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Video instructions and help with filling out and completing Why Form 2220 Sole

Instructions and Help about Why Form 2220 Sole

A friend, Graham Cochran here. One of the biggest questions I get as a business coach is really simple - should I run my business as an LLC or as a sole proprietor? Maybe you've asked yourself that question. If you're trying to figure out which entity makes sense to you from a tax perspective, or maybe you're just thinking, "I don't know what the heck either one of those are, or why I should care. I'm just making money or trying to make money." Believe me, I've been there. And what I hope to do in today's video is explain what each one of those are and the differences, and give you a simple and easy framework to understand which one is the right fit for you and your business. Huge preface before we begin. Number one is, I am NOT a licensed tax professional. I can only give general advice to you based off of my experience and what makes sense as a business coach. I don't know your specific details, so it might make sense to consult your CPA or your tax advisor if you have more detailed questions. And second, all of this content makes sense for you if you run your business in America. This is the country I live in and work in, and it's the tax code I understand. So, I'm gonna be speaking specifically to the American tax code. Make sense? Alright, let's jump in. Sole proprietor and LLC. What the heck are these things? In the plainest terms possible, a sole proprietor is what you are by default when you start rendering a service or selling a product. Whether you know it or not, the moment you open up shop, as it were, and start making money, you are, at least in...