1099 Taxes; How to structure your finances as a 1099 contractor.
Жүктеу.....
Пікірлер: 97
@brianhogan4337 жыл бұрын
Thanks Sam. If you ever get sick of Electric work, you'd probably be a really good teacher. Great videos thanks for the help.
@ms.e-positive4 жыл бұрын
BEST tax info video for Independent Contractors!!!!! Great job, made a lot of sense...was easy to understand what forms to used. Thank you.
@cadykagume81174 жыл бұрын
This has been so helpful! God bless you for sharing this information!
@iamcute695 жыл бұрын
I'm about to do some independent contracting work for the first time (software development), and this is a really helpful video. Thanks!
@panchodavila95135 жыл бұрын
A thanks a lot man I just started working as a 1099 employee and I’m the only person in my family working a steady job. I’m only 20 and this video really explains this possess very well. I hope you are doing great keep up the awesome work. Thanks for the info.
@mariom45384 жыл бұрын
Thank you great help, This should be offered in schools.
@catherinekenworthy44805 жыл бұрын
I just found this. THANK YOU SO VERY MUCH!🙏
@michelona17015 жыл бұрын
I just became an accidental contractor. Got offered a great job but to make more money but I had to be on contract. I realized it had more freedom. But then I realized I had to pay my own taxes....never did that before. in. my. life. I hated doing my regular taxes LOL... but you made this so simple. I have a lot more confidence now. I'm going out to get my Business bank account. I am SUPER excited! Thank you for being on the web. I just searched you tube for any kind of help ...You ARE helping :)
@WestHaddnin7 жыл бұрын
This is some good information, thanks for the post bruh! 👍
@brighterthanlightning59996 жыл бұрын
Thank you for caring and making the video
@lst1nwndrlnd6 жыл бұрын
excellent spreading the knowledge. Spreadsheets are crucial more KZread tutorials for that
@mattmccaffrey42995 жыл бұрын
Thanks for the video. I personally think it's much better to be an "employee" (W-2) rather than an "independent contractor" (I-9). Most people working in the trades for a boss - are in effect "employees" - yet the boss pays them as "Independent Contractors" because the boss pays less in taxes that way. If the worker is honest and reports all of his income to the IRS - that worker is going to pay Much More in taxes as an independent contractor than he would as an employee. As an independent contractor you have to pay Both your share of taxes Plus the boss's share.... As an employee the boss pays half your share. So unless you can deduct thousands of dollars worth of stuff as an independent contractor - usually the boss is screwing you when he pays you as an independent contractor. The determination of which class you are is dictated by the work relationship. If the boss is basically controlling what you do, your hours, providing materials, supplies, etc - then you're an "employee". If you just agree day to day for a certain job to be done - and the boss is completely out of your hair and has no control over the work, how you do it, and what you use - then you're an independent contractor -- however most times the worker is actually an "employee" - but getting paid as an independent contractor - because the boss is a cheap-a## and doesn't want to pay a dollar extra than he can get away with. You also lose a lot of employment rights as an independent contractor.
@TheCastedone
4 жыл бұрын
So I'm going to pay the company I'm 1099 under!? How can you get out of that?
@rogerdarev73745 жыл бұрын
Thanks for the info. Helped alot, keep up the good work.
@kevinumanzor34424 жыл бұрын
Thanks for this important knowledge!
@Hfirefighter57 жыл бұрын
thanks for the video. this is a subject im lacking in and trying to find more of thanks
@positively_broad_st37804 жыл бұрын
Ironic that my smoke detector is also dying and beeping while I'm watching this video...
@jackies35
4 жыл бұрын
HAHAHAHAHAHA!!
@BiMnMe4 жыл бұрын
Very helpful! Thank you so much.
@Anon462824 жыл бұрын
Thank you so much for this!!
@moongr36713 жыл бұрын
Very nicely done ✔ 👏
@famfeld5 жыл бұрын
Thanks for the info. Helpful to me!
@nicoletolmie32015 жыл бұрын
Very helpful! Thank you so much
@lavonwilliams66436 жыл бұрын
Excellent information. Thank you.
@chevy73ss5 жыл бұрын
Thanks man. Great video.
@mrmoore22916 жыл бұрын
Is a DBA like a business license thus allow you to open a business bank account and have a business name? sorry for all the questions....
@daynikaskipper72825 жыл бұрын
Great information!! Thanks
@May444703 жыл бұрын
Right on time!
@genevievepineda26005 жыл бұрын
Thanks for explaining 😊👍
@JL-fq3jc3 жыл бұрын
Other than the chirping it was helpful video as a plumber I appreciate the knowledge you provided. Also great timing on ending the video with the train 🚂
@karladuron75346 жыл бұрын
Great video thanks so much. Just so that every employer know, illegal immigrants do pay taxes using an ITIN, if you're an employer you can send them to IRS and they can file for an ITIN to do taxes at the end of the year it only takes about a month for IRS to do the process.
@EryiMartinez
2 жыл бұрын
will those ITIN workers just need to receive a 1099 nec to pay there taxes. From you as the employer ?
@stevec61555 жыл бұрын
Thanks for the information.
@danscountry5 жыл бұрын
I am going to do Summer sales in April as a 1099 employee. Should I do the first five steps before going out there? Thanks.
@catherinekenworthy44805 жыл бұрын
THANK YOU SO MUCH!
@claytonroberts3445 жыл бұрын
I want to know how that is if i fill one. How to fill it out so I don't pay in.
@FranciscoGonzalez-qq8if5 жыл бұрын
So if do it these way. What do I do with the 1099 the company gives me at the end of the year? Would I file it under the business account?
@OddWhaler5 жыл бұрын
my dude, thank you.
@ASAPHockey674 жыл бұрын
Do you register as a DBA with the IRS? If so where? What form? Or do you have to use a third party service, like LegalZoom?
@seventh-oneproductions5 жыл бұрын
Self employment tax is included in the 25 percent?
@dktakeover88423 жыл бұрын
If I need to hire people based on job to job bases what’s the easiest way to pay them? Can I file them as sole proprietors?
@Emanuelethio5 жыл бұрын
hello, I wanted to ask, How does an independent contractor make profit by hiring subcontracters to work for him?
@zerocool58787 жыл бұрын
What about business insurance, workers comp insurance. Does the company provide that or is that on you to get that?
@ulfhenarpolymathmilitant6258
5 жыл бұрын
that would be your's to carry
@ladybug1261dp3 жыл бұрын
Thank you
@AlQaeda1983 жыл бұрын
So I pay my rent through my business account? I work for a landscaping company.
@jaaqess25255 жыл бұрын
Your smoke alarm needs a new battery
@victorbruce3315
4 жыл бұрын
Is that tax deductible?
@jackies35
4 жыл бұрын
HAHAHAHAHAHA!!
@jackies35
4 жыл бұрын
@@victorbruce3315 HAHAHAHAHAHAH!!!
@kalizar64285 жыл бұрын
I did work for owner operator as truck driver for 2 month In half I made 7500 dollars Sow how can I pay tax , do I have to wait after new year
@wilcoxnoir82135 жыл бұрын
What if you dnt have both accounts and say you have a checking account? Would you have to go through all the things you spent money on to know which one you are able to write off?
@brianmccullough84935 жыл бұрын
Thanks Sam.
@gbrietzke5 жыл бұрын
Boi... smoke alarm... batteries... go!
@nackyding4 жыл бұрын
Thank you.
@milliecruz71814 жыл бұрын
Thank u so much
@alexeigalan25385 жыл бұрын
I whis I saw this video one year ago 😭😭😭😭😭
@roystroud25507 жыл бұрын
Hey thanks I have a question if you have money left in your business account at the end of the year do you pay taxes on that
@S33Electrical
7 жыл бұрын
Yes; assuming that you follow the protocol you'll pay taxes on the remaining amount minus your year's starting balance in your business account.
@Ruslan-ws5gk
7 жыл бұрын
S33 Electrical hi , how much do you pay in taxes a month? the amount of tax is dependent on profits or a constant value?
@andrewevatt36164 жыл бұрын
Energy bro...
@Bruce83316 жыл бұрын
Thank you for posting this. I've been working as an independent contractor for 4 months now as a tech guy and slowly learning each step you just listed by myself. I just have one question about paying the taxes, whether I learn it from googling it or learn it from your answer: Do I have to pay this tax yearly or quarterly, and whats the mostly common way of paying it, online website or other means?
@TheCastedone
4 жыл бұрын
Yearly for most you have the option of paying quarterly
@Mike-yh8tv7 жыл бұрын
Thanks for such great information...wish I had known this before.
@brigenkaizone11276 жыл бұрын
Hi for the 1099 independent contractor do you need a business license or no I live in Florida. But please describe if you were doing it in your home state. Thank you
@chiefmeskwaki-yavapaiel4910
4 жыл бұрын
No
@JJCollinsSouthwest5 жыл бұрын
informative video...I would suggest you not skate through the home office deduction/rent deduction but suggest the viewer do additional research of this deduction. The IRS has strict requirements when deducting for home office space.
@lifetimerenewal55563 жыл бұрын
Ya’ll check out the Jobs Act it can drop off another 20% off of your taxable income
@way2go1615 жыл бұрын
Suggestions....better lighting and wireless mic attached to your shirt. Makes you look much more professional and therefore more credible.
@brendawillett52125 жыл бұрын
This is very helpful! My big question is, do I need to pay quarterly?
@chriscampbell3279
4 жыл бұрын
If u do as he says and operate under a DBA, then u file quarterly or pay a small fee. If u don't use a DBA, u don't....
@CD-cw5he5 жыл бұрын
can i tax deduct my daily lunch when im working ?
@chriscampbell3279
4 жыл бұрын
Of course. And any lunch u buy for a client.
@BlGGESTBROTHER
3 жыл бұрын
No! The only time you can deduct a lunch is if you are meeting a client or coworker to discuss business related topics; and even then you can only deduct 50% of the bill.
@shadeer55784 жыл бұрын
So all peoples hear is his smoke alarm. Take heed pay attention learn for a change
@stargazer91724 жыл бұрын
Aaaaagggghhhhh!!... After 16 minutes, I cant take any more churping !! ,,, p.s. thanks for the video
@granmachuca5 жыл бұрын
It hurts me as an legal immigrant that many company taken advantage of that, everyone has to paid taxes in order to help this beautiful nation to continues the progress. sorry for my broken spelling.
@EryiMartinez
2 жыл бұрын
what kind of work do you do?
@beckyweaver59814 жыл бұрын
Speed up playback speed to 1.75
@Ksixxable7 жыл бұрын
you don't really say how to file the DBA.
@surffiend757
6 жыл бұрын
go to the courthouse where you get business license
@markmirabella4066
5 жыл бұрын
Ksixxable town hall
@eps84145 жыл бұрын
What a freaking cutie.
@McL0VINNN5 жыл бұрын
Fuck this. I need an accountant.
@tl_yang4 жыл бұрын
"1,099"
@MrMonshez5 жыл бұрын
Fuck it, if the irs comes after me I’ll file for bankruptcy
@usasupra234 жыл бұрын
An electrician and the smoke detector battery is dead? LOL
@Coolruiz193 жыл бұрын
1.5 x
@betzynavarro77474 жыл бұрын
I was liking this video until you said that illegal immigrants don’t pay taxes. I laughed because they do. Other than that this was quite helpful. lol js
@kennedyandlogan18975 жыл бұрын
.......Beep
@omarh46944 жыл бұрын
You got a phone number??
@unibrowgang72505 жыл бұрын
Dude wasup with yo handwriting?? It looks like a chicken was walking over yo whiteboard with ink
Пікірлер: 97
Thanks Sam. If you ever get sick of Electric work, you'd probably be a really good teacher. Great videos thanks for the help.
BEST tax info video for Independent Contractors!!!!! Great job, made a lot of sense...was easy to understand what forms to used. Thank you.
This has been so helpful! God bless you for sharing this information!
I'm about to do some independent contracting work for the first time (software development), and this is a really helpful video. Thanks!
A thanks a lot man I just started working as a 1099 employee and I’m the only person in my family working a steady job. I’m only 20 and this video really explains this possess very well. I hope you are doing great keep up the awesome work. Thanks for the info.
Thank you great help, This should be offered in schools.
I just found this. THANK YOU SO VERY MUCH!🙏
I just became an accidental contractor. Got offered a great job but to make more money but I had to be on contract. I realized it had more freedom. But then I realized I had to pay my own taxes....never did that before. in. my. life. I hated doing my regular taxes LOL... but you made this so simple. I have a lot more confidence now. I'm going out to get my Business bank account. I am SUPER excited! Thank you for being on the web. I just searched you tube for any kind of help ...You ARE helping :)
This is some good information, thanks for the post bruh! 👍
Thank you for caring and making the video
excellent spreading the knowledge. Spreadsheets are crucial more KZread tutorials for that
Thanks for the video. I personally think it's much better to be an "employee" (W-2) rather than an "independent contractor" (I-9). Most people working in the trades for a boss - are in effect "employees" - yet the boss pays them as "Independent Contractors" because the boss pays less in taxes that way. If the worker is honest and reports all of his income to the IRS - that worker is going to pay Much More in taxes as an independent contractor than he would as an employee. As an independent contractor you have to pay Both your share of taxes Plus the boss's share.... As an employee the boss pays half your share. So unless you can deduct thousands of dollars worth of stuff as an independent contractor - usually the boss is screwing you when he pays you as an independent contractor. The determination of which class you are is dictated by the work relationship. If the boss is basically controlling what you do, your hours, providing materials, supplies, etc - then you're an "employee". If you just agree day to day for a certain job to be done - and the boss is completely out of your hair and has no control over the work, how you do it, and what you use - then you're an independent contractor -- however most times the worker is actually an "employee" - but getting paid as an independent contractor - because the boss is a cheap-a## and doesn't want to pay a dollar extra than he can get away with. You also lose a lot of employment rights as an independent contractor.
@TheCastedone
4 жыл бұрын
So I'm going to pay the company I'm 1099 under!? How can you get out of that?
Thanks for the info. Helped alot, keep up the good work.
Thanks for this important knowledge!
thanks for the video. this is a subject im lacking in and trying to find more of thanks
Ironic that my smoke detector is also dying and beeping while I'm watching this video...
@jackies35
4 жыл бұрын
HAHAHAHAHAHA!!
Very helpful! Thank you so much.
Thank you so much for this!!
Very nicely done ✔ 👏
Thanks for the info. Helpful to me!
Very helpful! Thank you so much
Excellent information. Thank you.
Thanks man. Great video.
Is a DBA like a business license thus allow you to open a business bank account and have a business name? sorry for all the questions....
Great information!! Thanks
Right on time!
Thanks for explaining 😊👍
Other than the chirping it was helpful video as a plumber I appreciate the knowledge you provided. Also great timing on ending the video with the train 🚂
Great video thanks so much. Just so that every employer know, illegal immigrants do pay taxes using an ITIN, if you're an employer you can send them to IRS and they can file for an ITIN to do taxes at the end of the year it only takes about a month for IRS to do the process.
@EryiMartinez
2 жыл бұрын
will those ITIN workers just need to receive a 1099 nec to pay there taxes. From you as the employer ?
Thanks for the information.
I am going to do Summer sales in April as a 1099 employee. Should I do the first five steps before going out there? Thanks.
THANK YOU SO MUCH!
I want to know how that is if i fill one. How to fill it out so I don't pay in.
So if do it these way. What do I do with the 1099 the company gives me at the end of the year? Would I file it under the business account?
my dude, thank you.
Do you register as a DBA with the IRS? If so where? What form? Or do you have to use a third party service, like LegalZoom?
Self employment tax is included in the 25 percent?
If I need to hire people based on job to job bases what’s the easiest way to pay them? Can I file them as sole proprietors?
hello, I wanted to ask, How does an independent contractor make profit by hiring subcontracters to work for him?
What about business insurance, workers comp insurance. Does the company provide that or is that on you to get that?
@ulfhenarpolymathmilitant6258
5 жыл бұрын
that would be your's to carry
Thank you
So I pay my rent through my business account? I work for a landscaping company.
Your smoke alarm needs a new battery
@victorbruce3315
4 жыл бұрын
Is that tax deductible?
@jackies35
4 жыл бұрын
HAHAHAHAHAHA!!
@jackies35
4 жыл бұрын
@@victorbruce3315 HAHAHAHAHAHAH!!!
I did work for owner operator as truck driver for 2 month In half I made 7500 dollars Sow how can I pay tax , do I have to wait after new year
What if you dnt have both accounts and say you have a checking account? Would you have to go through all the things you spent money on to know which one you are able to write off?
Thanks Sam.
Boi... smoke alarm... batteries... go!
Thank you.
Thank u so much
I whis I saw this video one year ago 😭😭😭😭😭
Hey thanks I have a question if you have money left in your business account at the end of the year do you pay taxes on that
@S33Electrical
7 жыл бұрын
Yes; assuming that you follow the protocol you'll pay taxes on the remaining amount minus your year's starting balance in your business account.
@Ruslan-ws5gk
7 жыл бұрын
S33 Electrical hi , how much do you pay in taxes a month? the amount of tax is dependent on profits or a constant value?
Energy bro...
Thank you for posting this. I've been working as an independent contractor for 4 months now as a tech guy and slowly learning each step you just listed by myself. I just have one question about paying the taxes, whether I learn it from googling it or learn it from your answer: Do I have to pay this tax yearly or quarterly, and whats the mostly common way of paying it, online website or other means?
@TheCastedone
4 жыл бұрын
Yearly for most you have the option of paying quarterly
Thanks for such great information...wish I had known this before.
Hi for the 1099 independent contractor do you need a business license or no I live in Florida. But please describe if you were doing it in your home state. Thank you
@chiefmeskwaki-yavapaiel4910
4 жыл бұрын
No
informative video...I would suggest you not skate through the home office deduction/rent deduction but suggest the viewer do additional research of this deduction. The IRS has strict requirements when deducting for home office space.
Ya’ll check out the Jobs Act it can drop off another 20% off of your taxable income
Suggestions....better lighting and wireless mic attached to your shirt. Makes you look much more professional and therefore more credible.
This is very helpful! My big question is, do I need to pay quarterly?
@chriscampbell3279
4 жыл бұрын
If u do as he says and operate under a DBA, then u file quarterly or pay a small fee. If u don't use a DBA, u don't....
can i tax deduct my daily lunch when im working ?
@chriscampbell3279
4 жыл бұрын
Of course. And any lunch u buy for a client.
@BlGGESTBROTHER
3 жыл бұрын
No! The only time you can deduct a lunch is if you are meeting a client or coworker to discuss business related topics; and even then you can only deduct 50% of the bill.
So all peoples hear is his smoke alarm. Take heed pay attention learn for a change
Aaaaagggghhhhh!!... After 16 minutes, I cant take any more churping !! ,,, p.s. thanks for the video
It hurts me as an legal immigrant that many company taken advantage of that, everyone has to paid taxes in order to help this beautiful nation to continues the progress. sorry for my broken spelling.
@EryiMartinez
2 жыл бұрын
what kind of work do you do?
Speed up playback speed to 1.75
you don't really say how to file the DBA.
@surffiend757
6 жыл бұрын
go to the courthouse where you get business license
@markmirabella4066
5 жыл бұрын
Ksixxable town hall
What a freaking cutie.
Fuck this. I need an accountant.
"1,099"
Fuck it, if the irs comes after me I’ll file for bankruptcy
An electrician and the smoke detector battery is dead? LOL
1.5 x
I was liking this video until you said that illegal immigrants don’t pay taxes. I laughed because they do. Other than that this was quite helpful. lol js
.......Beep
You got a phone number??
Dude wasup with yo handwriting?? It looks like a chicken was walking over yo whiteboard with ink