Self Employed TAXES Explained & Self Employed TAX TIPS (tax return documents & checklist)

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If you are interested in learning more about SELF EMPLOYED TAXES, the 15.3% Self Employment Tax, your Self Employed Tax Return (and Tax Return Documents), Self Employed Tax DEDUCTIONS, Self Employed Tax CREDITS, some of the best tax write offs, some awesome Self Employed Tax TIPS, a Tax Return Checklist...AND are self employed OR a Sole Proprietor, an Independent Contract, OR anyone that receives 1099 income then this video is for you! If you are a W-2 employee with a 1099 side hustle then you too can take advantage of some of these tax write offs for your 1099 income as well.
In this video we discuss many of the self employment tax deductions you should consider as someone who is Self Employed...such as...Vehicle Deductions (Section 179 & Standard Mileage Rate vs Actual Vehicle Expenses), Self Employed retirement account contributions, Business Meal Deductions, Rental Costs, Office expenses, & Health Savings Account contributions
Hope you enjoy the video and find a nugget or two of information to help you on your financial planning journey.
{Hey, I recently started a Financial Vlog - would like to invite you to follow along if interested: • Escape the Rat Race & ... - Kyle}
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Timestamps / Chapters:
0:00 - Intro
1:38 - Visualize Your Tax Return Documents
2:46 - W-2 Taxes vs Self Employed Taxes
3:33 - Self Employment Tax
5:48 - Self Employed Taxes Explained
7:27 - Self Employed Profit and Loss Statement
9:39 - How to Organize Your Self Employed Tax Documents
11:42 - Self Employed Tax Deductions
12:50 - Self Employed Tax Return Tip
14:04 - Self Employed Tax Return Checklist
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ABOUT ME 👇
I've been involved in people's financial decisions for 15+ years (7 yrs Real Estate experience & 8+ yrs as a former Financial Advisor)...I now bring the financial successes, mistakes, failures, and best financial habits/tips to you through these videos.
My mission is to bring Financial Awareness to the forefront of your daily decisions so you can: improve your quality of life, increase your net worth, and grow upon your financial literacy. My videos are a reflection of my real-world experience as a real estate investor, stock market investor, student of finance, entrepreneur, and of course...my experience as a Former Financial Advisor.
This channel allows me to share my passion for personal finance, stock market investing, real estate investing, and entrepreneurship. I produce content that I would want to watch, and because of that, I give 100% effort in every video that I make. I also believe in complete transparency and open communication with my audience.
Subscribe if you are interested in:
#SelfEmploymentTax
#SelfEmployed
#SelfEmployedTaxReturn
DISCLAIMER: I am not a financial adviser or a certified public accountant. These videos are for educational purposes only. Investing of any kind involves risk. While it is possible to minimize risk, your investments are solely your responsibility. It is imperative that you conduct your own research. I am merely sharing my opinion with no guarantee of gains or losses on investments.
AFFILIATE DISCLOSURE: Some of the links on this channel are affiliate links, meaning, at NO additional cost to you, I may earn a commission if you click through and make a purchase and/or subscribe. However, this does not impact my opinion.

Опубликовано:

10 июл 2024

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Комментарии : 167

@Financial_Awareness 3 года назад

Hey, I recently started a daily 2023 Financial Vlog - would like to invite you to follow along: ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-YnZrh9YwNQo.html - Kyle

@el.handyman Год назад

I just ran across your channel... great video with lots of useful information. Working on cleaning and simplifying my P&L. I feel that I'm duplicating and even triplicating my records in some cases. I started a Handyman business 10 months ago and so I need to get a hold of it "behind the scene" before it gets completely out of hand. Thanks again!

@REIQ 3 года назад

You are the BEST!!!!! Killing it with this Channel!!!!!

@Financial_Awareness 3 года назад

@REIQ - Thanks, boss! Appreciate you taking the time to share your thoughts...cheers! 😃

@Nelson-h 17 дней назад

Amazing video, A friend of mine referred me to a financial adviser sometime ago and we got to talking about investment and money. I started investing with $150k and in the first 2 months, my portfolio was reading $274,800. Crazy right!, I decided to reinvest my profit and get more interesting. For over a year we have been working together making consistent profit just bought my second home 2 weeks ago and care for my family.

@Nelson-h 17 дней назад

@Tyrell-rr However, if you do not have access to a professional like JUDITH ANN PEACE, quitting your job to focus on trading may not be the best approach. It is important to consider all options and seek guidance from reliable sources before making any major decisions. Consulting with an AI or using automated trading systems can also be helpful in managing investments while balancing other commitments

@Nelson-h 17 дней назад

@Tyrell-rr Judith Ann peace is her name

@Nelson-h 17 дней назад

Lookup with her name on the webpage.

@Nelson-h 17 дней назад

@Tyrell-rr You are welcome

@TheWFLE Год назад

Thanks for the information and all the effort you put into sharing it with us on RU-vid! I'm not currently a self-employed individual, but I'm trying to understand the taxes first before I jump into anything like freelancing. Thank you for explaining in so much detail AND with the visuals of the forms themselves. I feel like this really helped me to understand a little bit more of what I could expect if I decide to go down this route. :)

@Financial_Awareness Год назад

Ugh, amazing!!! Thank you for sharing that. I hope you are having a wonderful start to the new year.

@jakea6837 3 года назад

Wow. Great videos. Thank you so much for putting out this great content in an entertaining and insightful way.

@Financial_Awareness 3 года назад

@Jake A - Thank you! Glad you’re able to get some value from the videos.

@sinclairlanier4081 9 месяцев назад

Thank you so much for this video!

@mitayamellen Год назад

Amazing content! Thank you for this helpful video!

@Financial_Awareness Год назад

@Mitaya Mellen - So wonderful to receive that feedback - I appreciate you - thanks! Hey, if you're the one searching this video and seeking this knowledge then I appreciate you for busting your butt and working hard to make some extra $$$ and trying to better your situation. You're the hero. Keep going!

@acamp5435 2 года назад

Thank you so much for breaking things down Barney style.

@Financial_Awareness 2 года назад

@acamp5435 - Appreciate you sharing that feedback - thank you for taking the time to watch! Hope you found a few financial nuggets in there.

@KCinspireME 3 года назад

I recently found you through one of your PPP videos. New sub. Thanks for the great info!

@Financial_Awareness 3 года назад

@KCinspireME - Hey, thank you so much for that kind feedback! Hope my videos aren’t a waste of your time and that you gain a few nuggets out of each one to improve/help your financial planning. Appreciate you...cheers!

@panchitospnbs1961 3 года назад

great videos!

@landonle9329 3 года назад

omg you're great just subscribed. please don't stop content creation. im a small business and need tips navigating. xo

@Financial_Awareness 3 года назад

@landon le - Thank you so much for taking the time to invest in your knowledge by watching this video! Good on you for that. Thrilled that you enjoyed the video. Yeah, I’m not stopping. Lol. If there are any specific topics you’d like to watch a video on please feel welcome to share and I’ll throw it on my content calendar. Appreciate you. Cheers! 👍🏻👍🏻

@martapetrash718 3 года назад

Thank you for your educational videos! Great job! I would add to your checklist Savers Credit. You can get up to $2000 credit if you contributed to IRA or other retirement accounts and have low income - less than 66,000 if married, filing jointly

@Financial_Awareness 3 года назад

@Marta Petrash - Thank you! Yes, I should have highlighted that ...and will make mention of it next time I make a video around this topic. Thank you! 😃 👍🏻👍🏻

@shakemasimmons7639 2 года назад

Great information 📝

@Financial_Awareness 2 года назад

@Shakema Simmons - Thank you!!!

@azaeltasdemir1787 3 года назад

Thanks for information

@Financial_Awareness 3 года назад

@Azael Tasdemir - My pleasure! Appreciate you taking the time out of your day to invest in your tax knowledge and watch the video. Good job! Cheers!

@nallelychow Год назад

Thank you so much!

@Financial_Awareness Год назад

@nallelychow4681 - Hey thank you! Appreciate you taking the time to invest in yourself by watching this video. I am planning on making an updated 2023 vid for self employed taxes - so stay tuned for that! In the meantime, I've been uploading daily videos - hope you check one out. Thanks!

@nallelychow Год назад

@@Financial_Awareness looking forward to it, truly appreciate it!

@jddelarosa6970 Год назад

Thank you

@SpitFire0739_ Год назад

I'm trying to become a self employed video editor, and the taxes aspect of it is super confusing and going over my head. Been researching this topic for a couple weeks and still doesn't make sense 😮‍💨😓. Really starting to stress me out, I've tried reading about it on the IRS web page and several other places but for someone who just became an adult and being exposed to taxes (which I was never taught in school or anywhere else) its overwhelmingly hard to understand.

@joecoolberry911 Год назад

Same, really stressful and wish it was taught in school. I’m taking over my dad’s business, he has a cpa do a lot so I’m going to look for one myself

@Financial_Awareness Год назад

I try really hard to ignore mentioning any of my links in my vids, but I do have links for one on one financial discussion / coaching calls. Please do not let this stuff stress you out. It can easily be found and discovered by doing research and talking to people…then applying that knowledge to your situation…it’s not hard, it’s just new to you and it’s a lot…that makes it look hard, but it’s really just a bunch of really small decisions stacked up on another. I hope some of the content on my channel has helped you. If you’re still stressing about it, please feel welcome to book a call with me and I’ll help you out. It’s the clarity call…the one for $2.50/min…so a 15 min convo could relieve some of the stress. Idk. Just offering to help if you’re still in need…God I hope I don’t sound salesy right now. Lol. Cringe.

@ishaquemia121 10 месяцев назад

@@Financial_Awareness Bro you should advertise 1 on 1 sessions as many of us are willing to pay for such coaching sessions just so we can learn and start paying taxes as a new tax payer. It's better to learn 1 on 1 where we can ask questions.

@TrixxOfficial747 Год назад

I’m currently 21, I was workin with my gpa at his small business for about 4 years, this last year he officially passed it down to me as he had a stroke and is no longer to work. Taxes has been one of my biggest expenses/difficult expenses. I want to learn every single loophole, or any deduction I can take advantage of to help save some money when tax time is coming. Any good videos or playlist you have for this?

@losbrowndogs Год назад

I am a fairily new business owner and don't have a full previous year to help figure out my quarterly taxes. How would I figure out my state and federal amounts based on that amount I made during each quarterly. For example, if I made $8,000 what would I multiply to figure out each amount I owe? I live in Wisconsin so would it be 8,000 x .153 for the state and 8,000 x .22 for the federal?

@DobleWhiteAndStabley 5 месяцев назад

I was wondering what mortgages have to do with self employment tax, then you started talking about buying a home. That's a relief. I'm not buying a home or touching a mortgage.

@CarlosEduardoDaCosta Год назад

Hi! thank you for your video. I have a question concerning Profit and Loss Statement. For example I need to give the government's Health Insurance an update on my income for 2022, this is the first year I am totally as self employed. My question is: the total amount of my income report should be before or after taxes? That is my TOTAL INCOME minus TOTAL EXPENSES/DEDUCTIONS or TOTAL INCOME minus TOTAL EXPENSES/DEDUCTIONS minus TAXES? Should I apply any On Net Profit percentage? Thank you

@GordoEats98 2 года назад

gracias

@Financial_Awareness 2 года назад

@GordoEats - denada

@vibelife5133 3 года назад

So sep tax is after all deductions? Such as standard deduction, or mileage?

@quorriebeautiful6937 Год назад

In the self employed section it asks for the payer name and the amount I'm paid for the pca caregiver services then under that it says "federal taxes withheld" but it isn't a w2, how do I answer that?

@jordantesoro9135 3 года назад

im have w2 and 1099 nec, the 1099 nec is from amazon flex l, i just try it for 1 month and i made 651, now what to answer in SE tax form part 3 deferral line 18. Thanks in advance.

@brianjett1446 Год назад

I have a question, I'm going to start my own small business as a freelance web developer. I'll be making websites for other people and their business do I have to pay taxes?

@KoolKidSi 3 года назад

Summer maddness

@jeremyTallen1 Год назад

I work on vehicles from home and have two dependents. I make about $3,000 profit a month. I pay $575 in rent $300 power bill and about $100 in water. This is my first time in about 8 years filing self employed. Before I worked for a company and just did a w2. When I filed self employed 9 years ago I didn't have to end up paying any taxes at the end of the year because I had the two dependents and they where able to count my rent, power, and water and was actually able to get taxes back. Is that still going to be a possibility or have the rules changed. I am in Illinois if that matters.

@Blackcity134 3 года назад

Hey I was wanting to know if you could make a video about a 1099 contract individual who start his/her cashflow to be transferred to a created LLC bank account from personal and what their taxes deduction would be being that they started their business with 1099 income.Hope this didn't confuse you PLS!!!!!!!!! Respond need to know what deduction I can benefit from and what write offs I can make.Thanks in advance.Big Fan

@Financial_Awareness 3 года назад

@KingMagnova KingJTM - Thanks for checking out this video! I've written down your idea and will try and work it into a future video....thanks for the inspiration! The deductions you can take may be specific to the type of business you're creating. As an example, if you go out to purchase a pressure washer to start a pressure washing business then you should keep track of your business related miles and ALL expenses related to you being able to run/operate your new pressure washing business....gas for the machine, purchasing equipment related to hauling the machine around if you can't just throw it into your truck bed (like a trailer), marketing expenses to promote your business, website costs for your online digital presence if you want to be found online, etc etc....just make a list of ALL the things you need to start & run your new business and more than likely those items will be allowable to expense/write-off against your new income generated from pressure washing. ....certainly working with a qualified CPA can help with the organization of each of these things as well. Hey, thanks for checking out the video and channel...appreciate you boss!

@JoshIsOnAMission 3 года назад

2k subs!! get it! did you buy a phone just for this video? haha

@Financial_Awareness 3 года назад

@Josh Is On A Mission: FIRE & Debt - Hahaha! Thanks, Josh! No, have had the phone for a little bit now and have enjoyed it. Appreciate you man!

@alanrubio6708 3 года назад

Great Video. I have a question. I just started repairing generators and yard products. I use my personal credit cards to buy my own materials. I need a new laptop which I hope I can put as an expense. Can I put it as an expense even tho i buy it with my personal credit card. Also I get paid in cash and by how i am going I am making this year around 14,000 I just started this past April. I am married and my wife is a teacher. How can I report this with her and try not to pay that much self employment tax.

@Financial_Awareness 3 года назад

@Alan Rubio - Hey Alan! Congrats on getting this new venture of yours off and running...well done! You’re on the right path of researching, watching vids, and reading articles...so def keep that up. I may have other vids within my content library that could help you as you get started and organized. It’s not 100% ideal to use your personal cards, but it’s fine for now...at least maybe get a different card with your same account by adding yourself as an authorized user and maybe use your first two initials or something to let you know which card is which...and run all your business related expenses through that. It’s easier for tracking. An entirely separate business checking account and business credit card is eventually where you’ll want to end up...creating an LLC with its own EIN would be good as well. Until you get all that lined up...just track, track, track everything...receipts, deposits, etc. you’ll want to create a P&L (profit and loss statement) for each month. I put revenue on top and expenses on the bottom. Track your mileage because you’ll be able to write those off as well...driving to/from customers...driving to/from hardware store to get parts...driving to/from conferences to stay up to date with your industry...all of the above and more. Got a fun place you like to vacation to? Go find a client in that area and turn your vacation travels into a write off for your business...there’s a lot you can do if you can legitimately justify it being business related. By the rule of the law, you’re supposed to report your cash earnings...so I’d deposit those into drive up ATMs. Little bit of a grey area there in regards to reporting...so just be safe and report all your cash payment receipts. If you combine much of that together then I’ll bet you can prob get close to owing very little SE tax with a $14k revenue amount. You can also create a retirement account and dump some money into that to get a deduction....lots of options man. Keep watching/reading/learning. Not a bad idea to get involved with a good CPA or business group in your area...really good to learn from others as you’re finding your way. Hope that was helpful. Appreciate you taking the time to check out the video...cheers boss!

@ksaurez8934 3 года назад

You explain very smoothly thanks for the information! I have a question that i am coming across using prior year earned income , i am now divorced and want to use my ex spouses earned income from last years joint return , to calculte a more favrable eitc for 2020. Would this be an issue. ?

@Financial_Awareness 3 года назад

@K SUAREZ - Hello & thank you for the compliment - so kind of you to share! Here are my thoughts - I'm not a CPA and do not wish you to take my response as advice - that said - I do not think it will be an issue because part of the legislation that was passed back on Dec 27th allowed for 'temporary relief' in regards to calculating the EITC...please do not expect to be able to do this each year. So, yes, you are able to use 2019 in this situation based on my understanding despite the fact that you are now divorced. Second, I'm sorry to hear of your divorce, but hope you are happier now and also hope it was for the best. Third, I'd like to direct you to the IRS website...they have an EITC assistant helper that may provide more insight into your specific situation...here is the link... www.irs.gov/credits-deductions/individuals/earned-income-tax-credit/use-the-eitc-assistant Lastly, I do have several other videos within my content library that I'd love for you to check out...there may be other ones than can help out with other aspects of your financial planning. However, if there are other finance-related topics you'd like to watch a video on please let me know and I'll work it into my content calendar. Appreciate you...cheers!

@ksaurez8934 3 года назад

@@Financial_Awareness Your so thoughtful and informative , i was thinking the same thing you just explained but wanted a second opinion, i was looking through your videos regarding claiming prior year earned income for the eitc instead of 2020 earned income but that would be great if you did one on that as well. I did go on the IRS website , although its a bit of a gray area to me on what can be done and not done. But thanks again i will take this into consideration. God bless and take care , you have a new subscriber on my part : )

@Financial_Awareness 3 года назад

@@ksaurez8934 - Awe - thank you! Yeah, a licensed and qualified CPA could answer this question with more confidence, but that is my understanding of the situation. Thanks - I appreciate you! Hope my future videos help here-and-there and that they will not be a waste of your time. Cheers! Have a blessed day.

@truegatorguyodonnell5092 Год назад

Hey, I just discovered your series of videos and I have a question regarding a required distribution for a beneficiary IRA that I received. The amount was for $20,400 (which was rolled back into an IRA). Taxes withheld were $3,060, so the actual amount I received was $17,340. Which amount do I list on my 1040, line 4A IRA DISTRIBUTION? The total amount, or the post tax amount? Thanks!

@Financial_Awareness Год назад

TrueGator, please see link to IRS website below. Please read Q11 & Q12. Link: www.irs.gov/retirement-plans/retirement-plan-and-ira-required-minimum-distributions-faqs As a non tax professional I cannot provide you with direct tax advice. From what I read on the irs website there are some reasons why an rmd in an inherited ira cannot just be rolled over into another ira…#1…#2, if in your comment you said $20,400 was distributed…I’m using just logic here…wouldn’t that be what you put as the distribution and the $3,060 be labeled on another page as ‘taxes already paid’? Lol…not laughing at you per say…just laughing at the possibility that you may have answered yourself in your own question. 😂 What do you think? Does that sound logical to you?

@truegatorguyodonnell5092 Год назад

@@Financial_Awareness Thanks for the response. Yes, that was my point in asking. I've never had the RMD until this year, and am confused as to which figure to list. My assumption would have been that the tax (already paid) would wind up being listed elsewhere. A financial consultant was the one who set up the RMD into another account. It didn't sound right to me -- paying taxes on it twice (at least), but you trust people to steer you in the right direction and not get screwed. It's already happened once, so... y'know...

@Financial_Awareness Год назад

I made a mistake once of not pulling an RMD in time for a client. We made it right, but still…sucked to have egg on my face by missing the deadline of the first year. Sorry this happened to you before. I believe you’re on the right path of research. Wish I could be of more help & provide you with more definitive conviction as to what’s correct. Literally talked with my cpa again this evening…that might not be a bad idea for you - to chat with a cpa next.

@VermilionCandles 2 года назад

Turbo tax does not allow me to fill out my 1040 manually. Just transferred over my self-employed app…went to a free tax return site and was able to reduce my taxes by $1300. So weird!!

@Financial_Awareness 2 года назад

@Lindsay Taylor - Weird yeah. But hey, congrats to you for DIY'ing it and figuring out another way/solution...nice! Thanks for checking out this video and being part of the channel...cheers boss lady!

@vinnygoombatts1458 2 года назад

The most infuriating part for me is the mileage deduction. I drive a lot for my business and the mileage takes a good $10-20,000 off my income, but I CAN'T USE IT IF WANT TO BUY A HOUSE!!!! I don't understand why mortgage companies just can't add that back in, they do with other things....aggravating

@Financial_Awareness 2 года назад

@Vinny Goombatts - 100% hear you and agree. Super frustrating accounting games sometimes. Only thing I’ll add is just the lens that the lender is looking at you through…which is more of a business owner vs individual. So if it “costs” you mileage to run your business and generate that revenue then it’s deducted and the net is what they look at. The same argument is made regarding pre-tax 401k & Trad IRA contributions…they also reduce your gross income for your DTI ratios. Hey, thanks for checking out this video and being part of the channel. Cheers boss!

@jahanzebkhan351 11 месяцев назад

Hi! How to file Form 7202 (2021)?

@KnicksNYanks84 2 года назад

If my w2 income is high and I want to start a sch C s/e business to show a big loss how can i accomplish this? I can buy a lot in equipment for the business to get started.

@Financial_Awareness 2 года назад

@KnicksNYanks84 - Love where your mindset is at as you’re trying to find out ways to reduce your tax liability. (and thank you for checking out the video and channel!) Quick story: many years ago I had an insurance client get audited by the IRS because his CPA Advisor (who was a little too shady for my taste) helped him create a “consulting company” but the client had no real, actual “consulting” clients or calendared meetings to show any activity for this “consulting company.” So my point is, if you do plan on starting a business, do it for the right reasons and make a plan…don’t just do it to try and skirt the tax system. So many ways to grow your wealth than sinking money into equipment just for the sole purpose of seeking a write off…IMO. Moving forward, if you plan to do this and buy a bunch of equipment and write it all off in year one…my CPA has advised me NOT to show significant losses in multiple years. So, you should really ask a CPA this question, but my thoughts are…it might work for a year, but then what? You can’t just keep sinking money into a failing business with no revenue to show for it…but yeah that could work for a one-year situation, but tread carefully and def make sure to run this idea by your CPA first before you start making purchases. Hey, happy new year, boss! Cheers!

@realityblooms 2 года назад

Hi another great video! May I just add, I don’t believe you touched on the “self employment tax deduction”. Yes SE people pay the full tax but don’t they get an adjustment for about 50% of the taxes they paid? So in a situation where someone pays $5K in taxes they will also get a $2.5K deduction. Not as great as a credit but I think it’s also worth the mention.

@realityblooms 2 года назад

Just FYI the first time buyer credit expired 2010 :/

@Financial_Awareness 2 года назад

YIKES - my bad...yeah was just reading from that form/list that I scooped off the internet...good catch! See, this is exactly why I encourage folks to work with a CPA like yourself - because even though I know personal finance relatively well, I'm still not perfect and make silly mistake like this...should have confirmed that before filming. Thanks for holding me accountable and correcting that error. Seeing as I mentioned it within the last minute of the video tells me that you watched it all the way through (thank you!), but only 20% of all views have made it that far through the video (YT analytics FTW). Thanks for being part of the channel! Cheers!

@Financial_Awareness 2 года назад

Good call! Every little bit helps...will mention it in future vids. Thank you!

@realityblooms 2 года назад

@@Financial_Awareness the video was flawless, don’t worry about. Yes I watched it more than once lol

@JATejada 3 года назад

HI, DO YOU HAVE THAT EXCEL DOC FOR DOWNLOAD? THANKS

@Financial_Awareness 3 года назад

@El Neo Yorkino - I do. Drop me a note through my website and I'll e-mail it to you. Are you referring to the P&L statement in the video?

@benwilliams1889 3 года назад

As a private investigator, I'm a 1099 contractor and self-employed through direct client contracts. Are my tithes and offering tax deductible? Or should I just list them as personal expenses on my Quickbooks Self-employed? Thanks

@Financial_Awareness 3 года назад

@Ben Williams - Hey Ben! Yes, your Tithes and Offerings ARE tax deductible and you would want to track & record/document each of those transactions throughout the year so you know what your total number is...you'll add that number to your Schedule A line 11 ( www.irs.gov/pub/irs-pdf/f1040sa.pdf ). However, keep in mind that your Schedule A is only valuable to you IF your Schedule A line 17 is bigger than your standard deduction ($24,800 for MFJ & $12,400 for Single)....if your Tithing + Offer + all other items on your schedule A is larger than your standard deduction allowed then YES your tithing matters from a deductibility stand point. Hope that helps a little. Appreciate you taking the time to invest in your financial knowledge by watching the video....cheers, boss!

@benwilliams1889 3 года назад

@@Financial_Awareness Thanks for your reply. I will add it to my deductions!

@Financial_Awareness 3 года назад

@Ben Williams - Amen brother!

@kayliegrome2705 2 года назад

Can someone please answer this! My boyfriend is in the tax bracket of the 22%, does he have to pay the 22% + the 15.3% self employment tax ???

@Financial_Awareness 2 года назад

@Kaylie Grome - Hi Kaylie! Yes, your boyfriend will owe 15.3% self employment tax and will also owe taxes for Federal Income tax. For W-2 employees - they pay half of this 15.3% and the employer pays the other half....but self employed folks have to pay the full 15.3%...hence why there are significantly more write offs for those that are self employed vs the amount of write offs that a W-2 employee (non business owner) has. This video does have some helpful topics to review/discuss regarding how to write off some business expenses to lower his taxable income, but working with a CPA is something I regularly encourage so that folks don't goof up their tax returns. Hey, thanks for checking out the video and channel...hope between this video and others that you're able to find a few helpful financial nuggets of information that'll help your situation. Cheers!

@ashleypoe2072 3 года назад

I was denied the ppp loan because of my credit (hurt by covid) so I’m not eligible for the employee retention tax credit since I didn’t get the PPP loan?? Is that true

@Financial_Awareness 3 года назад

@Ashley Poe - Hello and thank you for checking out the video! Appreciate you for taking the time to do that. Your comment caught me completely off guard because until I read it I hadn’t heard of a credit score or credit check being a requirement for PPP Loans. That said, I’m terribly sorry to hear this happened to you. From what I’ve read and researched online just now is that you should RE-APPLY WITH A NEW LENDER...because it seems not all lenders do a credit check. Furthermore, I will share that my personal credit has been frozen with the 3 bureaus for a while now and will continue to be for a while intentionally. I just today posted a follow up video of how I got approved for my PPP loan (with my credit frozen - so clearly my lender didn’t check or didn’t need to). I have zero vested interest in where you apply, but you’re welcome to try the lender I used or simply any other lender that’s offering PPP loans - I believe there are over 5,000 banking institutions. Hope that helps! Please subscribe if you haven’t already...I’d love to hear how this unfolds for you. Hoping for the best for you - cheers!

@iEatClayArt 4 месяца назад

I'm on SSI and I volunteer as an art teacher and made about $400 since October and I'm not sure how to file taxes.

@sirsweet3022 2 года назад

I’ve been watching almost every gig taxes video and I have a question… I’m going to file using the standard Milage method. But I was also told (by other people, not professionals) that I can still ‘write off’ things for business. Bags, Gas, Maintenance… But I would’ve thought that that type of stuff is reserved for the Actual Expense method (instead of the standard deduction). Wouldn’t it be double dipping if I were to do the actual expense method, and then wrote off the same expense?

@Financial_Awareness 2 года назад

@Sir Sweet - Hey thanks for taking the time to watch this video among all the others you've been consuming...awesome! I'm not sure if there was a misunderstanding with your friends or not because the way you worded that part of your comment confuses me...I do not know what 'bags' are as it relates to this question or your business. Here's the help...YES, you can take the standard mileage method AND still write off other things that are business related expenses, but just not 'automotive' related expenses. This whole debate of 'standard' OR 'actual' expenses is ONLY FOR VEHICLE DEDUCTIONS and nothing else. You can chose standard mileage method OR actual vehicle expenses, but you CANNOT select BOTH for the same vehicle for the same calendar/tax year...that is just flat out wrong and you should tell your friends. I just read a Forbes article that says if you take the standard mileage rate method then you can still deduct parking and tolls, but I'd run that by your CPA to be sure. As a gig-worker, if you take the standard mileage rate method OR the actual vehicle expense method...you can still write off other things such as: cell phone, internet service, travel to/from business-related work conferences, lodging at said conference, business related meals, etc...so in that sense you are not double dipping and can deduct all that stuff....just scroll through the 2022 IRS Form Schedule C to see all the business deductions you can take on that form....NO, you cannot take actual vehicle expenses (gas, insurance, repairs, tires, oil changes) AND also take the standard mileage rate deduction...that isn't allowed. Does that help clarify things? Was I clear in my reply or are you still confused? ...let me know if I misunderstood your question and I'll reply again. Thanks! Cheers.

@sirsweet3022 2 года назад

@@Financial_Awareness Definitely clarifies things. This is the first time I've read this information from all the videos I've watched from a lot of people. So how would the write offs work? Would I take the Gross income, deduct the write off costs, then with that remaining income, figure out the standard milage / actual expense deduction to get my AGI? (Net Income -Write off -Std/Actual = AGI?)

@Financial_Awareness 2 года назад

@Sir Sweet - Here is a link to IRS: www.irs.gov/pub/irs-pdf/f1040sc.pdf Line 1 - Gross revenue. Lines 8 - 27b - list all your deductions. Line 31 - this will be your net profit/loss that you’ll have to pay taxes off of. However, in addition to these business-related deductions you’ll also have other deductions (possibly) to lower your taxable income…such as…deductible contributions to an IRA & your standard deduction (unless you plan to itemize). It might sound like a lot, but you’ll get the hang of it eventually. Best thing I could recommend you do is to create a P&L (profit & loss) statement for each month (or quarter) and use that as your guide in regards to all your revs and deductions. Does that help answer your question?

@sirsweet3022 2 года назад

@@Financial_Awareness Thank you! I have another burning question... If I have an order that I take at a loss (when considering the standard deduction for milage). Would I get a refund for that amount that I'm negative? or would I just have a 0 tax liability? For example a 180 mile trip for 60 dollars. would give me an AGI of -45.30.

@Financial_Awareness 2 года назад

@Sir Sweet - my initial reaction is that you cannot generate a loss when taking vehicle deductions into consideration…so that isn’t on an “order by order” basis…it’s in regards to your revenue for the whole year. So, that said, I suppose you could have one order that is taken at a loss after considering mileage deduction, but annually speaking I believe you cannot generate a loss from this deduction. A CPA could confirm with certainty.

@ceciliaclark9406 2 года назад

I'm way in the beginning, like how do you create a 1099 for your business or self-employment. Don't you need like a vendor number or an employee number 😩

@Financial_Awareness 2 года назад

@Cecilia Clark - No worries! We all start from somewhere. Just keep learning, watching, and researching…it’ll all come together over time. You don’t need to “create a 1099” for your business…if you do any side hustle work or contracting work, the company that hires you will send you a 1099 and you’ll use that as part of your income documentation. If you ever branch out beyond making money in your own name (social security number) then you could create a DBA (Doing Business As) or a company and then yes, your company will have an EIN (Employer Identification Number) for your business…which will likely be issued by your state when you register your company.

@billykelly5987 3 года назад

Can I get the SBA loan and the unemployment at the same time?

@Financial_Awareness 3 года назад

@billy kelly - Yes.

@darlenewells579 3 года назад

Geez I have been working on my taxes for 7 hours now. I hope someone can answer this I had a revenue of 29,000 my deductions of 7,300 I claim both my parents who are disabled but I can't figure out how to file all of this

@Financial_Awareness 3 года назад

@Darlene Wells - I’ll help if I can, but I didn’t see a question. Sorry if taxes are challenging...can be frustrating. TurboTax is usually a good website to use if you’re doing it on your own.

@deborahrao5821 2 года назад

Can you answer this question for me? If someone has self-employment tax income of $55,000, and the self-employment tax for 2020 is $7771, what would reduce the persons estimated tax payments?

@milflover6969 2 года назад

Ask an accountant

@Financial_Awareness 2 года назад

@Deborah Rao - Yeah, I agree with what @v ic said …you should probably ask an accountant. Not enough info received in your question to give an accurate/correct response. In short, there are many ways to reduce your taxable self employment income…many of which I’ve discussed in various tax videos of mine…and I’m not sure which ones apply to your situation. Thanks for checking out this video and the channel…feel welcome to comment and ask and I’ll do my best to help answer the best I can. Appreciate you. Cheers!

@Viviana1caraveo 3 года назад

I've seen websites where it says that only 92.35% of self-employment income is taxable. So is that first calculated and then you minus business expenses to get to your taxable income?

@Financial_Awareness 3 года назад

@Viv Caraveo - Hey Viv! Thanks for taking the time to watch the video...yes, you are correct. Here’s a link directly from the horse’s mouth so-to-speak... www.irs.gov/taxtopics/tc554 Generally, the amount subject to self-employment tax is 92.35% of your net earnings from self-employment. You calculate net earnings by subtracting ordinary and necessary trade or business expenses from the gross income you derived from your trade or business. ...although this video does go into some pretty decent detail, it is intended to be more high level and educational in nature. However, in hindsight, I at least should have mentioned the 92.35% figure. Great job doing your research on this topic! Awesome! I definitely encourage you to continue learning...the more you know the more you can use tax knowledge to your advantage. Appreciate you. Cheers! 👍🏻👍🏻

@staceylyn566 Год назад

Is it true that as a SE person my HSA contribution will NOT be AS tax deductible as if I were a W2 person? Because the SE tax is figured on a taxable income amount that does NOT have that contribution taken out yet, so essentially, that contribution is NOT really tax free like it would be if it were W2 income? I can't find a way to get HSA contribution to effect the SE tax amount. SE tax is our equivalent of FICA/medicare stuff that an employee pays, and yet our SE tax is figured AFTER that contribution is made, not BEFORE, making the contribution NOT really tax deductible in the same way at all.

@Financial_Awareness Год назад

Not sure I follow. HSA contributions are tax deductible whether you're W-2 or SE...so not sure what you mean there. I believe you're referring to the SE Tax calculation. The HSA deduction is taken into consideration on another form within your federal tax return - so you wouldn't see it on your SE Tax form...it's found on Schedule 1, Part II, line 13 I believe...which comes from Form 8889. In addition to my own research and dd I've used a CPA for all my working life - they are helpful and if you have some additional questions for your situation I'd suggest reaching out to one in your local area. Thanks for checking out the video and channel! Keep up the good research.

@greatflowerlady 3 года назад

I received a 5,000 grant for my small business do I pay taxes on it and they sent me a small form what do I do with it?? HELP

@Financial_Awareness 3 года назад

@Tracy Park - Hi Tracy! Thank you for taking the time to research this topic by watching the video. I appreciate you! Under the umbrella of grant money for things like higher education/scholarships grant funds are tax free. However, if you received a grant for your business as you mentioned then you will need to pay taxes on the $5,000 and treat it as taxable income. That said, please work with a CPA or further your research because I am not under the impression you’ll owe Self Employment tax on those funds and you’ll only pay Federal (and/or State) taxes on the funds...but please continue your research to confirm how much taxes you’ll owe. I do have a few other videos to help you with other self employed tax credits and your tax return - so if you have the time please feel welcome to check those out. Appreciate you. Cheers!

@darkkudesu 2 года назад

Job saying I need a tax form to receive my money, how exactly do I get a tax form?

@Financial_Awareness 2 года назад

@DarkkuDesu - Hello! Would love to help, but your comment/question is simply so vague I truthfully do not know how to respond. If you know the name of the tax form needed then I would simply google the form, but make sure you put '2022' in your search bar so you know you're getting the most accurate form from the IRS. Many of the tax document images you saw in this video were found by me simply googling them - not a bad place to start. Hey, thanks for taking the time to check out this video and invest in yourself by watching/learning. Hope it was helpful in some capacity. Thanks!

@darkkudesu 2 года назад

@@Financial_Awareness oh wait, I actually Figured it out it’s no problem, however I am curious, how much money do you have to make in a year to have to file for taxes?

@Financial_Awareness 2 года назад

@@darkkudesu - Filing for taxes & paying taxes are two different things. So, no matter how small the income, there should be a tax return filed - generically speaking that is - as I'm sure there are plenty of scenarios where a child or college kid doesn't have to file. The first tax bracket (regardless of filing status) is just for 10% taxes owed...HOWEVER, keep in mind that a person could have some write offs to lower the taxable income owed OR take the standard deduction so that NO taxes are owed. For Single filers: $12,950 MFJ: $25,900....so for a single person...if they make $12,950 - they should still file a tax return, but with the standard deduction they would owe $0 in taxes. This is why people need to learn personal finance, taxes, and investments...knowing just one is good, but knowing all three and how they work together is crucial to building real wealth. Thanks for chiming in and being part of the channel. Cheers!

@JavierTorres-qk6ic 4 месяца назад

bro i just wanna syd rn on gawd fr

@finessekid8986 2 года назад

so you have to add the documents because i got accepted but haven't got an estimated refund date

@Financial_Awareness 2 года назад

@Finesse Kid - Congrats on getting a refund! Nice - hope you're able to make some smart financial decisions with the refund money. Thanks for checking out the video and channel! Cheers!

@finessekid8986 Год назад

@@Financial_Awareness it’s still processing

@bettysantos78 2 года назад

what if we don't get none of the forms and are still self employed?

@Financial_Awareness 2 года назад

@Beatriz Santos - If that happened to me I would create a Profit & Loss statement (P and L) showing my revenue (income) and expenses (deductions) to then arrive at your net profit...and I would still pay taxes based on the actual net dollars. IMO, at the end of the day Uncle Sam wants their money from you - most importantly. So not having the correct 1099 form from someone you provided a service for is no big deal (again just my opinion), but paying the correct amount of taxes owed - IS a big deal. Does that make sense? What do you think? Hey, thanks for checking out this video and being part of the channel...hope there are other vids within my content library that are also of interest to you. Cheers, boss lady!

@jaylenwilder6147 Год назад

What about estimated tax? I have a remodeling business and the quarterly thing confuses me

@Financial_Awareness Год назад

Sorry it is confusing. I try to keep things simple. If it’s simple I’ll be more likely to use it. So I use an excel file with a profit and loss statement…then I calculate my net income from P&L and make an “estimated” payment each quarter. Do you have a P&L for your business?

@jaylenwilder6147 Год назад

@@Financial_Awareness my business is literally brand new, I just filed it with the state

@Financial_Awareness Год назад

That is amazing…congrats on taking the first step and getting prepared while at it. Nice. I have no clue about your business - so I’m just reacting to the extremely limited info in your question. Your original question was actually quite vague and mentioned nothing of how new you were…for all I know you’re generating $86,532 of weekly revenue from your remodeling business. How would I know? 😂🤷🏼‍♂️ Clearly, if your business has no revenue because you just filed the paperwork…then you would have no revenue to offset with deductions and/or pay taxes on…so no worries at the moment boss. Go focus on getting clients and running your business. I’d suggest doing your P&L as often as you need to until you get the hang of things between the business end and remodeling. Keep it up! Congrats again!

@tbhiwouldnotcare Год назад

Do I have to file a 1040 if I don’t have a physical job ( W2) and I’m just starting my small business? Would I only file a 1099 and schedule C and Schedule SE? ?? Hope it makes sense and thank you so much!!

@tbhiwouldnotcare Год назад

@@careyallen3537 Thank you

@danielrose6288 3 года назад

I currently have two online 1099 jobs but only make about $11k a year from them...do I seriously have to pay self-employment taxes (15.3% before deductions) on this little amount?

@Financial_Awareness 3 года назад

@Daniel Rose - LOL. Yes, you do still have to pay taxes on that 'little amount.' However, do a little more digging and research...can't you come up with some additional / new deductions to write off against that $11k of gross revenue? I mean, it might not be much, but I presume you need an internet connection in order to operate your online business...there's one right there. Get with a local CPA or do more research on your own. Do you have to drive anywhere to purchase equipment?....driving to Best Buy / Staples to purchase electronics? IDK what your expectations are, but try to find some write offs like I said....but yeah...you do owe taxes on your income. Also, don't shoot the messenger! Hahahaha Thanks for checking out the video. Appreciate you boss!

@danielrose6288 3 года назад

@@Financial_Awareness Thanks, I spoke to a CPA yesterday. She said I would still have to file but that the standard deduction would cover up to 12,400 ( potentially more in 2021). That was great news !

@Financial_Awareness 3 года назад

@@danielrose6288 - I agree, yes. However, regardless IF you have 1099 income or not...you'll still get the standard deduction. So to me, that's not a great response from a CPA. You didn't mention any other job, but I'm assuming you are a W-2 employee at your main job & this $11k ('little amount') is on top of that....soooo, like I said above...try to find some deductions to offset this $11k that will likely show up on a Schedule C. Just google "2021 Schedule C" and pull up the pdf file...look through all those deduction options and see if any of them will allow you to have some additional write offs against this $11k of Schedule C income....another idea that just popped into my mind....marketing...do you spend any money on FB ads or Google ads to market your online business? That would be a write off as well. I'd call another CPA or call that first one back and dig deeper on your business to strategize what you can legally write off. Just sayin.

@Financial_Awareness 3 года назад

@@danielrose6288 - Also, do you ever mingle / dine out with other people that have online businesses? Do you strategize with them during eating a meal and discuss business growth techniques on how to expand your online presence? ...if so...check out my most recent video (gosh, been a while since I uploaded one...gotta get back to filming! lol).

@danielrose6288 3 года назад

@@Financial_Awareness No haha right now the 11k is my only income while living abroad and therefore is indeed a little amount hahaha. But yeah I could understand how terrible that sounds it it was side income.

@nathaliaj2070 3 года назад

Hello, im needing some financial advice please, do u have an email I can contact u? I'm self employed, on pua, trying to get my 2020 taxes filed. I received a ppp in March but decided I didn't want to go that route, trying to cancel and return but cannot get a hold of the lender at all

@Financial_Awareness 3 года назад

@Nathalia J - Hi there! I choose not to advertise it directly within my videos, but each video description has links to various ways to get in touch with me. The coaching call option seems to be what is best for most…would be happy to try and help with any financial questions you have.

@russellremington5712 3 года назад

What can I do if I don’t have a 1099

@Financial_Awareness 3 года назад

@Russell Remington - Do you mean you didn’t make any 1099 income or you didn’t receive a 1099 from the business/person that hired you for work?

@jaytravel-12 6 месяцев назад

so how can I get the biggest refund ???

@Financial_Awareness 4 месяца назад

By overpaying taxes or finding credits/deductions that you didn’t have last year.

@jimross2101 3 года назад

Or, skip all the SE taxes BS and switch from Schedule C income to Schedule E income.

@Financial_Awareness 3 года назад

@Jim Ross - 😎 - I like your style. Why not both? Appreciate you boss!

@BKDcoffeedad 2 года назад

What super nintendo game is that?

@Financial_Awareness 2 года назад

@BKDcoffeedad - NHL '94 !!! Love that game. My youngest brother and I have a tradition each Christmas holiday to play a few warm-up games and then to play an "official" (lol) Championship Game against each other. We have a homemade trophy and all...hahaha. So far, I've never won and he's crushed me each year...despite me winning multiple 'warm up matches' LOL. He's more of a gamer than me so I credit his thumbs/fingers to simply be faster than my own, but at the end of the day...he's just better than his older brother. Thanks for checking out the video/channel, boss! Cheers!

@kimpham7592 Год назад

I am self employed, I have not did not taxes for 2 years . Am I in trouble????😭😢🤯😤🤬🥶

@Financial_Awareness Год назад

No clue, but maybe. 🤷🏼‍♂️ That’s not a situation I’d want to find myself in. 😬 Reach out to someone you know personally that you trust and ask them for a referral to a good CPA and start there…I’d do that before googling. Well, idk, I’ve learned a lot about my truck from watching YT vids…so I’d prob start there & google some stuff, but when it came time to talk I’d prob want to start with calling a trusted friend first. Good luck!

@jessicasanchez9346 10 месяцев назад

What if I pay my employees CASH😢

@natesyoutube5062 6 месяцев назад

My Dummy Notes: the amount of money your business makes without spending anything (minus) the amount of money your business spends (equals) how much money your business made how much money your business made (times) tax bracket % + 15.3% (for self employment tax) (equals) how much money your business made after expenses and taxes

@ajahncodar 8 месяцев назад

My brother >watch the whole thing cause I don't put any fluff in my videos >entire first 2 minutes at least is nothing but fluff

@Financial_Awareness 4 месяца назад

Ugh, I know!!! Ate my words there. I’m sorry.

@sirsweet3022 2 года назад

Johnny sins?

@Financial_Awareness 2 года назад

Cousins? LOL

@sirsweet3022 2 года назад

@@Financial_Awareness I thought it was just another one of his roles for a moment! An Astronaut, Doctor and a Financial Guru!

@Financial_Awareness 2 года назад

@Sir Sweet - hahaha! A couple years ago somebody made a similar comment on another video and my wife and I were dying laughing! Lol. That dude takes great care of his body…he’s much more in shape than me…lol. I take each of these “Johnny Sins” comments as compliments. 😂

@ared18t 2 года назад

This is evil. Not the info but everything required LOL

@Financial_Awareness 2 года назад

@ared18t - Yeah, it’s a lot! Lol. Our tax system can get a little complex with all the paperwork.

@eso1666 Год назад

Great infos except the “ singing tone” in your speech! It’s boring and makes me feel I’m listening to a robot

@Financial_Awareness Год назад

@eso1666 - bee boop bop 0-1-0-0-1-0-1. Lol. Sorry for the boredom…that’s on me. Will try to self correct. Hope some of the content was helpful. Cheers!

@tiwantiwaabibiman2603 3 года назад

This was terrible. Why not include a mock up return???

@Financial_Awareness 3 года назад

@TiWanTiWa Abibiman - What a great idea for a future video! Thanks for the suggestion…appreciate you boss!

@age_of_reason Год назад

Thumbs down for the lame 2 min intro.

@Financial_Awareness Год назад

Ugh, I know…I’m still embarrassed about it. Lol. Need to make some fresh content and I’ll be better about getting to the point. Appreciate you investing in yourself by checking this one out…hope you made it past the crappy part in the beginning.