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Self Employed TAXES Explained u0026 Self Employed TAX TIPS (tax return documents u0026 checklist)

Frames Self Employed TAXES Explained u0026 Self Employed TAX TIPS (tax return documents u0026 checklist)

Description Self Employed TAXES Explained u0026 Self Employed TAX TIPS (tax return documents u0026 checklist)

Comments Self Employed TAXES Explained u0026 Self Employed TAX TIPS (tax return documents u0026 checklist)

Hey, I recently started a daily 2023 Financial Vlog - would like to invite you to follow along: youtube/YnZrh9YwNQo - Kyle Comment from : Financial Awareness

Thank you so much for this video! Comment from : Sinclair Lanier

What if I pay my employees CASH😢 Comment from : jessica sanchez

Hi! How to file Form 7202 (2021)? Comment from : Jahanzeb Khan

Thank you so much! Comment from : Nallely Chow

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

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 expensesbrI 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? Comment from : TrixxOfficial

Thumbs down for the lame 2 min intro Comment from : Age of Reason

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! Comment from : TrueGatorGuy Odonnell

What about estimated tax? I have a remodeling business and the quarterly thing confuses me Comment from : Jaylen Wilder

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 Comment from : Stacey Lyn

SE tax is so high, almost not worth it to have a side hustle Comment from : Michelle F

dudewhat in the actual f*** is going on we pay all these taxes to the schools and they cant even introduce us to this complicated BS?!? makes no sense im 25 f*b***/b years old and im struggling big time with this the school system can shove it for screwing me in the a** this hard!!! Comment from : Resell With Michelle

Amazing content! Thank you for this helpful video! Comment from : Mitaya Mellen

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? brShould I apply any On Net Profit percentage? br brThank you Comment from : Carlos Eduardo Da Costa

U look like Johnny Sins and listening to the way you talk is exaggerated it's painful to the ears :D Comment from : Joshii

I am self employed, I have not did not taxes for 2 years Am I in trouble????😭😢🤯😤🤬🥶 Comment from : Kim Pham

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!! Comment from : unknown

Thanks for the information and all the effort you put into sharing it with us on Youtube! 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 :) Comment from : Wanderraina

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? Comment from : Miles Holvick

Thank you Comment from : Jd Delarosa

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! Comment from : J Diego Marín

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? Comment from : Brian Jett

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 Comment from : Jeremy Allen

so you have to add the documents because i got accepted but haven't got an estimated refund date Comment from : Finesse Kid

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

Thank you so much for breaking things down Barney style Comment from : acamp5435

gracias Comment from : GordoEats

Johnny sins? Comment from : Sir Sweet

This is evil Not the info but everything required LOL Comment from : ared18t

Did you pre record this video?? Comment from : Conan Fox

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!! Comment from : Down to Earth Home

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 😩 Comment from : Cecilia Clark

what if we don't get none of the forms and are still self employed? Comment from : Beatriz Santos

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 thingsaggravating Comment from : Vinny Goombatts

Hi another great video!brMay 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 $25K deduction Not as great as a credit but I think it’s also worth the mention Comment from : Kev G

Can someone please answer this! brbrMy boyfriend is in the tax bracket of the 22, does he have to pay the 22 + the 153 self employment tax ??? Comment from : Kaylie Grome

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 Comment from : KnicksNYanks84

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? Comment from : Deborah Rao

Great information 📝 Comment from : Shakema Simmons

What super nintendo game is that? Comment from : BKDcoffeedad

I currently have two online 1099 jobs but only make about $11k a year from themdo I seriously have to pay self-employment taxes (153 before deductions) on this little amount? Comment from : Daniel Rose

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 incomeHope this didn't confuse you PLS!!!!!!!!! Respond need to know what deduction I can benefit from and what write offs I can makeThanks in advanceBig Fan Comment from : BLACK CITY UNIVERSITY W/SAINT HUSSLE

So sep tax is after all deductions? Such as standard deduction, or mileage? Comment from : Vibelife

Amazing Explanation, Thanks Ton Comment from : Shaishav Desai

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 Comment from : Nathalia J

This was terrible Why not include a mock up return??? Comment from : TiWanTiWa Abibiman

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 Comment from : Alan Rubio

HI, DO YOU HAVE THAT EXCEL DOC FOR DOWNLOAD? THANKS Comment from : Jose T

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 Comment from : Jordan Tesoro

I recommended #kellyytoolzsz on IG ,all thanks to you so honest and faithful man Comment from : Emmanuel Yakubu

You are the BEST!!!!! Killing it with this Channel!!!!! Comment from : REIQ

What can I do if I don’t have a 1099 Comment from : Russell Remington

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 Comment from : Ben Williams

Geez I have been working on my taxes for 7 hours nowbrI hope someone can answer this brI 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 Comment from : Darlene Wells

Summer maddness Comment from : rob jackson

I recently found you through one of your PPP videos New sub Thanks for the great info! Comment from : KCinspireME

Thank you for your educational videos! Great job! brI 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 Comment from : Marta Petrash

I just want to say thanks !!!! I was lost with this new tax stuff and the ONLY tax person in my small town knew less than me I contacted the Gentleman that made this video and just asked for a little advise not expecting any real help but didn't know what to do so was drawing straws as they say To my surprise I got a lengthy detailed message on what he would would suggest It was a simple answer, that I use a online tax "do it yourself tax thing" ( now he worded it alot prettier than I just did )brSo I used TurboTax and they where so easy and and basically told me what I should do to get the most I didn't know a online tax thing would do that and make it so easy to do Now let's just hope I get the amount they saidbrBy doing what this guy said I got $8,000 more than last year !!!! That is no lie !!!!brMostly because of tax breaks for self employed and covid-19 relief brI hope you read your comments and remember talking to me on another video I think anyway I just want to say THANKS !!!!!!! 🤑🤑 Comment from : Daniel Markle

Thanks for information Comment from : Azael Tasdemir

You explain very smoothly thanks for the information! brbrI 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 ? Comment from : K SAUREZ

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 Comment from : Tracy Park

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 Comment from : Ashley Poe

Can I get the SBA loan and the unemployment at the same time? Comment from : billy kelly

2k subs!! get it! did you buy a phone just for this video? haha Comment from : Josh Is On A Mission: PR Real Estate & Finance

Wow Great videos Thank you so much for putting out this great content in an entertaining and insightful way Comment from : Jake A

great videos! Comment from : Panchitos PNBS

Hello I enjoyed your work a lot I've been trying to research for a YouTube vid like yours that breaks down the topics in this YouTube video 🧑🏻‍⚕️ 👍 The part at 1:26 is really helpful Your breakdown totally is like the vids from Dr Ethan! Doctor's videos are really useful and I really learned a lot for midtermsbrbrI suggest you see his channel out and give Doctor Ethan a subscribe! 👉 #DrEthanEducation Comment from : Expressey

Or, skip all the SE taxes BS and switch from Schedule C income to Schedule E income Comment from : Jim Ross

omg you're great just subscribed please don't stop content creation im a small business and need tips navigating xo Comment from : landon le

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