I worked one day as a model (first time ever, I am not a model) and I got a 1099 NEC. I do my own taxes every year. All of the free tax companies want to charge for this from, which I would understand if I made a lot of money or had several forms. But I worked literally one day. Thank you for posting this. I am going to do my best to file on my own.
I love that you really showed how to do. I have W2, and 1099 - besides being a non-resident. How complicated it is to pay taxes in America! Thank you very much!
Excellent content. This video is very valuable. I did a google search for "doing taxes step by step for LLC" and I couldn't find anything accept for garbage posts. I decided to search instead for "completing schedule C for LLC" and your video came up. Thanks so much for posting this. It's very helpful to people like myself who are getting started with an LLC and don't have extra funds. I started an event hosting business right before Covid... Kind of difficult to host public events when there's a pandemic.... LOL 😂
[10:38am PST] @SaintOres.com One of my first clients was/is an events hosting business. She stuck it out through the Covid years when there was almost zero jobs, but has been booked solid the past 18 months. Now her biggest problem is getting help. A nice problem to have. I'll be posting mostly small business and taxation videos. Good luck, and I think you picked a great, in-demand business.
So finally I did file my tax return using the help of my accountant friend. We used OLT software for tax filing, and I am very happy that I filed for the first time successfully. Thank you so much Katie!
This was Perfet! As a first time Ebay seller, this has been the most stressful part. I sure I'm going to pay more than I have to for not keeping track of my numbers, but with just this video, you have helped so much. Thank for taking the type and helping those in need with this form. I will defiantly subscribe.
[9:32am PST] @SaintOres.com Thanks Dogfight, Glad it helped! Keep track of those numbers. Sometimes it's not about how much you make, but about how much you save.
@@KatieStOresCFPChFCEA yes indeed my new friend........I've had so many people scam me over this period in time..I rather stop being lazy minded and obtain information from a intelligent classy lady ,such as yourself........🙏👌💕
Hi Katie! If I paid a printer to make my t-shirts for resale to start and then at least 3 more times following in 2020 is that considered contract labor or an expense?
[9:32am PST] @TaxesbyKatie.com Hello Twiz -- from the world famous #CertifiedBanga100TV, Thanks, Glad it helped.... And good luck on your channel. You look like Pro.
same here. excellent video. even i can understand this. when making informative videos, they should be simple and to the point like this one. thank you for taking the time out of your very busy day to help and teach us. you are the best. i just liked and subscribed to your platform. you're going to have alot of subscribers the way you present things. again thanks.
I FEELING HAPPY TO SEE THAT VIDEO I NOT WANT TO FORGET THAT BECAUSE EVEN I STUDY BUSSINES IN MY COUNTRY ACCOUNTING AND ADMINISTRATION ARE MY HEAD PAIN. THAT IS RREALY NECESSARY E IMPORTANT FOR ME THANK YOU SO MUCH FOR ALL THAT SUPPORT IN THIS AREA.
[09:29am PST] @TaxesbyKatie.com Thanks Adam, I hope to a have a few more long, boring IRS related videos out soon. They seem to be popular during tax season.
Hey Lynn, That is the new prototype iPhone model 23, due out in 2028. Seriously, it's made by a company that's no longer in business call PPI. It's a 4 foot by 8 foot touch screen monitor. Weighs a ton...
This is exactly what I have been looking for. I love the detail and line by line explanation. I am starting an appliance repair business after my normal 9-5 and I still am unsure how to handle the vehicle. My original plan was the rent any vehicle I use from myself but now I am wondering if mileage is easier to manage. Hmm
Hello Michael, the best option for you ultimately depends on your individual circumstances. Here's a suggestion since you are just starting your business... when reporting your business activity on your Schedule C, use you own car, track your business miles, and use standard mileage deduction.
Instant subscriber. PPP loan here I come! This was my only hurdle. I was super confused because I’m an independent contractor. In all actuality I’m a walking business and I get all the business benefits ! Thank you so much 😊
[11:31am PST] @SaintOres.com Привет Татьяна, спасибо большое за добрые слова. Я буду рада помочь тебе с налоговыми или финансовыми вопросами. Можешь просто написать мне лично. С наступающими праздниками тебя и твою семью
[09:25am PST] @TaxesbyKatie.com Hey Linda, As a single member LLC, you have to file Schedule C AND you must pay SE tax IF you had net earnings of $400 or more. Hence, you have to fill out Schedule SE to show the calculation.
[4:55 PM PST] @SaintOres.com Thanks Kukmandu, I'm glad it was helpful.... And I love your MUTTON TAAS video. But it's hard to get goat in the states, so I substitute lamb. (Don't tell my family)
Great video! Thank you so much! I have a question if it’s possible for you to give me some guidance, I filed my 1120S and I deducted my car expenses (gas, maintenance, insurance) but I also do delivery driver jobs for Amazon and Walmart for my 10099-NEC can I deduct mileage on schedule C of my 1040 for those jobs? I use the same car for everything my LLC. Delivery driver jobs and personal
[10:03am PST] @SaintOres.com Hello Ameliz, As an individual taxpayer, you may deduct mileage expenses for business purposes on your Schedule C if you use your personal vehicle for business purposes. This includes mileage incurred while driving for delivery driver jobs for Amazon and Walmart. However, you cannot deduct both car expenses and mileage expenses for the same vehicle for the same purpose. If you choose to deduct mileage expenses, you will need to keep accurate records of your business-related mileage. This includes the date of each trip, the starting and ending locations, the purpose of the trip, and the total number of miles driven for each trip. You should also keep records of any expenses related to your vehicle, such as fuel, maintenance, and repairs, as these can also be deducted. It is important to note that you can only deduct mileage expenses for the portion of the total miles driven that are business-related. You cannot deduct mileage for any personal use of the vehicle. Therefore, you will need to keep track of both your total miles driven and the miles driven for business purposes in order to accurately calculate your deduction. As always, it is recommended that you consult with a tax professional or accountant to ensure that you are accurately reporting your business expenses and maximizing your tax deductions.
Hi, very nice presentation. Thanks. Just wondering if 1099 is applicable for contractors who work from outside of US? Would appreciate if you can let me know.
[2:54pm PST] @SaintOres.com Thanks Ahsan, No, you are not required to file a Form 1099 for a foreign contractor if the contractor is not a U.S. person and the services are wholly performed outside the U.S. A Form 1099 is used to report payments made to an independent contractor. The IRS requires businesses to file Form 1099 for payments made to independent contractors who are U.S. persons and who received more than $600 in payments during the year. However, the IRS does not require businesses to file Form 1099 for payments made to foreign contractors. To determine if a contractor is a U.S. person, you can ask the contractor to complete a Form W-8BEN. The Form W-8BEN is a tax form that is used to certify that the contractor is not a U.S. person. If the contractor completes a Form W-8BEN, you are not required to file a Form 1099 for that contractor. If you have any questions about whether or not you are required to file a Form 1099 for a foreign contractor, you should consult with a tax advisor.
Katie , Thanks for all your hard work, useful information. Can you please help us for filling " Mark to Market accounting " for day traders. and how to fill form 3115 . thanks
[11:33am PST] @TaxesbyKatie.com Hey Abe, Great suggestion! I do tons of those for traders during tax season (NOW), and it can be a little complicated. I'll put is on my list to do that video.
Thanks Katie. I am about to start an LLC. Since just about to start, chances is I may not get any business for the first year. Are payments to keep my professional licenses every 2 years consider as business expenses?
Yes, payments to keep your professional licenses up-to-date can be considered business expenses on Schedule C, even if you don't have any business income in your first year. These expenses must be both ordinary and necessary for your business to qualify as deductible.
Very helpful, thanks. I noticed that you by-passed the loss option which in my first year is important to me. I don't have any debt, just cash and inventory, so what would I put for section 32a & 32b?
[1:26pm PST] @SaintOres.com Hi Ismara, I'm sorry but I don't have a video regarding the dormant LLC. If your LLC has had no activity or generated no profit, and you are the only member, then you are not required to file a tax return as the LLC is disregarded as an entity. However, you may still need to file local forms depending on your state. For instance, if you are in California, you will need to file CA Form 568.
Hi. Your info was on point. I have a question. If your line 31 is negative would you use your line 7. Last year on January I started my business and had a lot of loss
Thank you I have sold all my collection of guitars last year to live and the platform I used gave me a 1099k it was 53k gross before exp my problem is if I do a schedule c I will be at a loss will this trigger an audit
[1:20pm PST] @TaxesbyKatie.com Hey Ultra Mind, Must be sad to sell all your guitars... Loss on your Schedule C doesn't automatically raise a red flag for the IRS. A few years of losses might get their attention.
[2:41pm PST] @SaintOres.com Hello Roque Tan, Yes, you are correct. Schedule C is used to report income or loss from a business you operated or a profession you practiced as a sole proprietor. The net profit or loss from Schedule C is then entered on Schedule 1, line 3, of Form 1040. Schedule 1 also includes other types of income, such as capital gains, alimony, unemployment payments, and gambling winnings. Once you have completed Schedule 1, you can then transfer the information to Form 1040 to calculate your total tax liability.
I love your presentation is the clearest explanation and instructions to follow and understand it. Can you write off your apartment rent on your schedule C if I have one complete room dedicated to my business?
[4:38pm PST] @TaxesbyKatie.com Hey Pam, Yes, you can write off the portion of your apartment on your Schedule C if it is dedicated to business use. If your home office is 300 sq. feet or less and you opt to take the simplified deduction, the IRS gives you a deduction of $5 per sq. foot of your home that is used for business, up to a maximum of $1,500 for a 300 sq. foot space.
[10:19 AM PST] @SaintOres.com Hello Ahsan, Yes, Form 1040-NR is very close to form 1040. Also, Schedule C for 1040-NR is the same as for 1040. I hope that answers your question.
@@KatieStOresCFPChFCEA Thank you so much Katie! One more question. I registered my LLC back in 2021 and applied for an ITIN but it got rejected along with my tax documents. Now I need to file both 2021 and 2022 federal tax returns and now I do have an ITIN. Should I file both returns online through a software? Also, note that my 2021 return will be a zero return because I didn't do any business in 2021.
[11:49 AM PST] @SaintOres.com Hello Ahsan, Depending on your specific situation, you might not need to file for 2021 since you didn't do any business that year. But I can't say for sure in your situation. It could be worth looking into the assistance of a tax professional who you are going to need down the road anyway.
Thanks for sharing this information. It is very helpful. I need your help that what about single member LLC having no Income and Expense i.e. Nill business activity with zero value in balance sheet. How can the tax return be filed in such a situation?
Hello Habib, The most common classification for single-member LLCs is disregarded entity (one person), where the LLC's tax activities are reported on the owner's personal tax return, similar to a sole proprietorship. If there was no business activity and no expenses, you typically don't need to file any tax return for the LLC.
Hi Katie!! Thanks for your awesome video. I please have a question regarding to employee meals, so all my lunch/night employee meals who associate with my business that can be added on other expenses on schedule C? I mean deductible expenses? Thanks.
[10:40am PST] @TaxesbyKatie.com Hello Kathy, Yes, If you provide meals to your employees (for your convenience), such as meals for occasional employee overtime for example, are 100% deductible in 2021 and 2022 if the meals are provided by a restaurant.
I started my business and have not sold or bought anything. Do I put $0 for majority of the lines? Also I want to close my business but it does not give me the option on this form to indicate to the IRS that this will be my last return. Do I have to fill out a different form for that?
[4:24pm PST] @TaxesbyKatie.com Hello 10 11, The bottom line is: No income and no expenses, then filing a Schedule C generally is not necessary. No income but expenses, then filing a Schedule C can help you receive a refund or credit. Also, there is no "final return" box to check on Schedule C.
@@KatieStOresCFPChFCEA Thank you for clearing that up. What would be the best form for me to file if I want to file my final tax return to the IRS to let them know this will be my last return as I am dissolving my business? I know what I have to do to inform my state, but to inform the IRS I have been informed several times to file a Schedule C form, and send a letter to the IRS with my return informing them about me closing my business. Is that correct?
[11:01am PST] @TaxesbyKatie.com Hey 10 11, The tax form applicable to you will be indeed Schedule C. In your tax software, you will have an option to mark if your Schedule C is final. You also need to complete and send Articles of Dissolution to the secretary of your state.
Great video... thank you so much! I have been doing my own taxes for years via a tax ap, but now I have something else on my plate. I have bought and sold vintage items out of a resale antique store where I have rented a cabinet, and also out of my home. It has come to my attention I need to be working on my social security credits. Is it true that by filing a Schedule C that I receive social security credits and if so, maximum for the year? What can you tell me about social security credits and how I should find out more about what I need to know to make sure I have enough credits by the time I retire? Strangely enough, I am divorced after being a trailing spouse several years, so I have a lot of important catching up to do.
[12:44 PM PST] @SaintOres.com Hello Kathy, If you are self-employed, you earn Social Security credits the same way employees do (1 credit for each $1,640 in net earnings, but no more than 4 credits per year). Special rules apply if you have net annual earnings of less than $400. You can register on the SSA website to view your annual earnings statement and to check it for accuracy.
Why is there not so much question/answer? I did not see you discussed utilities on Schedule C if you use them for Home Business. What rules would be if I shared a home/business in the same home?
Because Home Office deductions are misunderstood by many people, I filmed a video concentrating solely on that subject. Form 8829, Schedule C of your 1040.
@@KatieStOresCFPChFCEA lol I took a break from gaming for a little bit. Tired of gaming. I'm trying to grow out an Uber Eats Fleet on Scooters. 🛵 🍕 I've already got my LLC/Business License from State, EIN from GOV. Also got a lot of other things I've learned. Going to eventually change to C corp I think but not until I grow 🪴 a little more. Learning all I can.
Nice video. Question, if I pay a contractor less than $600 it is my understanding that I do not have to send them a 1099. However, would I still include the amount I paid to them on line 11?
My accountant allowed me to pay myself on a W2 but I'm the owner, met with a tax advisor that said that was wrong. I know I need to pay myself, but please help. Applied for a mortgage and wages paid to myself were not added in my total income on my schedule C, and they said should have been deducted , which puts me in the negative. I was told this is all wrong, need to know how to pay myself
[11:14am PST] @SaintOres.com Hello Lak, I can give you a general answer here in the comments based only on the information that you provided in your question. The IRS considers a Schedule C business a sole proprietorship. Under no circumstances can the owner of such a business issue themselves a W-2, no exceptions. You will need to fix it as soon as possible. You may look at code section 3121(d)(2). Since a sole proprietor is not his/hers own employee, the wages you paid yourself would not be deductible under IRC 162 . Hence, you would owe SE tax on your entire net SE income and need to file amended payroll tax returns to get the federal payroll taxes back. If you paid state payroll taxes, those too would likely require amended returns. If you have filed returns in prior years' and deducted the salary to yourself, those would also need to be amended.
Hi! This is really helpful. But I have a question and I hope you can provide an answer. So I moved from one state to another. My small business is registered in NC. When I moved to PA, I didn't use my business payment method and opted to do it under Sole Proprietorship which doesn't require me to register the business. My question though, I am filling out the Schedule C and I don't know where should I include my earnings from November to December. I'm just concerned that the address that I have to put on Schedule C is my address in North Carolina. Do I have to create 2 separate Schedule Cs? Thank you in advance!
Hello DIY Fiance Visa, I'm not quite sure what you mean by saying "I didn't use my business payment method and opted to do it under Sole Proprietorship." However, I have some general information that may help you. Even though you chose not to register your business in PA, and you are filing as a sole proprietor you are still required to report your business income for both states based on where you earned it. Generally, you only need one Schedule C, but you should report your income based on where it was earned. You should use your current residential address for the tax year on the Schedule C, regardless of where your business is registered. Don't forget every state has their specific tax laws and rules.
@@KatieStOresCFPChFCEA Thanks for this info and I'm sorry for the confusion. I use Stripe to send invoices to my clients. I have one for the LLC, and when I moved here, I created a new one under sole proprietor. So it's not recorded as earnings of the LLC. But upon searching, since it's a single-member LLC, I can file both in 1 Schedule C (which you also mentioned, thanks!). I'm a little confused though. You said I should report my income "based on where it was earned" but you also mentioned I have to use my current address regardless of where the business is registered. Thank you so much for your time. :)
@@KatieStOresCFPChFCEA Add'l: If I understand it correctly, I put the LLC name on Line C (plus EIN on Line D), my current address on Line E, and total income from both PA and NC on Line 1?
Hello Diy Fiance Visa, Sorry but it's tough for me to answer that. You have dual states and income earned under your LLC and personal name, which requires specific and not general advice. I recommend hiring a tax professional to assist you with your tax return. An Enrolled Agent would be the best choice because they can file taxes in every state. And their fees are usually a little less. Good luck
Can you please tell me where i combine my husband's income with mine on the schedule C? We file jointly ( 1040 ) but i drive with doordash so i use a schedule C. Should i combine our income on the gross income line or the " other " income line? Thank you for your help.
Hello Witch, As per the IRS, each spouse should file a separate Schedule C for their own business income. Your husband's business income must be reported on his own Schedule C, while your income from DoorDash should be reported on your own Schedule C. The "other income" line on Schedule C is only for income not related to your business, such as interest income from a bank account. Reporting your husband's business income on this line is not appropriate.
[12:45pm PST] @SaintOres.com Hey Zaynah, If all 1099- NECs are for the same business, then-No, all three go to the same Schedule C. But if you have separate business running, then Yes.
[10:33am PST] @TaxesbyKatie.com Hello Kathy, The general rule for deductibility of business expenses is that they must be ordinary and necessary. If they are, then you can list them as a tax deduction on your Schedule C. I hope this answers your question.
@@KatieStOresCFPChFCEA thank you Katie. Based on your answer, I can understand that food supplies, meat supplies, etc… cannot be deductible expenses!!??
[10:59am PST] @TaxesbyKatie.com Hey Kathy, If you are running a restaurant then food supplies are deductible, because they are ordinary and necessary items for a restaurant business.
@@KatieStOresCFPChFCEA thank you Katie, but when I ask them for any 1099 form, they never sent to my admin or I requested something wrong but I am not using any system to manage expenses. I may have to start managing these beginning this year😃.
Hello and thank you very much for your videos, I am a French tax resident and I will do wholesale in the United States or more exactly I will buy from American wholesalers for Reselling in the US and I asked the IRS how to pay me with my single member LLC, as far as I am concerned so I have to fill out form 1040 nr? And only schules C?But as I'm still a little afraid of doing it wrong, I still have a few questions, could I ask you? Thank you very much for your videos Cyril
[9:52am PST] @SaintOres.com Hello S D, A nonresident alien (for tax purposes) must pay taxes on any income earned in the U.S. unless the person can claim a tax treaty benefit. You may need to file Form 1040-NR if you were a nonresident alien engaged in a trade or business in the U.S. Please, refer to the IRS instructions here: www.irs.gov/pub/irs-pdf/i1040nr.pdf
Hello Katie, I am find myself unemployed since covid (the company i worked for got shuttered and it appears it will never reopen) I have always just done turbo tax, but this year because of financial reasons, i will have to file myself for free. since mid 2021 i have had to rent my house and i have moved back in with my father. my only source of income is the rental generated from the rental of my house and whatever handyman or electrical work i can scrounge up. since rental is my primary income, should i fill out schedule C or schudle E even though rental is not supplamental, it is my priary income? thanks in advance, Damon.
[10:53am PST] @TaxesbyKatie.com Hello Dae, You cannot apply for the PPP program since your business started this year. However I have included a link to the SBA where they help start your business with loans guaranteed by the Small Business Administration. Give them a try... Here's the link. www.sba.gov/funding-programs/loans
I collect sales tax for preforming janitorial services to a commercial building. When I received their 1099 it includes what we charge and sales tax. I file and paid the state comptroller quarterly. On what box should this deduction be? Because I do not keep that money so it should not be counted as my profit? 🤔
[11:41am PST] @TaxesbyKatie.com Hey Alexandra, If you collected sales taxes and it is included in the income on the 1099-MISC, then you deduct that sales tax on line 23 of Schedule C. In your input software, look under TAXES and Licenses (Sates tax included in gross receipts).
Hello Ken, If you’re being asked to file taxes monthly, this might be related to sales tax or other state-specific taxes, but NOT the federal income taxes.
Hello I am a small business owner and I have contract workers sent the 1099 forms out. But i want to know do i include what the contractors made as part of the Business income
[10:57am PST] @TaxesbyKatie.com Hello Elaine, If you are a small business owner and received 1099s as a contractor, you will include these 1099s in your income. If you are issuing 1099s to your contractors, then these are your contract labor expenses.
Great video! I have a question. Where do I put the amount I paid to independent contractors that are corporations? In my understanding, I shouldn't send 1099s to corporations. Should I add that amount to the amount of 1099s and put it on line 11?
[10:21am PST] @SaintOres.com Hello Gracy, Yes, Generally payments to corporations are exempt from 1099 reporting. However, some payments like medical and health care payments, for example, made to corporations generally must be reported on Form 1099-MISC. You will assign those expenses paid to corporations based on applicability. If that expense is contract labor, then you can include it on line 11.
[12:05pm PST] @SaintOres.com Hey Jagger, You will include PayPal fees and Shipping costs under other business expenses, Line 27a, since they are general and administrative and provide details in Part V of Schedule C.
By far the best video available about the 1040 Schedule C. Thanks
[10:37am PST] @TaxesbyKatie.com
Thanks Christian for the very nice comment.
I worked one day as a model (first time ever, I am not a model) and I got a 1099 NEC. I do my own taxes every year. All of the free tax companies want to charge for this from, which I would understand if I made a lot of money or had several forms. But I worked literally one day. Thank you for posting this. I am going to do my best to file on my own.
I love that you really showed how to do. I have W2, and 1099 - besides being a non-resident. How complicated it is to pay taxes in America! Thank you very much!
[9:42am PST] @TaxesbyKatie.com
Thanks Vivian, Glad it was helpful! Nothing like paying taxes in the US......
Excellent content. This video is very valuable. I did a google search for "doing taxes step by step for LLC" and I couldn't find anything accept for garbage posts. I decided to search instead for "completing schedule C for LLC" and your video came up. Thanks so much for posting this. It's very helpful to people like myself who are getting started with an LLC and don't have extra funds. I started an event hosting business right before Covid... Kind of difficult to host public events when there's a pandemic.... LOL 😂
[10:38am PST] @SaintOres.com
One of my first clients was/is an events hosting business. She stuck it out through the Covid years when there was almost zero jobs, but has been booked solid the past 18 months. Now her biggest problem is getting help. A nice problem to have. I'll be posting mostly small business and taxation videos. Good luck, and I think you picked a great, in-demand business.
@@KatieStOresCFPChFCEA Thanks for the inspiration Katie. I appreciate that.
@@KatieStOresCFPChFCEA 😢
I am in a similar LLC new business situation. I am happy for you to find this video also! Let's all have a much better new Year 2023!❤🙏.
So finally I did file my tax return using the help of my accountant friend.
We used OLT software for tax filing, and I am very happy that I filed for the first time successfully.
Thank you so much Katie!
[1:35 PM PST] @saintores.com
Thanks Ahsan, Good to hear, And I like OLT, it's one of my favorites.
This was Perfet! As a first time Ebay seller, this has been the most stressful part. I sure I'm going to pay more than I have to for not keeping track of my numbers, but with just this video, you have helped so much. Thank for taking the type and helping those in need with this form. I will defiantly subscribe.
[9:32am PST] @SaintOres.com
Thanks Dogfight, Glad it helped! Keep track of those numbers. Sometimes it's not about how much you make, but about how much you save.
I'm already addicted to her knowledge & skills thank you so much
[11:41pm PST] @SaintOres.com
Thanks Corey, You must be addicted to knowledge to watch a 18 min video on Form Schedule C. Welcome aboard.
@@KatieStOresCFPChFCEA yes indeed my new friend........I've had so many people scam me over this period in time..I rather stop being lazy minded and obtain information from a intelligent classy lady ,such as yourself........🙏👌💕
Hi Katie! If I paid a printer to make my t-shirts for resale to start and then at least 3 more times following in 2020 is that considered contract labor or an expense?
Hey Denise, If you used just the printing service (printing work done) and you provided the T-shirts, then I would list it as contract labor.
I LOVE LOVE LOVE your SET UP GIRL! The TV SCREEN. GOOD JOB. 👍🏼
[3:53pm PST] @TaxesbyKatie.com
Thanks Belinda, The big screen really comes in handy for watching funny horse videos on TH-cam.
Thanks, Katie. I was able to follow along easily step by step.
Thanks JYD, Glad it was helpful!
I love your presentation is the most clear explanation and instructions to follow and understand it.
Thank you 🙏
Thanks Ingrid, Glad it was helpful!
Thank you, I'm taking my first tax class and am filling out my first Schedule C Form, and this was very helpful.
[9:59am PST] @SaintOres.com
Thanks Ariah, Glad it was helpful! Hope you get an A.
Thanks for all the work you put in on your schedule C video!!!!
Glad you like them!
Great job on this presentation on Sch-C dear so detailed & easy to understand
[11:07am PST] @SaintOres.com
Thanks Ray, Detailed and easy to understand will be the slogan on my next business card.
Thanks for the clear instructions.
[11:03am PST] @SaintOres.com
Thanks Johnny, Glad it was helpful!
Hello Mrs. Katti, your a true blessing, thank you so much. I love you......
[10:01am PST] @SaintOres.com
Thanks Kewll, I'm glad the Sch C video was helpful.
Thank you for this direct transparent information on this matter!!!
Thanks Divina, You're welcome... Glad it was helpful!
You are amazing. My first time filing taxes for my business and felt super overwhelmed but you made it so simple and easy to follow. Thanks so much
[9:32am PST] @TaxesbyKatie.com
Hello Twiz -- from the world famous #CertifiedBanga100TV, Thanks, Glad it helped.... And good luck on your channel. You look like Pro.
@@KatieStOresCFPChFCEA thank you, I appreciate you checking out my channel
[10:41am PST] @SaintOres.com
Sure. It's not often you see a channel with an attorney talking about trademarking.
#5MinutesofTWiZDOM
GOD, ALMIGHTY!
THANK YOU!
THANK YOU!
THANK YOU!
😭
[2:43pm PST] @SaintOres.com
Thanks Doc.
same here. excellent video. even i can understand this. when making informative videos, they should be simple and to the point like this one. thank you for taking the time out of your very busy day to help and teach us. you are the best. i just liked and subscribed to your platform. you're going to have alot of subscribers the way you present things. again thanks.
[9:58am PST] @SaintOres.com
Thanks Dee Dee, I appreciate you taking time to write such a nice comment. Welcome aboard.
Love the Schedule C video, it’s just what I needed for my taxes.
I appreciate the comment. More to come!
google.com/localservices/review/taxesbykatie
Thanks Scott... I appreciate the review.
This tutorial was well presented and incredibly methodical. Thank you.
[2:34pm PST] @TaxesbyKatie.com
Thanks for the nice words Tempest, You're very welcome!
I FEELING HAPPY TO SEE THAT VIDEO I NOT WANT TO FORGET THAT BECAUSE EVEN I STUDY BUSSINES IN MY COUNTRY ACCOUNTING AND ADMINISTRATION ARE MY HEAD PAIN. THAT IS RREALY NECESSARY E IMPORTANT FOR ME THANK YOU SO MUCH FOR ALL THAT SUPPORT IN THIS AREA.
1:42 print pdf version schedule C for PPC
Really needed that! I have been searching. Thxs
[1:03pm PST] @TaxesbyKatie.com
You're welcome A..... I also love the .pdf versions of everything.
Thank you. Your videos are very informative and I like how you walk your viewers through step - by - step.
[11:59 AM PST] @TaxesbyKatie.com
Thanks Anthony, I appreciate that!
Katie, you made doing the tax form seem easy, and by way of your presentation
[11:09am PST] @SaintOres.com
Thanks Kenton, Glad the video helped out.
You have no idea how awesome you are for making this video!!! THANK YOU SO MUCH!!!
[10:33am PST] @SaintOres.com
Thanks a lot Tayla, You are so welcome!
Awesome presentation and I love the tools you were using!
[2:24pm PST] @TaxesbyKatie.com
Thanks Mom of Justin, Glad you liked it! You can never have enough gadgets.
Thank you we miss your videos welcome back...🙏🏻
[09:29am PST] @TaxesbyKatie.com
Thanks Adam, I hope to a have a few more long, boring IRS related videos out soon. They seem to be popular during tax season.
Hi Katie , thanks. very helpful video. Btw what type of the touchscreen device you are using ? Touchscreen television? Thanks
Hey Lynn, That is the new prototype iPhone model 23, due out in 2028. Seriously, it's made by a company that's no longer in business call PPI. It's a 4 foot by 8 foot touch screen monitor. Weighs a ton...
I was gonna ask the same 👀
This is exactly what I have been looking for. I love the detail and line by line explanation. I am starting an appliance repair business after my normal 9-5 and I still am unsure how to handle the vehicle. My original plan was the rent any vehicle I use from myself but now I am wondering if mileage is easier to manage. Hmm
Hello Michael, the best option for you ultimately depends on your individual circumstances. Here's a suggestion since you are just starting your business... when reporting your business activity on your Schedule C, use you own car, track your business miles, and use standard mileage deduction.
Instant subscriber. PPP loan here I come! This was my only hurdle. I was super confused because I’m an independent contractor. In all actuality I’m a walking business and I get all the business benefits ! Thank you so much 😊
Thanks a bunch Seeker... Glad it was helpful!
great instruction! I didn't watch all the way through, I'm struggling more with what to fill in on the 1040?
Hello Shannon, If you can handle a Schedule C, you should have no problem with the 1040.
Can't thank you enough! God bless you!
[9:22am PST] @TaxesbyKatie.com
Thanks Kelly, Glad it helped!
Thank You, Very easy to understand!
[09:21am PST] @TaxesbyKatie.com
Thanks Coach, Glad to hear that!
Thank you for the in-depth insight
[10:05am PST] @SaintOres.com
You're welcome. Now get back to studying....
You are a God-send. Thank you!
[10:53am PST] @TaxesbyKatie.com
Thanks Daniel, I'll be putting 'God-send' on my next business card.
Omg! Perfect explanation! Thanks a lot!
[11:31am PST] @SaintOres.com
Привет Татьяна, спасибо большое за добрые слова. Я буду рада помочь тебе с налоговыми или финансовыми вопросами. Можешь просто написать мне лично. С наступающими праздниками тебя и твою семью
Excellent presentation and information. Thank you!
[10:04am PST] @SaintOres.com
Thanks Jason, Glad you enjoyed it! And I appreciate the word 'Excellent".
Thank you so much for so much valuable information. 😊
Thanks Keval, Glad it was helpful!
Thanks for your video
You're welcome... And thanks for the comment.
Thank you so much. I appreciate your help.
[9:33am PST] @SaintOres.com
Thanks Della. I appreciate the nice comment.
Thank you, this was so helpful!.
[09:35am PST] @TaxesbyKatie.com
Thanks a bunch Rhavon, Glad it was helpful!
Great commander Romen Diyojen
Semper ubi sub ubi.....
Thank You! That Was Very Help Information
Thanks Boss... Glad it was helpful!
Single member LLC needs to fill out schedule C, schedule 1 and Schedule SE? Or is the schedule SE only for when you use your home for business?
[09:25am PST] @TaxesbyKatie.com
Hey Linda, As a single member LLC, you have to file Schedule C AND you must pay SE tax IF you had net earnings of $400 or more. Hence, you have to fill out Schedule SE to show the calculation.
Thank you again for your response
You're welcome Dave, and as always....Da Bears.
Thank you for this useful video.
[4:55 PM PST] @SaintOres.com
Thanks Kukmandu, I'm glad it was helpful.... And I love your MUTTON TAAS video. But it's hard to get goat in the states, so I substitute lamb. (Don't tell my family)
Great video! Thank you so much! I have a question if it’s possible for you to give me some guidance, I filed my 1120S and I deducted my car expenses (gas, maintenance, insurance) but I also do delivery driver jobs for Amazon and Walmart for my 10099-NEC can I deduct mileage on schedule C of my 1040 for those jobs? I use the same car for everything my LLC. Delivery driver jobs and personal
[10:03am PST] @SaintOres.com
Hello Ameliz, As an individual taxpayer, you may deduct mileage expenses for business purposes on your Schedule C if you use your personal vehicle for business purposes. This includes mileage incurred while driving for delivery driver jobs for Amazon and Walmart. However, you cannot deduct both car expenses and mileage expenses for the same vehicle for the same purpose.
If you choose to deduct mileage expenses, you will need to keep accurate records of your business-related mileage. This includes the date of each trip, the starting and ending locations, the purpose of the trip, and the total number of miles driven for each trip. You should also keep records of any expenses related to your vehicle, such as fuel, maintenance, and repairs, as these can also be deducted.
It is important to note that you can only deduct mileage expenses for the portion of the total miles driven that are business-related. You cannot deduct mileage for any personal use of the vehicle. Therefore, you will need to keep track of both your total miles driven and the miles driven for business purposes in order to accurately calculate your deduction.
As always, it is recommended that you consult with a tax professional or accountant to ensure that you are accurately reporting your business expenses and maximizing your tax deductions.
Hi, very nice presentation. Thanks. Just wondering if 1099 is applicable for contractors who work from outside of US? Would appreciate if you can let me know.
[2:54pm PST] @SaintOres.com
Thanks Ahsan, No, you are not required to file a Form 1099 for a foreign contractor if the contractor is not a U.S. person and the services are wholly performed outside the U.S.
A Form 1099 is used to report payments made to an independent contractor. The IRS requires businesses to file Form 1099 for payments made to independent contractors who are U.S. persons and who received more than $600 in payments during the year. However, the IRS does not require businesses to file Form 1099 for payments made to foreign contractors. To determine if a contractor is a U.S. person, you can ask the contractor to complete a Form W-8BEN. The Form W-8BEN is a tax form that is used to certify that the contractor is not a U.S. person. If the contractor completes a Form W-8BEN, you are not required to file a Form 1099 for that contractor.
If you have any questions about whether or not you are required to file a Form 1099 for a foreign contractor, you should consult with a tax advisor.
This video helped so much. Thank you Katie. Subscribed.
[10:11am PST] @SaintOres.com
Thanks Jenny, Glad the Sch. C video was helpful! Welcome aboard....
Thank you, your information was very helpful.
[9:32am PST] @TaxesbyKatie.com
Thanks Javier, Glad it was helpful!
Katie , Thanks for all your hard work, useful information. Can you please help us for filling " Mark to Market accounting " for day traders. and how to fill form 3115 . thanks
[11:33am PST] @TaxesbyKatie.com
Hey Abe, Great suggestion! I do tons of those for traders during tax season (NOW), and it can be a little complicated. I'll put is on my list to do that video.
Thank you so much for sharing!
Thanks Kimmy...You are so welcome!
Thanks for your detailed information.
Thanks Alexis, Glad it was helpful!
Great video!!! You should do a video on depreciation... I believe you can help a lot of people. thanks again.
[10:33am PST] @TaxesbyKatie.com
Hello JaD'Beth, I agree with you on the idea of doing depreciation video. Will be on my list of videos to film soon.
Thanks Katie. I am about to start an LLC. Since just about to start, chances is I may not get any business for the first year. Are payments to keep my professional licenses every 2 years consider as business expenses?
Yes, payments to keep your professional licenses up-to-date can be considered business expenses on Schedule C, even if you don't have any business income in your first year. These expenses must be both ordinary and necessary for your business to qualify as deductible.
Love you. Thanks a lot !!! Great content !!!
[12:41pm PST] @TaxesbyKatie.com
Thanks J, I appreciate it.
your video is very helpful, very well explained. thank you!!!
[11:11am PST] @TaxesbyKatie.com
Thanks Maria, Glad it was helpful!
Very helpful, thanks. I noticed that you by-passed the loss option which in my first year is important to me. I don't have any debt, just cash and inventory, so what would I put for section 32a & 32b?
[11:41am PST] @TaxesbyKatie.com
Hello Encourage, You should select 32a All at Risk. It means you are using your own money in the business.
@@KatieStOresCFPChFCEA I did thanks.
Thanks for this teaching. Very nice explanation. Do you have any video explaining a $0 profit or no activity LLC?
[1:26pm PST] @SaintOres.com
Hi Ismara, I'm sorry but I don't have a video regarding the dormant LLC. If your LLC has had no activity or generated no profit, and you are the only member, then you are not required to file a tax return as the LLC is disregarded as an entity. However, you may still need to file local forms depending on your state. For instance, if you are in California, you will need to file CA Form 568.
@@KatieStOresCFPChFCEA thanks 😊
[2:37pm PST] @SaintOres.com
You're welcome... But you should be relaxing on Sunday, not watching Schedule C videos.
Thank you so much for your videos!!! Very Helpful!!
[10:04am PST] @SaintOres.com
Thanks a bunch Courtney, Glad you like them!
Hi. Your info was on point. I have a question. If your line 31 is negative would you use your line 7. Last year on January I started my business and had a lot of loss
[9:52am PST] @TaxesbyKatie.com
Hey Patty, Use your Gross Income (Line 7) for your loan amount calculation.
[10:03am PST] @TaxesbyKatie.com
Hey Patty, So you'll want to use Form 2483-C. Here's a link to that video. th-cam.com/video/vDTc4NRpe7E/w-d-xo.html
Thank you I have sold all my collection of guitars last year to live and the platform I used gave me a 1099k it was 53k gross before exp my problem is if I do a schedule c I will be at a loss will this trigger an audit
[1:20pm PST] @TaxesbyKatie.com
Hey Ultra Mind, Must be sad to sell all your guitars... Loss on your Schedule C doesn't automatically raise a red flag for the IRS. A few years of losses might get their attention.
Meaning you use schedule C to fill up schedule 1 in order to fill up form 1040, right?
[2:41pm PST] @SaintOres.com
Hello Roque Tan, Yes, you are correct. Schedule C is used to report income or loss from a business you operated or a profession you practiced as a sole proprietor. The net profit or loss from Schedule C is then entered on Schedule 1, line 3, of Form 1040. Schedule 1 also includes other types of income, such as capital gains, alimony, unemployment payments, and gambling winnings. Once you have completed Schedule 1, you can then transfer the information to Form 1040 to calculate your total tax liability.
Thank you for your help👍
Thanks Ash, Happy to help
Appreciate this info...You helped me out a lot! You gained a sub!!!!
Awesome Dawonne, thank you! I'll be doing more small business and investing videos as soon as the tax season ends.
I love your presentation is the clearest explanation and instructions to follow and understand it. Can you write off your apartment rent on your schedule C if I have one complete room dedicated to my business?
[4:38pm PST] @TaxesbyKatie.com
Hey Pam, Yes, you can write off the portion of your apartment on your Schedule C if it is dedicated to business use.
If your home office is 300 sq. feet or less and you opt to take the simplified deduction, the IRS gives you a deduction of $5 per sq. foot of your home that is used for business, up to a maximum of $1,500 for a 300 sq. foot space.
@@KatieStOresCFPChFCEA Thank you for the information. I got stuck with that question.
Liked and Subscribed for all future posts
[10:34am PST] @SaintOres.com
Thanks.... That's fitting since most everyone who subscribed, including myself, are a touch on the abnormal side.
Excellent video.
Quick question. Does 1040NR and Schedule C for 1040NR is almost the same?
[10:19 AM PST] @SaintOres.com
Hello Ahsan, Yes, Form 1040-NR is very close to form 1040. Also, Schedule C for 1040-NR is the same as for 1040. I hope that answers your question.
@@KatieStOresCFPChFCEA Thank you so much Katie!
One more question. I registered my LLC back in 2021 and applied for an ITIN but it got rejected along with my tax documents. Now I need to file both 2021 and 2022 federal tax returns and now I do have an ITIN.
Should I file both returns online through a software?
Also, note that my 2021 return will be a zero return because I didn't do any business in 2021.
[11:49 AM PST] @SaintOres.com
Hello Ahsan, Depending on your specific situation, you might not need to file for 2021 since you didn't do any business that year. But I can't say for sure in your situation. It could be worth looking into the assistance of a tax professional who you are going to need down the road anyway.
Thanks for sharing this information. It is very helpful. I need your help that what about single member LLC having no Income and Expense i.e. Nill business activity with zero value in balance sheet. How can the tax return be filed in such a situation?
Hello Habib, The most common classification for single-member LLCs is disregarded entity (one person), where the LLC's tax activities are reported on the owner's personal tax return, similar to a sole proprietorship. If there was no business activity and no expenses, you typically don't need to file any tax return for the LLC.
Thank you so much ma'am. Pleased to see your quick reply.@@KatieStOresCFPChFCEA
Hi Katie!! Thanks for your awesome video. I please have a question regarding to employee meals, so all my lunch/night employee meals who associate with my business that can be added on other expenses on schedule C? I mean deductible expenses? Thanks.
[10:40am PST] @TaxesbyKatie.com
Hello Kathy, Yes, If you provide meals to your employees (for your convenience), such as meals for occasional employee overtime for example, are 100% deductible in 2021 and 2022 if the meals are provided by a restaurant.
I started my business and have not sold or bought anything. Do I put $0 for majority of the lines? Also I want to close my business but it does not give me the option on this form to indicate to the IRS that this will be my last return. Do I have to fill out a different form for that?
[4:24pm PST] @TaxesbyKatie.com
Hello 10 11, The bottom line is: No income and no expenses, then filing a Schedule C generally is not necessary. No income but expenses, then filing a Schedule C can help you receive a refund or credit. Also, there is no "final return" box to check on Schedule C.
@@KatieStOresCFPChFCEA Thank you for clearing that up. What would be the best form for me to file if I want to file my final tax return to the IRS to let them know this will be my last return as I am dissolving my business?
I know what I have to do to inform my state, but to inform the IRS I have been informed several times to file a Schedule C form, and send a letter to the IRS with my return informing them about me closing my business. Is that correct?
[11:01am PST] @TaxesbyKatie.com
Hey 10 11, The tax form applicable to you will be indeed Schedule C. In your tax software, you will have an option to mark if your Schedule C is final. You also need to complete and send Articles of Dissolution to the secretary of your state.
Great video... thank you so much! I have been doing my own taxes for years via a tax ap, but now I have something else on my plate.
I have bought and sold vintage items out of a resale antique store where I have rented a cabinet, and also out of my home. It has come to my attention I need to be working on my social security credits. Is it true that by filing a Schedule C that I receive social security credits and if so, maximum for the year? What can you tell me about social security credits and how I should find out more about what I need to know to make sure I have enough credits by the time I retire? Strangely enough, I am divorced after being a trailing spouse several years, so I have a lot of important catching up to do.
[12:44 PM PST] @SaintOres.com
Hello Kathy, If you are self-employed, you earn Social Security credits the same way employees do (1 credit for each $1,640 in net earnings, but no more than 4 credits per year). Special rules apply if you have net annual earnings of less than $400. You can register on the SSA website to view your annual earnings statement and to check it for accuracy.
Thank you so much!
www.ssa.gov/pubs/EN-05-10072.pdf
[5:14 PM PST] @SaintOres.com
You're welcome. Glad it helped.
NEW SUBBIE YOU ARE THE BOMB! THANK YOU SO MUCH VERY INFORMATIVE!!!! #PEACEANDLOVE
Thanks for the nice words and welcome aboard. PeaceandLove back at you.
Very helpful. Thank you very much
[12:25pm PST] @SaintOres.com
Thanks DJ, Glad it was helpful!
Why is there not so much question/answer?
I did not see you discussed utilities on Schedule C if you use them for Home Business.
What rules would be if I shared a home/business in the same home?
Because Home Office deductions are misunderstood by many people, I filmed a video concentrating solely on that subject. Form 8829, Schedule C of your 1040.
Thank you!
Your are welcome Mr A. Bravo... Now get back to gaming.
@@KatieStOresCFPChFCEA lol I took a break from gaming for a little bit. Tired of gaming. I'm trying to grow out an Uber Eats Fleet on Scooters. 🛵 🍕 I've already got my LLC/Business License from State, EIN from GOV. Also got a lot of other things I've learned. Going to eventually change to C corp I think but not until I grow 🪴 a little more. Learning all I can.
Great Video, I started a LLC to buy a home. Do I still need to need to file a schedule C? If so... do Ijust file it with no income? Thanks....
[3:35pm PST] @TaxesbyKatie.com
Hello Dennis, If you have no income or expenses, then you don't need to file Schedule C.
Very nice explanation. Thank you
[11:42am PST] @TaxesbyKatie.com
Thanks T.E... ,Glad it was helpful!
It has arrived !!
Great....thanks... I'll start on the new video now. So I should have it published hopefully tomorrow afternoonish. Thanks for letting me know.
@@KatieStOresCFPChFCEA thank you very much
You're welcome...
Still working on the video... there are 2 new versions of the form... shooting for around noon Oregon time.
Nice video. Question, if I pay a contractor less than $600 it is my understanding that I do not have to send them a 1099. However, would I still include the amount I paid to them on line 11?
[10:15 AM PST] @SaintOres.com
Yes Mesh, that is correct.
My accountant allowed me to pay myself on a W2 but I'm the owner, met with a tax advisor that said that was wrong. I know I need to pay myself, but please help. Applied for a mortgage and wages paid to myself were not added in my total income on my schedule C, and they said should have been deducted , which puts me in the negative. I was told this is all wrong, need to know how to pay myself
[11:14am PST] @SaintOres.com
Hello Lak, I can give you a general answer here in the comments based only on the information that you provided in your question. The IRS considers a Schedule C business a sole proprietorship. Under no circumstances can the owner of such a business issue themselves a W-2, no exceptions. You will need to fix it as soon as possible. You may look at code section 3121(d)(2). Since a sole proprietor is not his/hers own employee, the wages you paid yourself would not be deductible under IRC 162 . Hence, you would owe SE tax on your entire net SE income and need to file amended payroll tax returns to get the federal payroll taxes back. If you paid state payroll taxes, those too would likely require amended returns. If you have filed returns in prior years' and deducted the salary to yourself, those would also need to be amended.
Hi! This is really helpful. But I have a question and I hope you can provide an answer. So I moved from one state to another. My small business is registered in NC. When I moved to PA, I didn't use my business payment method and opted to do it under Sole Proprietorship which doesn't require me to register the business. My question though, I am filling out the Schedule C and I don't know where should I include my earnings from November to December. I'm just concerned that the address that I have to put on Schedule C is my address in North Carolina. Do I have to create 2 separate Schedule Cs? Thank you in advance!
Hello DIY Fiance Visa, I'm not quite sure what you mean by saying "I didn't use my business payment method and opted to do it under Sole Proprietorship." However, I have some general information that may help you. Even though you chose not to register your business in PA, and you are filing as a sole proprietor you are still required to report your business income for both states based on where you earned it.
Generally, you only need one Schedule C, but you should report your income based on where it was earned.
You should use your current residential address for the tax year on the Schedule C, regardless of where your business is registered. Don't forget every state has their specific tax laws and rules.
@@KatieStOresCFPChFCEA Thanks for this info and I'm sorry for the confusion. I use Stripe to send invoices to my clients. I have one for the LLC, and when I moved here, I created a new one under sole proprietor. So it's not recorded as earnings of the LLC. But upon searching, since it's a single-member LLC, I can file both in 1 Schedule C (which you also mentioned, thanks!). I'm a little confused though. You said I should report my income "based on where it was earned" but you also mentioned I have to use my current address regardless of where the business is registered. Thank you so much for your time. :)
@@KatieStOresCFPChFCEA Add'l: If I understand it correctly, I put the LLC name on Line C (plus EIN on Line D), my current address on Line E, and total income from both PA and NC on Line 1?
Hello Diy Fiance Visa, Sorry but it's tough for me to answer that. You have dual states and income earned under your LLC and personal name, which requires specific and not general advice. I recommend hiring a tax professional to assist you with your tax return. An Enrolled Agent would be the best choice because they can file taxes in every state. And their fees are usually a little less. Good luck
Can you please tell me where i combine my husband's income with mine on the schedule C? We file jointly ( 1040 ) but i drive with doordash so i use a schedule C. Should i combine our income on the gross income line or the " other " income line? Thank you for your help.
Hello Witch,
As per the IRS, each spouse should file a separate Schedule C for their own business income. Your husband's business income must be reported on his own Schedule C, while your income from DoorDash should be reported on your own Schedule C.
The "other income" line on Schedule C is only for income not related to your business, such as interest income from a bank account. Reporting your husband's business income on this line is not appropriate.
I am rrealy happy see that and thank you so much for all that
[1:16pm PST] @SaintOres.com
Thanks Carmen, Always good to see you "really happy"....
Quick Question, I have 3 1099 Nec , Do I need an schdule c for each one?
[12:45pm PST] @SaintOres.com
Hey Zaynah, If all 1099- NECs are for the same business, then-No, all three go to the same Schedule C. But if you have separate business running, then Yes.
Hi Katie! Please I can ask any expenses to pay for leasing, merchant processing fees, vendor that can be additional on schedule C.
[10:33am PST] @TaxesbyKatie.com
Hello Kathy, The general rule for deductibility of business expenses is that they must be ordinary and necessary. If they are, then you can list them as a tax deduction on your Schedule C. I hope this answers your question.
@@KatieStOresCFPChFCEA thank you Katie. Based on your answer, I can understand that food supplies, meat supplies, etc… cannot be deductible expenses!!??
[10:59am PST] @TaxesbyKatie.com
Hey Kathy, If you are running a restaurant then food supplies are deductible, because they are ordinary and necessary items for a restaurant business.
@@KatieStOresCFPChFCEA thank you Katie, but when I ask them for any 1099 form, they never sent to my admin or I requested something wrong but I am not using any system to manage expenses. I may have to start managing these beginning this year😃.
Hello and thank you very much for your videos, I am a French tax resident and I will do wholesale in the United States or more exactly I will buy from American wholesalers for Reselling in the US and I asked the IRS how to pay me with my single member LLC, as far as I am concerned so I have to fill out form 1040 nr? And only schules C?But as I'm still a little afraid of doing it wrong, I still have a few questions, could I ask you? Thank you very much for your videos Cyril
[9:52am PST] @SaintOres.com
Hello S D, A nonresident alien (for tax purposes) must pay taxes on any income earned in the U.S. unless the person can claim a tax treaty benefit. You may need to file Form 1040-NR if you were a nonresident alien engaged in a trade or business in the U.S. Please, refer to the IRS instructions here: www.irs.gov/pub/irs-pdf/i1040nr.pdf
Will you please advise regarding mileage? I thought 'Commute' included 'Personal Mileage' If not, then 'Other' is personal miles? Thanks.
Hello Miss Lori, Commute miles are considered personal mileage for tax purposes on a Schedule C.
@@KatieStOresCFPChFCEA Thank you. So what would be considered as 'Other?'
Could you tell me where you are getting "Other"?
@@KatieStOresCFPChFCEA Part 2. It showed Business mileage, commute, other.
@@KatieStOresCFPChFCEA Sorry. It's 44 A.
Hello Katie, I am find myself unemployed since covid (the company i worked for got shuttered and it appears it will never reopen) I have always just done turbo tax, but this year because of financial reasons, i will have to file myself for free. since mid 2021 i have had to rent my house and i have moved back in with my father. my only source of income is the rental generated from the rental of my house and whatever handyman or electrical work i can scrounge up. since rental is my primary income, should i fill out schedule C or schudle E even though rental is not supplamental, it is my priary income? thanks in advance, Damon.
[3:39pm PST] @TaxesbyKatie.com
Hey Damon, You will complete and file Schedule E for your rental.
So very helpful !
[09:01am PST] @TaxesbyKatie.com
Thanks Desarai, Glad it was helpful!
Great, thank you
Thanks Aaron, You're welcome!
Great information. Thank you
[3:43pm PST] @TaxesbyKatie.com
Thanks Linda, Glad it was helpful!
Hello. Are there any videos for loans or grants for llc’s? And my business was created this year. Thank you and love the videos.
[10:53am PST] @TaxesbyKatie.com
Hello Dae, You cannot apply for the PPP program since your business started this year. However I have included a link to the SBA where they help start your business with loans guaranteed by the Small Business Administration. Give them a try... Here's the link. www.sba.gov/funding-programs/loans
I collect sales tax for preforming janitorial services to a commercial building. When I received their 1099 it includes what we charge and sales tax. I file and paid the state comptroller quarterly. On what box should this deduction be? Because I do not keep that money so it should not be counted as my profit? 🤔
[11:41am PST] @TaxesbyKatie.com
Hey Alexandra, If you collected sales taxes and it is included in the income on the 1099-MISC, then you deduct that sales tax on line 23 of Schedule C. In your input software, look under TAXES and Licenses (Sates tax included in gross receipts).
I just have an llc business, they want me to file taxes monthly, but my business didn’t have any income yet! So should i still file taxes monthly
Hello Ken, If you’re being asked to file taxes monthly, this might be related to sales tax or other state-specific taxes, but NOT the federal income taxes.
Hello I am a small business owner and I have contract workers sent the 1099 forms out. But i want to know do i include what the contractors made as part of the Business income
[10:57am PST] @TaxesbyKatie.com
Hello Elaine, If you are a small business owner and received 1099s as a contractor, you will include these 1099s in your income. If you are issuing 1099s to your contractors, then these are your contract labor expenses.
Great video! I have a question. Where do I put the amount I paid to independent contractors that are corporations? In my understanding, I shouldn't send 1099s to corporations. Should I add that amount to the amount of 1099s and put it on line 11?
[10:21am PST] @SaintOres.com
Hello Gracy, Yes, Generally payments to corporations are exempt from 1099 reporting. However, some payments like medical and health care payments, for example, made to corporations generally must be reported on Form 1099-MISC. You will assign those expenses paid to corporations based on applicability. If that expense is contract labor, then you can include it on line 11.
👍
Thanks CC, Always nice to get a thumbs up.
Thanks again😊
Welcome 😊
Would you put shipping costs and paypal fees for selling on Ebay on Line 27 "Other Expenses" or Line 39 "Other Costs" ?
[12:05pm PST] @SaintOres.com
Hey Jagger, You will include PayPal fees and Shipping costs under other business expenses, Line 27a, since they are general and administrative and provide details in Part V of Schedule C.