URGENT: Unlock the Secret to Avoiding Costly IRS Tax Penalties for Side Hustlers and Small Businesses

Important Deadline for LLC Filings in 2024

As we approach the new year, it's crucial for business owners who have recently established their LLCs to be aware of an important filing deadline. If your LLC was set up on or after January 1, 2024, you have 90 days to complete a specific form. For those who had their businesses up and running before January 1, 2024, the deadline is extended to January 1, 2025.

I've been actively campaigning to encourage as many people as possible to register their companies early, and there are a couple of key reasons why this is so important:

• Avoiding the Form Requirement: If you had your business set up before January 1, 2024, you wouldn't need to worry about this form at all.
• Aging Your Business: By setting up your business earlier, your company would be legally considered one year old when you file your taxes, even if you haven't yet generated any revenue. This can open up more opportunities for raising capital, even if you have poor credit.

How to File the Necessary Form

Here's what you need to do to complete the required filing:

1. Go to the BOI Filing System website.
2. Click on the link that says "Need to file a BOI report?".
3. Select "Initial Report" as the type of filing.
4. Fill out all the requested information, including your company's legal name, tax ID, and contact details.
5. Ensure that the information you provide matches what's on file with your state's Secretary of State.

Important Note: If you receive a letter in the mail with a QR code, claiming you need to register your business through that code, do not use it. These are scams, and the letter will indicate that the form is not affiliated with any government entity. Always go directly to the official website to complete the necessary filings.

Avoiding Common Pitfalls

As you navigate this process, here are a few things to keep in mind:

• If you don't have your tax ID, you can call the IRS, and they will either fax or email it to you.
• Make sure to use your legal name, even if you operate under a different name or use a Muslim name for your business.
• Even if you have your child listed as part of the corporation, you'll need to provide their social security number as well.

If you've invested in a Chef Corporation, it's crucial to find out who the actual owners are. The registered agent may charge you a significant fee, so it's important to ensure they are legitimate and that you understand the process.

Remember, completing this filing is important, even if you aren't actively generating revenue. The IRS and banks have ways of tracking transactions, so it's best to stay ahead of the curve and ensure your business is properly registered and documented.

For any questions or assistance with structuring your business, building business credit, or accessing funding, feel free to schedule a one-on-one consultation. I'm here to help you navigate the complexities of entrepreneurship and ensure your business is set up for success.

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