We just made it passed our 1st year in business!!!
    Please follow us and check us out!!!
    @Safesidetreatments
    Safesidetreatments.com
    #Safesidetreatments

20. So … I put $500 in and get $240 back at the end of it all?

21. Is that 15.3% only as a sole proprietor ? Or does that apply to LLC’s as well?

22. This is all true in theory, but a little optimistic as far as making revenue from day 1. Meanwhile bank accounts aren't cheap to maintain and an overdraft on even one account is a hole to climb out of so I really can't afford two accounts.

23. Awesome. Clear. Comprehensive. Straight forward. Ty!

24. It’s sad that we don’t learn this in school

25. Has this changed with the new administration can we get an update please ? The last administration didn't want us to win.

26. Hi David,
    Just started my own business and have no other income, and haven't paid myself because I have no idea what I'm doing. I have a business account separate from my personal. My question is, in reference to your video, do we only pay taxes on the monies paid to ourselves? What about the "$500" you left in the business savings? I thought we'd have to tax the $1500 ($500 initial deposit + $1000 profit). I know this video is older, but if anyone sees my comment, please advise LOL Thank you!
    Best regards,
    Marlene

27. Very informative. Thank you.

28. What if your being taxed as an S Corp? Do you pay 100% SS/M through the business or do you pay a percentage on both the business and personal level?

29. When do you have to set aside the taxes; Only when you draw from the business account? Or on all business 'surplus' at the end of the month/quarter?

30. It's amazing to me that we as Americans tolerate this insane tax system from an insanely corrupt government.

31. Thank you very much for this video!

32. Tax is getting ridiculous. The Revolutionary War was over 19% taxes.

33. 1? Do I start paying da payment every 3months right now or do I pay it after I get da tax forms??? Help please

34. Wow, that's a lot of money to be paying the government. So what's up with the sales tax? Does that 6.25 percent come out of the business as an expense while figuring the profits or what? Also, what's the other video you speak of called? Did you make one?

35. I dont understand how you it's possible to put the $500 back into the business and say you only profit the $400 you pay yourself and than get taxed on the $400 cause what's stopping you from only paying yourself $100 and saying that profile and put the rest into business savings and not paying taxes on the rest?

36. This helped me a lot!! Thank you!!

37. I'm sorry am I missing something? You invested $500.00 so your total return was $1000.00, your profit would equal $1000.00 minus (materials purchased+$500)=Profit. You need to subtract the money you initially invested in the business. You wouldn't pay taxes on the $500. you loaned the business from your personal funds.

38. thanx, so informative. look forward to other videos.

39. Not Christian at all, but thanks for the video. Very informative content.

40. This is just what I was looking for. My only question is about starting a VERY small side business where I don't know what to estimate for the quarterly tax. I might not make any money in 2 quarters and finally make some money in the 3rd. Is it about sending the IRS any kind of check in the quarters even if very little? Sometimes a new business shows no profit for a few years. How do you handle the quarterly tax payments for that?

41. I loved this video I also subbed!!!

42. What about a s-corp ? Paying into a retirement Tax free

43. Thank you this was very helpful! Just asking for some advice, how much from our business income should we use for personal use? How do you budget the two?

44. Good video. I've seen other videos say that the initial $500 should be a loan to the business. When the business pays the loan back to you, there are no personal income taxes on it.

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