Maximize Deductions For 1099 Contractors

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Independent Contractor Taxes. Schedule C Independent Contractor. W9 For Independent Contractor. 1099-NEC. Taxes. 2020 Tax Season. 1040 ES. Deductions. Maximizing Deductions.
You are or have recently become an independent contractor and now you are trying to figure out what financials you need to record and how. When preparing for taxes you need to know how to report your income, what your potential deductions are, how to pay your taxes, and so much more. We understand preparing and filing taxes can be mind-numbing, but in our latest video, we cover the answer to these questions!
Reminder Checklist of Deductions:
94c1bb9a-5b3b-472d-9eb0-e566c...
What Can I Deduct From My Business Video:
• What Can I Deduct From...
Auto Deduction Video Playlist:
• Auto Deductions Tips
Are You Missing Home Office Deductions Video:
• Are You Missing Home O...
How to Calculate Your Estimated Quarterly Taxes Video:
• How to Calculate Your ...
Tax Estimator Tool:
www.xqcpahouston.com/tax-esti...
Successful Tax Planning Steps 2020 Video:
• Successful Tax Plannin...
If you have any questions please contact us at:
(832) 295-3353
Set up an appointment with us today:
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#Taxes #IndependentContractor #2020Taxes
_________________________________________________________________________________________
DISCLAIMER:
Tax Tips discussed here were prepared for the purpose of this video. To apply these strategies, please consult with your CPA or professional tax preparer.
00:00 - Intro
00:44 - How Do I Report My Income?
01:37 - What Can I Deduct?
02:40 - Can I Deduct Car Expenses?
03:10 - How Can I Claim Home Office Expenses?
03:45 - How Often Do I Have to Pay Taxes?
04:31 - Do You Have Additional Advice?
05:12 - Conclusion

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Опубликовано:

31 июл 2024

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Комментарии : 33

@pongop 5 месяцев назад

Very helpful. Thank you!

@zekevelasquez8918 3 года назад

Thanks for the informative video! Just started an independent contract job {1st time}. I almost didn’t accept the job by I was intimidated by the 1099. I didn’t know that I had to report quarterly...I thought I could just file taxes the same once per year like everyone else? But at least I found out more knowledge about deductions from y’all. Thanks again!

@XQCPA 2 года назад

Thanks Zeke, if you need more tips, feel free to call us at 832 295 3353.

@conniealldis 2 года назад

@@XQCPA I am doing survey work for a communications company, and they pay me per survey. They said I was a 1099 employee. They just Direct Deposit between $2000 & $2600 a week in my bank account. What I need to know is how much should I be withholding for the IRS ??? Some say 15.6% some say 35% Thank you

@jeremiahp_17 Год назад

Any tips?

@ericstainz9072 2 года назад

Thank you.

@Intention8 Год назад

Is number 7 state income the same number as fed income? If no tx was withheld?

@tinabensinger5419 2 года назад

How do you do taxes if you have a full time job AND work Uber and Door Dash on the side? Do you submit your normal annual taxes AND quarterly taxes for the Uber and Door Dash?

@XQCPA 2 года назад

Hi Tina, your door dash activities will be reported on your Sch C. If you need more tips, feel free to call us at 832 295 3353.

@iselaa4333 5 месяцев назад

my husband is Sub contractor will it be the same? he gets the 1099 NEC

@rui3608 Год назад

Hello! Just wondering do you speak Chinese? My uncle is located in Houston and needs tax advise. Thank you

@jamesphipps8657 Год назад

a video to tell you to watch other videos

@jadexplores2100 3 года назад

Hi; do you know if 1099 contractors (US based) can work remotely wherever they want in the world (assuming the contractor hires the right professional to file/pay taxes in the various countries they've worked in)? I'm speaking from the perspective of a person that wants to be nomadic, perhaps living in say 2-6 countries outside of the US for half of the year.

@XQCPA 2 года назад

Yes that is possible Jake. If you hv more questions, feel free to call us at 832 295 3353.

@aagalani 2 года назад

What are the asterics in the deduction list? Good viseo.

@XQCPA 2 года назад

Hi Andy, some of these deductions maybe included in other forms ie 8829 or Sch A. If you need more guidance, feel free to contact us. We love to help.

@dakdur1126 2 года назад

What happens if I have a part time job non benefits eligible which is a W2 paid job, but also work for 3 other companies as a 1099 independent contractor?

@XQCPA 2 года назад

Hi Dak, your 1099 income and expenses will be reported on Sch C. Feel free to reach out to us if you have additional questions. 832 295 3353

@sikwitit937tv Год назад

Can I live in one state and then rent an apartment in another state that will be used for business purposes as it would be cheaper than getting a hotel weekly. Can I write off that rent payment?

@jefferyaustin1571 2 года назад

Hello Charlene, I am a self-employed without receiving a form W2 or 1099. Can you tell me which form I should file for income tax return? Thanks

@XQCPA 2 года назад

Hi Jeffrey, do you hv an LLC? Maybe we can set up a consultation so I can better understand what’s your entity structure. If you are a sole proprietor, you will file Sch C.

@mengeviretti8248 Год назад

Oh that's easy man, if it's not documented don't report it! Happy trails!

@sauce9178 2 года назад

im about to become a working minor but my mom wants to claim my expense or taxes or whatever on 1099. how do u do that?

@XQCPA 2 года назад

Hi Sauce, we will need to understand your case a little more ie who is performing the work and who will receive the 1099 as income. Usually you will deduct direct expenses you incur against the 1099 income you receive under normal circumstances.

@queenshaal6949 2 года назад

@ncp3077 2 года назад

What if I'm a nurse and I travel to work but I am a 1099 contractor, Can I deduct home office etc?

@XQCPA 2 года назад

Hi NC, if you have a regular and exclusive home office where you conduct some administrative work for your 1099 activities, you may qualify for home office deductions.

@ncp3077 2 года назад

@@XQCPA Thank you