Proud to be sponsored by Adobe: Premiere Pro, PDF, Illustrator - Free 30 trial - adobe.prf.hn/click/camref:1100lw2e9 Katie St Ores CFP®, ChFC®, EA specializes in IRS forms, taxes, small business, and financial planning. Katie has a professional background which includes being a Certified Financial Planner, Chartered Financial Consultant, Licensed TAX Consultant, Registered Investment Advisor, and an Enrolled Agent. #katie-st-ores www.SaintOres.com
Please understand that these videos are for EDUCATIONAL purposes only and are very general.. All people and their financial situations are different. So it is important to consult your tax or financial professional.
Hello Ken, If you’re being asked to file taxes monthly, this might be related to sales tax or other state-specific taxes, but NOT the federal income taxes.
Hello Franzy, No you don’t have to claim your children on your W-4 if your husband is already claiming them. Only one parent should claim the children as dependents for tax purposes. Typically, it’s the higher earner who claims the dependents to maximize the tax benefits
I filled out my w-4 exactly like this aside from the interest earned. I have zero federal withholdings. I have tried multiple times to fill this out correctly and there is ZERO being withheld. I thought if I had a w2 I'd at least have SOME taxes taken out.
Hello Artist,. Make sure you haven’t accidentally claimed exempt status on your W-4. No federal income tax will be withheld if you wrote “Exempt” on the form. Also, in Step 4 Adjustments: On the W-4 form, Step 4 allows you to make additional adjustments. You can specify an extra amount to be withheld from each paycheck if needed.
After 18 years my employer suddenly stop withholding federal from my paycheck. when I asked why they told me to seek a tax professional and complete a new W4. I had never completed a W4 like this...i was used to my employer calculating everything for me...well I'm glad I came to the right place. Hopefully we won't owe as much at the end of THIS year. Thank you for a very informative easy to follow video. Much blessing!
Whose W4 does that 4c extra amount go on? Despite the instructions seeming to indicate the higher paying job, my husband is trying to insist it goes on mine, when he makes 10x what I do. He makes 85000/yr as a full time worker and I'm a less than part-time substitute preschool teacher who made just under $8500 for the entire year (the year before that I didn't even make $5000)... I may or may not even get a paycheck depending upon if I am called to work or not.
Hello CatC, The extra amount you choose to withhold on your W-4, as indicated in Step 4c, should typically be for the higher-paying job. This is because the withholding system is designed to account for the higher income and tax bracket that the higher-paying job falls into.
What can I do if I had my child from July 5th until the end of the year and her father did not contribute to the home but he filed taxes with her as his dependent?
I am filling out a W9, I own the business and have no employees, I am LLC but I am so what should I check in number 3a? I also have EIN number. Please clarify.
Hello Katie. As a contractor since i can use my Single LLC EIN on the w-9 and i don't feel confortable including my ssn for a job. Can i aplly for a new EIN as Sole Proprietor and use that EIN instead of my SSN. Any Answer will be verymuch appreciated.
Is this video an example equivalent to claiming zero on the old form OR is it equivalent to claiming the highest number possible (perhaps 3 with this example of two-income household with one dependent)?
Your style of teaching is FANTASTIC. Nobody ever in my life has walked me through this form in such a straightforward manner. Nobody has ever even walked through this form in my presence ever and I am 35 years of age. I find it peculiar how nobody really teaches these things along the way in adolescence onward. My own parents never even sat me down to demonstrate any of this.
Hello Pedro, For your tax Filing: Form 1040: When it's tax season, you'll file a regular tax return (typically Form 1040) to report your income and any deductions you qualify for. Schedule C: You'll likely need to file Schedule C along with your Form 1040. This schedule details your income and expenses related to your self-employment activity. Tax Payment: If you haven't paid enough in estimated taxes throughout the year, you'll need to submit the remaining balance with your tax return.
Thank you for this video. I notice that the form and instructions were changed in March 2024 compared to what you show on the screen (dated Oct 2018), and one of the IRS revisions is its explanation for Part I concerning SSN vs. EIN for single-member LLCs that are disregarded as an entity. Specifically, the sentence that previously said NOT to use the EIN has been removed. So, the way I read it, the instructions direct one to use the EIN if they have it. Have you seen this March 2024 change, and wouldn't it change your video instruction and your various answers to viewers' questions about SSN vs. EIN where you tell them to use the SSN and not to use the EIN based on the "old" version of the form? I myself do not know the answer, but put it to you. Thank you.
Hello Alex, Sorry for the delay, your comment went to "Held for review" . Per IRS instructions it is the same as it was... Owner's SSN or EIN , but NOT LLC's EIN. Here is a direct link to the IRS instructions. www.irs.gov/businesses/small-businesses-self-employed/single-member-limited-liability-companies
Hi I just started a new business I was wondering I did an LLC but I work on my business alone and do not have any employees. Would I check box one for single llc
Hi my mother has been deceased for 11 years and I recently received a notice that she was included in a settlement pay out. As her executrix I had to reopen her estate as I was told by the settlement info. The payout will be paid to her estate. I recently received a w-9 form to fill. Do I put the estate in my mother’s name as the entity on line 1? The claim number is in my name as I’ve been corresponding with the law firm. Also do I enter her ssn if she is the entity in part 1? Thank you for any help you may be able to give.
Hello Joanna, No, you shouldn't put your mother's name and SSN on the W-9 form for the estate settlement payout. If the estate already has an EIN, enter the EIN in the appropriate box. Regarding the name, typically it should be something like "Estate of (Your Mother's Name)".
Im glad i was brought into the world in a place where i can actually learn stuff like this before it truly matters. Im going into my sophomore year at 14 years old and my school hasn't yet taught us things like this which would be very important for the future. Hopefully that will change but the place i live in already goves me a head start to be able to succeed in life
My only question is that if we are filing jointly do we BOTH put the $2000 on the kid line or are we covered if one of us do it since we are filing together?
Hello. I've noticed that there is D type in W2 of 1500 (box 12). It's about 401k contributions. In this case, our answer to the question “Did you contribute to a traditional IRA or Roth IRA?” should be No anyway?
The IRS itself doesn't directly issue CPE certificates. After finishing the 50 hours of approved CPE courses, the course provider you took them from should issue your certificate.
Hello Tiffany, The IRS isn't picky and will accept money from everyone. Homeless people with jobs can still file their taxes, even without a permanent address. The IRS understands this situation and offers options for them to file. --- While a permanent address isn't mandatory, you do need a mailing address on your tax return. This is where the IRS will send any communication or potential refund. Here are some possibilities: ---Shelter Address: Many homeless shelters allow residents to use their address for tax purposes. ---Trusted Friend or Family: You can list the address of a trusted friend or relative who can receive your tax documents. ---Day Center or Social Service Agency: Some day centers or social service agencies may offer a mailing address option for tax purposes.
@@KatieStOresCFPChFCEA I have a permanent bed in a homeless shelter where I can receive mail but I was just curious about those who have to sleep in tents.
