URGENT: Side Hustle & Business Owners Avoid Paying IRS $500 A Day Tax Penalty Unless You Do This!5/2/2024 Navigating the LLC Landscape: A Guide for the Modern EntrepreneurAs the new year dawns, it's time for those who have set up their LLCs starting January 1st, 2024, to take note of an important deadline. You have 90 days to fill out a specific form, while those who established their businesses before January 1st, 2024, have until January 1st, 2025, to complete this task. This article will guide you through the process, offering insights and practical tips to ensure a smooth transition for your burgeoning enterprise. The Importance of TimingOne of the key reasons I've been campaigning to get as many people to register their companies is the potential benefits it can bring. If you had set up your business before January 1st, 2024, you wouldn't have to worry about this form. Moreover, your business would have been considered legally one year old when you filed your taxes, even if you hadn't generated any revenue. This can open up a world of opportunities, as the more "aging" your business has, the more chances you have to raise capital, even with less-than-stellar credit. The B.O.I.R. Filing SystemNow, let's dive into the specifics of what you need to do. The process involves filing a B.O.I.R. (Beneficial Ownership Information Report). Here's a step-by-step guide:
Navigating the FormThe B.O.I.R. form itself is relatively straightforward, but there are a few key points to keep in mind:
The Tricky Case of Purchased LLCsIf you've invested in a pre-existing LLC, it's essential to find out who the actual owner is. The registered agent may have set up the LLC in a state like Wyoming or Nevada, and they may charge you a hefty fee to handle this form. To avoid this, consider having yourself designated as the registered agent, and then you can either fill out the form yourself or work with a service provider who can assist you at a more reasonable cost. Avoiding Potential PitfallsEven if you choose not to complete this form, the IRS may still be notified of your business activities. For example, if you make deposits over $10,000 at the bank, the IRS will be informed. Similarly, payment processors like PayPal may also report your transactions to the IRS. It's essential to stay on top of these reporting requirements to maintain compliance and avoid potential issues down the line. Unlocking Your Business PotentialFor those of you who have questions about structuring your business, building business credit, obtaining funding, or removing negative items from your credit report, I encourage you to click the link in the description and schedule a one-on-one consultation. Let's work together to unlock the true potential of your entrepreneurial journey. Remember, the key to success is staying proactive and informed. By navigating the LLC landscape with confidence, you'll be well on your way to building a thriving business in the new year and beyond. YouTube Source: https://www.youtube.com/watch?v=kgUo84iHaXo YouTube Channel: https://www.youtube.com/channel/UCwTiSgSSNPiNANoB2cREAAg from William Pang https://ift.tt/7BJs8MK
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