Self Employed Income Taxes - How Much Self Employed Income is Required to File a Tax Return?
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- เผยแพร่เมื่อ 24 ส.ค. 2024
- Self employed income taxes - How much do I have to earn in self employed income to be required to pay income taxes? What is the most I can earn as a self employed individual without having to pay income taxes? Do I have to file a tax return if I earn self employed income but am a non-filer? How much do I have to earn in my small business, independent contract work, self employment to have to file an income tax return?
Sources:
IRS Publication 501: www.irs.gov/pu...
IRS Self Employed Tax Center: www.irs.gov/bu...
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Ginny Silver and Retrospect Images, LLC provides content to TH-cam for entertainment purposes only. It is the responsibility of the viewer to verify all information as information may be inaccurrate or outdated. Ginny Silver is not a CPA, attorney, insurance agent, lender, EDD or other government employee, or financial advisor and content in this video shall not be construed as legal, financial, tax, govermnent, or other advice. You are urged to contact a certified professional to help your individual needs. The content in these videos shall not be construed as tax, legal, insurance, financial advice, or other and may be outdated or inaccurate; it is your responsibility to verify all information yourself.
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thank you Ginny , as always excellent information !
Thank you again and again and again ,you answer simple yet important questions that gov. Think is common knowledge,hope that makes sense thanks again
You are so welcome, thank you!
Thank you Ginny 👍
Very welcome!
Can you post more about the self employment tax return thank you ur awesome help 🙏 ❤️
Thanks for the response. I will take it from here. The Uber response was given because I saw a follower ask you. 1099 usually have to clear $600 to give a 1099 so I was not sure if the follower with less than $300 from Uber would need it. Keep on updating us. You are great.
1099 MISC is the 600 rule - 1099K is the 20,000 rule. Thanks so much :)
Thank You .... exactly what I needed to know 👏🎯💯
Very welcome!!
Sweet
Thank you Ginny for all your help. I received a email & text from BofA stating that funds have been deposited to my BofA debit card ...the funds were for the last two weeks of December. I hope this means that my account has been fixed. And everything will start moving forward. Also I will be filing my tax return soon, as soon as I get the 1099G from EDD. Maybe this will help me to get my $600 stimulus. Don’t know for sure yet.
I needed to hear this thank you Ginny
Very welcome
Have great weekend
Ty as always
Very welcome!
Not self employed currently but who know what can happen in this whacky world. Very informative. TY. Tom
Tom thank you so much for your donation today ❤️❤️
@@ginnysilver you deserve way more than that. I was up early today and tried to help folks with id.me. as you know, best currency is information. And we soldier on...lol
Hi! :)
- Quick question -
Am I required to file my taxes in 2024., if I had in 2023:
-$0 in W2,
-$5.33 in 1099 (Uber - which by the way I don't even know why I received this 5 bucks in my bank account this year in July from them since I haven't worked in 2023 at all for Uber)
and
-1099-INT (which bank actually won't send the form to me since it's
Hey Ginny, I’m a part of the first phase of PUA claims that should’ve gotten the extension by today. Also, my UI claim was suspended due to fraud and I verified my ID on the 12th through a link from an EDD rep & again on the 15th through the email EDD sent me. A day or two later, I received a text from EDD stating that they were able to verify my identity, but my payments are still pending from the 27th to now. Any advice??
TY
Very welcome
In 2020 i worked a w-2 job but also made only 260$ working uber. When i file my taxes do i have to report the uber income even though its under 400$?
Uber is going to be issuing your a 1099K so yes you will be required to file that since you will be receiving a tax form from them. However, if Uber does not send you a 1099K since you earned under 20,000 which is the IRS's threshhold for 1099k to be issued, then you would not technically need to file the income - but then you would also not be able to deduct any of your driving expenses.
I thought they lost that court case and had to pay w2 or Uber drivers
@@darrylbyrd23 I am not up to date on Uber's classification requirements since its not my area of focus as I work with creatives - however either way, if you receive a form from them you must file it. If it is a W2 then that is not self employed income and this would not apply to you and you would file regardless of amount.
hi Ginny I just logged on to add to check for updates. apparently edd has been very busy because they implemented a income verification and ID verification to submit before you can open the claim and notification buttons. but there is an error message that comes up. so I have yet to see what. this is about
Cute cat Thank you.🥰
Thank you
Ok, so is this year different? I heard if you make $600 or more as an independent employee then you do not need to file taxes? Is that correct?
Incorrect. You are confusing two completely different rules. IRS has always had a $400 net self employment requirement for YOU to claim it on your own taxes. The $600 rule is the threshold for a payment processor or someone who paid you as an independent contractor to send you a 1099 tax form. Regardless of whether you receive a form, you are still obligated to claim your income.
I certified three weeks from 27 December and already got payment for 3 weeks. Do i need verify ID.me in EDD¿¿ Thanks
Hey! I got a text from EDD this morning saying My id has been verified, but my payments are still on pending 😭. How long its gonna take?
Great!! They can take about 48 hours to release from pending, however these may need to be business hours.
@@ginnysilver Thank you 😊
When do you take your id me???
@@SatishKumar-uz7bz Very welcome
I received the same text message and in still in pending
Woo-hoo got it.. keep the faith.
:)
Hi genny today I got an actual text message from the EDD saying that they successfully verified my identity from what you've heard how long is it usually taking accounts to open after you've received a text message from the EDD itself
Great!! They can take about 48 hours to release from pending, however these may need to be business hours.
@@ginnysilver thank you I appreciate it
Are nonemployee compensation the same as gross income?
Yes, this is a type of income that would be included in your gross income. Gross income is total income.
I started my own business mid 2020 but have not officially started doing business I've just started the business getting everything set up on the back end do I need to report that to the IRS since I have not made anything for my 2020 taxes I have not started doing business.
As a self employeed person with venmo type payments, I have always filed( actually H.R Block CPA ) and guess what? I am so happy I had a tax return on record for 2019!😂
Karen thanks so much for your donation :)
Right?? Yes, and if you choose not to file under $400 you can't claim any of the business deductions.
@@ginnysilver it's a "can't do shit with it" donation😉. But it's the thought....u work so damn hard for all of us that follow you
It is very generous to send anything - you are on unemployment and I appreciate you simply following and commenting and a donation is above and beyond.
@@ginnysilver yup, I wanted to take cellphone, gas, biz cards, etc as deductions....H.R. Block has been good for me here in Pasadena- get the person who OWNS the franchise office👍. 8 yrs !!
If I got my extension but didn’t get a verify message and got a letter saying it suspended what do I do?
I called EDD 2hours ago for maximum benefits payed. She said it will automatically refill on th 24th and was not glitched. After the call i was able to certify with the balance still at zero so I did. Now it says maximum benefits payed again. Did I just fuck myself over.
WHAT FORM WOULD I USE THEN TO SHOW LOSS AND PROFIT AS SELF EMPLOYED
This video is about a tax return so this would be filed on a 1040 schedule C
What’s the difference between a gig worker and self employed??
A gig worker is a descriptive term for self employed individuals who are independent contractors, specifically platform workers, on call workers, taking temporary/on-demand jobs
Understanding you are NOT an accountant I am asking of you know what I'm is used to report estimated taxes for self employed
Sorry, can you rephrase your question?
What form is normally used to pay estimate self employment tax?
Also do you know if the deadline has passed for the 2020 filing year.
@@darrylbyrd23 Estimated income taxes are not what I am discussing in this video, to be clear. You will be required to pay ESTIMATED income taxes in a year if your prior year's taxes had $1000 of self employed income or more. For example - if in 2020 you earned $10,000 in self employed income, you would have to pay estimated quarterly income taxes due once per quarter, roughly April 15, July 15, Oct 15, Jan 15 - but the specific date you owe would be listed on your quarter 1040 ES payment vouchers which can be found IN your tax return.
@@darrylbyrd23 To be clear, this video is not about estimated income tax - but that would be a 1040 ES payment voucher
I wonder if sole proprietors/self employed have to do their tax returns for 2020 till April 15th as usually or the terms are extended now?
Currently due 4/15
My claim history says disqualified but I never got a notification from edd about my verification status from DocuSign. I need help!!
Mine to 😭 my whole history says disqualified
@@erickagonzalez9403 yeah!! My whole history says disqualified as well 😭😭
My brother tried to open a self employed claim but he has an old open claim from his w-2 job that his not collecting. What should he do?
Claimants are filed as EITHER UI or PUA - they can not have both types of claims and the type of claim will be determined based on 2019 income - if he has 2019 W2 earnings he is UI only. However there is an upcoming $100 MEUC boost for mixed earners who lost self employment income but who had to be classified as UI due to W2 earnings - this is coming but not up and running yet and will require an additional application.
@@ginnysilver awesome. Thank you for taking the time ☺️
If id.me successfully verified your identity, is there a chance that edd can reject it? I am confused now.
No they should not
FURRY late with the algorithm....unfuuuuuurtunately 🥴...in these TAXING times, we appreciate your info!! (Omg lol 🤦🏻♀️🤦🏻♀️🤦🏻♀️)🤣
@@lilredpandagirl9681 I’ll take that as a compliment!!! 😎
Bhahah.... your puns are excellent
@@ginnysilver ¡Muchas gracias, GinnyFURRR! 😆
(Even though Ginny is probably short for....Ginny!)😂
What if you are self employed and earned no money 😂
If you had an operating loss you most definitely still want to claim your business deductions
Hey Ginny I just received a text that my id was just verified. I logged into my account and nothings change yet do I have to do anything or just wait ??
Same!😭
That's good - within 48 hours (I believe these must be business hours) they should release your payments that are pending!
@@ginnysilver thank you Ginny I appreciate it !!
@@nahmirfoose5018 Very welcome
I don’t receive ID verification msg but my payment still pending what I do
If you aren't subject to an ID verification then I would call in to customer service.
@@ginnysilver thank you
@@Khadija-cf9wb Very welcome
i certified 2 weeks ago and payment still pending what do i do?
Are you subject to an ID verification right now?
@@ginnysilver no that wasnt the issue at all
❤❤❤❤
❤
Hi Ginny my wife ui claim still show $0 . Does she have to call edd or just wait for automatically extended 11 weeks
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Thanks for the great Video
Very welcome!
First
Thank you!
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