Thank you for this video. Budgeting and doing your taxes should be a mandatory class high school. They can easily add this to math classes. They might have had it when I was in High School and I probably fell asleep.
I’m taking economics as a junior right now and we’re talking about taxes and our teacher made sure that we knew he wasn’t required to teach it to us, he chose to because he knew it was important. I’m very thankful for that.
Thank you so much for making this easy to understand and also helping me to realize I don't need to freak out and be afraid so much of doing this for the first time.
I'm filing my taxes now for insta cart and I couldn't find the mileage but now that I have to choose between two that's good to know because I kept all of my gas receipts. Thank you so much for this informational video!
Thanx, great video, extremely helpful. Before gig economy, I've always used Turbo Tax. This is my 1st 1099 & I will try Turbo Tax & see how it goes. Thank You again.
Do you file taxes on your own or do you use a tax professional? Checkout TurboTax if you don’t know where to start fbuy.me/lOUVL If you want to learn more about how to set aside money and pay your taxes throughout the year, check out this video: th-cam.com/video/qO6o_lBelgU/w-d-xo.html
I'm not entirely certain about the quarterly filing process and what software to use to track expenses and income. That would be a really helpful video.
Such a great video. I’m just getting into this type of job and I’ve never done my taxes before, so it’s great to know I should be tracking mileage and all when I start. Thanks!
1.) So if I just started instacart, when I make over 400 dollars, how to I know how to calculate my quarterly estimate? And do I not have to do a quarterly until I make over 400? 2.) I have a tax guy through my parents too so I’m not in direct contact with him. When yearly tax returns come around, how do I show him my mile deductibles, is there’s like an official way like what do I give him?
Thank you for making this video! I’ve been trying to find videos on taxes for a while now. This was very helpful! You mentioned that you have to pay your taxes quarterly. How do I do that? Would I have to use a tax preparation service every quarter? Or do I just send money to the IRS? I’m new to this so I still have a lot of questions. Thank you again so much for the video it was really great!
Thanks for watching! Yes, you just go to the IRS website and your state tax website and select the option to pay estimated taxes. And keep the records to submit during tax time in April
Really great video glad i found your channel...3:36 answer: I'm a license tax professional, and this year I'll have to report uber/lyft income for 2018. I study accounting and taxes like my life depends on it, so The hard part for my taxes will be the investment income/losses not so much uber/lyft. Notwithstanding any of that, i didn't make estimated payments so I'll likely owe some, albeit a small quantity
Yep, I have another video coming out about the investments part in a few weeks. It's mostly about encouraging ppl to invest so that you can reduce your taxable income. A lot of ppl don't know they can do this when they are self-employed.
This video was very informative as I have just started a new job being a food deliverer... Thank you so much for answering most, if not all, of my questions/concerns!
I just got my first paycheck as a legal process server. I have been so stressed about taxes as a self employed worker but this has calmed me down so much. I can sleep tonight😅
I’m using the standard Mileage deductions and tracking my miles with an app. And it tells me how much I should be saving. Now it’s clear that I’ll be saving a lot and should be paying less than $1000 a year in taxes after those deductions. But do I still need to file quarterly?
Yes you should file quarterly. Your taxes are based on a lot of factors (e.g. other sources of income, credits for children or education). I’m not sure which app you’re using but it probably isn’t factoring in your entire tax situation. I would use a calculator to determine how much to pay in taxes. I believe I have one linked in the description. If not, I have a video called how to save for taxes and it talks about saving for and paying for quarterly taxes.
One important caveat when talking about using an accountant's services: They are only working in your best interest if they are acting as a fiduciary advisor. Otherwise they may be trying to pitch investments or products that they are incentivized to sell you.
Omg thank you i was looking for this because i have a job but was about to do all these side hustles then it dawned on me..what the hell am i gonna owe at the end of the year if i make good money? Nobody talks about it!!
Great information. Thank you!!! I made notes and saved these videos. Tell your uncle thanks as well. I am going to go over this. But for now, what online bank has a high yield savings account. This idea is the best!
Thank you, this was helpful although I was hoping to see how it's done more than anything. Like watching you pay your quarterly payments, or how you go about it. but this was a bit helpful
This is helpful and you broke it down really well. My question with quarterly taxes though is how exactly do you pay them? Is it online or do you have to mail it in?
Hey Erin! You pay online. Go to the irs website to pay federal quarterly taxes and google your state + department of revenue to find the website to pay your state quarterly taxes.
Hi! Thanks for the awesome introduction to this stuff! Super helpful. Just wanted to let you know that your link to the tax estimator is actually a link to a budget template. Thanks again!
Hello, Your videos are great. But can you do one with combined incomes? Lots of people are working as employees with W-2's and have a small business(self-employed) on the side.
Hi Miracle! That's exactly the situation I am in. I actually have 3 different types of income that get viewed differently by the IRS. I can see if I can get it done, but I'm not sure it'll be before taxes are due.
You’re gonna need to save 15% plus the taxes for whatever tax bracket you’ll be in for the money you’ve made. Plus state tax. But, if you write off some things, your taxable income will decrease
@@jameshumphrey3425 I filed my own taxes for 2020… I didn’t pay anything on taxes for my DoorDash/Postmates driving. Just know a rough estimate of the miles you put on your car while driving, and add up alll the costs of own your vehicle, and you’ll get some money back. Being a small business own is incredible
So I have door dashed since 10/13. I have made roughly around $825. What I failed to know is that I should be tracking my mileage. This is all new to me. What do I do if I have not done that yet ?
I am about pulling my hair out at the roots trying to figure out what type business uber, instacart, and etc....fall under on this drop down type of business box!!!! I don't see anything on here close to these type businesses!!! Using cash app taxes!!! Help!!!!
What an awesome video! Thank you! Now that I know I need to pay quarterly this year ( been doing Amazon flex since Nov 2018) I guess I'm late! 🤪 Do I still file through a service like turbo tax or a professional preparer or do I need to contact the IRS because I'm late?
Grear video! I've been a 1099 for 2018 and 2019 and haven't filed any quarterly estimated taxes (1040 ES). I’ve only filed the yearly 2018 and 2019 tax return. Were the quarterly fees paid (with the late fees) with the federal tax returns I filed for each year? Or do I need to file a 1040 ES for all the ones I haven’t filed since 2018?
I liked and subscribed I want to see more of your videos you are smart cute young lady and you explain very well detail. And that smile is a bonus. They really got this stuff complicated. Thanks to you it's a little better. Keep on getting your shine on Sunshine.
I normally do them my own when I I worked a real job but I'm going to go to a professional for this cause I Never filed with doordash ic or nothing like that
So I’m in that weird spot, I made around $580 when she says you have to send in a proof of earnings to the IRS, what does this mean? I just need more of a clear extended version of how to do that.
Hello Steve I just watch one of your videos on TH-cam and I have a few questions if you don’t mind me asking. This is my first year working with DoorDash, GrubHub and Postmates. I use all three of them at once to make more money. Here’s my questions. (1) Do I need to do each of these 1099separate or can I just do all three together? (2) I’m I using a Schedule C? (3) When I was working with an employer, I got 1040 at the end of the year. I usually qualify for EIC (Earn Income Credit) and the Child Tax Credit. Would I still would qualify for these credits? (4) How would I pay the IRS their taxes if I want to pay each quarter? Is there a form I send them with my payment so I get credit for paying my taxes? (5) Also, how would I send my tax payments to the State, Social Security, and any other taxes I need to pay? I know that there are a lot of question here, but I don’t look good in orange. Lol
See my responses below: (1) Do I need to do each of these 1099separate or can I just do all three together? You will get a separate 1099 from each company in January. (2) I’m I using a Schedule C? Yes (3) When I was working with an employer, I got 1040 at the end of the year. I usually qualify for EIC (Earn Income Credit) and the Child Tax Credit. Would I still would qualify for these credits? Yes, your income is earned. It doesn't matter if you're self-employed or not. BTW you didn't get a 1040 from your employer. You get a W2 from your employer and you file your taxes on a 1040. You will probably still use a 1040 as a self-employed person in addition to a Schedule C. (4) How would I pay the IRS their taxes if I want to pay each quarter? Is there a form I send them with my payment so I get credit for paying my taxes? Go to you the IRS and pay your quarterly taxes online. Same for your state. (5) Also, how would I send my tax payments to the State, Social Security, and any other taxes I need to pay? Google your state department of revenue. Pay your taxes there on a quarterly basis. Your federal taxes cove social security and are paid quarterly. See my responses above.
I'm so frustrated. Can somebody explain how you file if you do multiple delivery gig? Like postmates and Uber at the same time? Do you file them seperately or just one turbo tax form and just add both incomes and expenses in one form? I hope someonecan help because all the videos in youtube dont explain this at all =(
scarlett ohara all together on one schedule c. It’s all the same type of business. Describe it as food delivery service then total all your 1099s and expenses on that same schedule c form.
Okay, so I just got a job at vetor marketing and I’m basically giving presentation on products. They told me that they will take half of my taxes and I have to pay the other half in tax season and that I would get a 1099. So I’m so confused on all of that could you please explain what I would need to do thank you I would really appreciate it
so i am new to the gig economy and im wondering. I live in virginia but i would be working in dc and maryland. if i want to open a LLC and work throught the corp, do i need two llc's or i can pick dc or md and claim out of state income how does it work?
Do you pay taxes on your gross or your profit- income after expenses? And do you pay the IRS quarterly? How much do you know how much to pay quarterly?
No. They will send you a 1099 at the end of the year (in January of 2021) that reflects your total income for 2020. You are responsible for tracking your income and estimating your quarterly tax responsibility.
@@justinpettit3432 Well, depending on when you started delivering you already missed at least one tax deadline (September 15 for quarter 3). As a 1099 misc worker (self employed) you are responsible for paying estimated quarterly taxes. These are estimated by you based on how much you have made as a 1099 worker and what you predict your tax responsibility will be. You haven't had to pay them before because you have probably never filed as a 1099 misc before. Unfortunately, ignorance of the law is not an excuse for breaking it; and you are going to be hit with fees (which can be hefty) for paying your taxes late once you submit your end of the year taxes.
Hey how are you doing? I’m 19 years old and I wanna start dashing but I’m scared for tax time and owing the irs a lot of money I was wondering if I start doordash could I just put 20 -30% away of the money I make and when it’s time to do taxes give that money to the irs that I have set aside?because I really don’t wanna track my expenses or anything I just wanna be able to set money aside so when it’s time for taxes I can pay like that I’m confused and I don’t wanna mess anything up or get sent to jail because I messed up my taxes how do I know how much I’m suppose to pay the irs when I do my taxes or you don’t you just gotta fill out the 1099 form and send the money you have kept away please help I don’t wanna do doordash if I don’t know what to do during tax time
Idk how taxes work but I was never asked for my social security number on Instawork so do you really have to file taxes ain’t that’s like driving without a license plate they don’t know if that’s really you that worked for Instawork 🤔
Great video! I just have a couple of questions. I'm very interested in becoming a DoorDash driver, but what is stopping me from dashing is the taxes. If I have a W-2 and a 1099, do I do them together at the end of the year like normal or still pay quarterly taxes? Are the taxes a crazy amount for either quarterly or at the end of the year? The reason I want to start this is to make more money to help pay off some debt. But if the taxes are outrageous, then what's the point of doing it?
It all depends how you want to do them. If you do not want to pay all the taxes on A 1099 do them Quarterly. Or pay them on Tax seasons. Call IRS and ask how to pay your quarterly taxes. Thank you! If you need your taxes done, let me know. I do taxes.
So if I have a 9-5 regular job and I take my w2 and my paystub to a tax person, I can also give them my 1099. Or would I sit down with them and figure out my miles???
That's correct. Maybe I used the terms interchangeably throughout the video. If I did, I apologize for the confusion. But that's absolutely correct. However, people can pay and file at one time if they choose not to pay quarterly taxes.
@@ShanaGreen Hi, thank you for the info! You say here, "people can pay and file at one time if they choose not to pay quarterly taxes." But if they wait and pay and file at once, will they have to pay a penalty?
It's ridiculous that we gotta pay taxes for 1099s... I work a full time job as it is and I'm already taxed automatically Instacart and Doordash are side hustles for me
Hi my english is not good. I would like to ask some questions. I wonder if you have example of grubhub 10k , postmate 1k and doordash like 100. It will sent me only grubhub and postmate to file the taxes correct and what happen to other companies like doordash. Do i need to find those too? another question is i live in LA, So the % that i need to give it back to government would be 15.3%+ Ca% right? Thankyou
Is there any way I can contact toy for a few questions? Please I'm super scared and worried on how im going to do this. Im still sup confused and need some clarification.
![14 Biggest Tax Write Offs for Small Businesses! [What the Top 1% Write-Off]](http://i.ytimg.com/vi/5YggWhLeckM/mqdefault.jpg)
why don't they teach us this in high school
cuz they don't care
Every time I come across challenges like this, I ask myself the same question. SMH.
Well in the 90s they taught us in highschool
@@cherisestilwell1808 you guys are lucky 😔
The smartest people are on the streets the dumbest are in school the ones who know thru learning and the ones being told by one person
Thank you for this video. Budgeting and doing your taxes should be a mandatory class high school. They can easily add this to math classes. They might have had it when I was in High School and I probably fell asleep.
I’m taking economics as a junior right now and we’re talking about taxes and our teacher made sure that we knew he wasn’t required to teach it to us, he chose to because he knew it was important. I’m very thankful for that.
😅 Me too!
I am getting ready to start working from home 1099 and this video helped me a lot. It was very straight to the point! Thanks!
Thank you so much for making this easy to understand and also helping me to realize I don't need to freak out and be afraid so much of doing this for the first time.
I'm filing my taxes now for insta cart and I couldn't find the mileage but now that I have to choose between two that's good to know because I kept all of my gas receipts. Thank you so much for this informational video!
Thanx, great video, extremely helpful. Before gig economy, I've always used Turbo Tax. This is my 1st 1099 & I will try Turbo Tax & see how it goes. Thank You again.
I'm glad it was helpful!
How did it go? How is it going? Is 1099 the right way to go? I’m looking into a job that’s 1099 but I’m intimidated by all this tax info
Do you file taxes on your own or do you use a tax professional? Checkout TurboTax if you don’t know where to start fbuy.me/lOUVL
If you want to learn more about how to set aside money and pay your taxes throughout the year, check out this video: th-cam.com/video/qO6o_lBelgU/w-d-xo.html
I do my own but I'm stuck when it comes to state taxes.
More professional if you put your titties away.... men don't do educational professional tutorials with their chest out???
BrezzEasyy have some respect. Leave her alone.
I'm not entirely certain about the quarterly filing process and what software to use to track expenses and income. That would be a really helpful video.
Such a great video. I’m just getting into this type of job and I’ve never done my taxes before, so it’s great to know I should be tracking mileage and all when I start. Thanks!
Thank you for keeping these topics short and simple because everyone else talks too long or they're using big terms which is annoying.
Thanks for making this guide!! Really wish they taught this in school, grateful for TH-cam and internet these days
1.) So if I just started instacart, when I make over 400 dollars, how to I know how to calculate my quarterly estimate? And do I not have to do a quarterly until I make over 400? 2.) I have a tax guy through my parents too so I’m not in direct contact with him. When yearly tax returns come around, how do I show him my mile deductibles, is there’s like an official way like what do I give him?
Thank you for making this video! I’ve been trying to find videos on taxes for a while now. This was very helpful! You mentioned that you have to pay your taxes quarterly. How do I do that? Would I have to use a tax preparation service every quarter? Or do I just send money to the IRS? I’m new to this so I still have a lot of questions. Thank you again so much for the video it was really great!
Thanks for watching! Yes, you just go to the IRS website and your state tax website and select the option to pay estimated taxes. And keep the records to submit during tax time in April
Is there a quarterly deadline? Thank you again for your help I really appreciate it!
Yeah I was confused on the quarterly part too.
Justin Pettit i made a video about the quarterly tax info on my other channel if you'd like to check it out. I'll add a link.
Really great video glad i found your channel...3:36 answer: I'm a license tax professional, and this year I'll have to report uber/lyft income for 2018. I study accounting and taxes like my life depends on it, so The hard part for my taxes will be the investment income/losses not so much uber/lyft. Notwithstanding any of that, i didn't make estimated payments so I'll likely owe some, albeit a small quantity
Yep, I have another video coming out about the investments part in a few weeks. It's mostly about encouraging ppl to invest so that you can reduce your taxable income. A lot of ppl don't know they can do this when they are self-employed.
@@ShanaGreen well i will be 👀 watching
Black Vit
This video was very informative as I have just started a new job being a food deliverer... Thank you so much for answering most, if not all, of my questions/concerns!
I’m glad the video was helpful to you!
You were reading my brain lol. You answered all the questions I had and gave my knowledge security of what I already knew.
Great video! I started using house of gigs for my gig income but would love to know about a mileage tracker.
Omg why did I stumble upon this while doing my taxes!!! Shana great video❤️
Lol thanks Bintu!
You are amazing, Queen! Thank you. Your smile and knowledge helped more than you intended! You’re amazing!
Very helpful tips!! thank you so much!! I just can't believe that I have a college degree but never was taught about this in school.
I just got my first paycheck as a legal process server. I have been so stressed about taxes as a self employed worker but this has calmed me down so much. I can sleep tonight😅
I’m using the standard Mileage deductions and tracking my miles with an app. And it tells me how much I should be saving. Now it’s clear that I’ll be saving a lot and should be paying less than $1000 a year in taxes after those deductions. But do I still need to file quarterly?
Yes you should file quarterly. Your taxes are based on a lot of factors (e.g. other sources of income, credits for children or education). I’m not sure which app you’re using but it probably isn’t factoring in your entire tax situation. I would use a calculator to determine how much to pay in taxes. I believe I have one linked in the description. If not, I have a video called how to save for taxes and it talks about saving for and paying for quarterly taxes.
What is the app?
What app?
@@kgkaitlyngarza I use Stride
@@lazaejenkins I use Stride
I actually like paying my quarterly taxes. I assume get it out of the way so I don't have to fork over a ton of money at tax time.
One important caveat when talking about using an accountant's services: They are only working in your best interest if they are acting as a fiduciary advisor. Otherwise they may be trying to pitch investments or products that they are incentivized to sell you.
Yeah they add penalties and interest, which surpasses the original amount you owe. I spent years trying to iron things out
everlance video is vague and superficial.This is more concrete and specific. THANK U!!!!
You did a wonderful job presenting the information. Thank you you helped me understand
Thank you ,this was well explained and a pleasure to sit through.
Your hair is so lovely !
Omg thank you i was looking for this because i have a job but was about to do all these side hustles then it dawned on me..what the hell am i gonna owe at the end of the year if i make good money? Nobody talks about it!!
How do we file quarterly I’m so confuse with that. I thought we only file taxes once a year
Mily G you file taxes 1x a year, you pay 4x a year (or 1x with penalties) if you are self-employed.
@@ShanaGreen and how or where do I have to pay that ? :)
I'm right there with you.. like i thought i just wait on my 1099 form and then file and either pay or get back once a year..
Thank you so much Shana, I needed this it is my first time having to file this way. So helpful!
I’m so glad this was helpful!
Great information. Thank you!!! I made notes and saved these videos. Tell your uncle thanks as well. I am going to go over this. But for now, what online bank has a high yield savings account. This idea is the best!
T-mobile. However, I’m about to do a video about a bank that’s for self-employed and helps with filing taxes!
Thank you so much for this info Shana. Great video.
Thank you, this was helpful although I was hoping to see how it's done more than anything. Like watching you pay your quarterly payments, or how you go about it. but this was a bit helpful
I didn’t know I was supposed to pay quarterly. How do I calculate how much to pay according to how much I make every three months?
This is helpful and you broke it down really well. My question with quarterly taxes though is how exactly do you pay them? Is it online or do you have to mail it in?
Hey Erin! You pay online. Go to the irs website to pay federal quarterly taxes and google your state + department of revenue to find the website to pay your state quarterly taxes.
@@ShanaGreen where they take the money from??? The Money u have in your wallet or the salary???? I'm doing instacart
Great video, eu explained really well. Thank you!
Hi! Thanks for the awesome introduction to this stuff! Super helpful. Just wanted to let you know that your link to the tax estimator is actually a link to a budget template. Thanks again!
Thanks for letting me know. I’ll fix it later. Thanks for watching!
Hello,
Your videos are great. But can you do one with combined incomes? Lots of people are working as employees with W-2's and have a small business(self-employed) on the side.
Hi Miracle! That's exactly the situation I am in. I actually have 3 different types of income that get viewed differently by the IRS. I can see if I can get it done, but I'm not sure it'll be before taxes are due.
thanks for this info! We i started the video and saw we have the same couch, i knew it would be good :)
Where do you send your quarterly payment? I'm doing door dash. I am also on disability needed to supplement my income
So do I need to save 15% or 30% I’m confused
You’re gonna need to save 15% plus the taxes for whatever tax bracket you’ll be in for the money you’ve made. Plus state tax. But, if you write off some things, your taxable income will decrease
@@jacobrobles688 damn yeah that’s a lot of taxes then
@@jameshumphrey3425 I filed my own taxes for 2020… I didn’t pay anything on taxes for my DoorDash/Postmates driving. Just know a rough estimate of the miles you put on your car while driving, and add up alll the costs of own your vehicle, and you’ll get some money back. Being a small business own is incredible
This video is so helpful! Thank you so much!!
Is AAA deductible?
I’m using Lyft booked miles . Is this accurate . Because From my calculations .. I am actually making more money using mileage deduction .
So I have door dashed since 10/13. I have made roughly around $825. What I failed to know is that I should be tracking my mileage. This is all new to me. What do I do if I have not done that yet ?
I am about pulling my hair out at the roots trying to figure out what type business uber, instacart, and etc....fall under on this drop down type of business box!!!! I don't see anything on here close to these type businesses!!! Using cash app taxes!!! Help!!!!
Thank you very much for this clear informative breakdown...new subscriber here. ✌
Appreciate you for this!!
Very informative! Thank you!😊
What an awesome video! Thank you! Now that I know I need to pay quarterly this year ( been doing Amazon flex since Nov 2018) I guess I'm late! 🤪 Do I still file through a service like turbo tax or a professional preparer or do I need to contact the IRS because I'm late?
No, you go to IRS Direct pay website and the website for your state to pay fed and state estimated payments.
Thank you so much! You are clearly saving me who knows how much in interest!
Does Instacart send a statement when payment is due ? How will I know when to pay ?
Grear video! I've been a 1099 for 2018 and 2019 and haven't filed any quarterly estimated taxes (1040 ES). I’ve only filed the yearly 2018 and 2019 tax return. Were the quarterly fees paid (with the late fees) with the federal tax returns I filed for each year? Or do I need to file a 1040 ES for all the ones I haven’t filed since 2018?
I usually file my taxes on my own with Free Tax USA. quick and easy
When and how do you pay your quarterly taxes
You can pay directly to IRS quarterly. Need your taxes done? let me know.
Thanks
GREAR INFO my sista. I learned a lot. Keep up the good work.👏🏻👍🏻👌🏻🙏🏻
Thanks!
I liked and subscribed I want to see more of your videos you are smart cute young lady and you explain very well detail. And that smile is a bonus. They really got this stuff complicated. Thanks to you it's a little better. Keep on getting your shine on Sunshine.
I normally do them my own when I I worked a real job but I'm going to go to a professional for this cause I
Never filed with doordash ic or nothing like that
Thank you for this instructional video!
I highly doubt anyone goes to jail for not paying taxes, is not like once you serve your time you are freed of your tax liabilities
People do go to jail if they don’t pay for awhile. However it was a little joke.
Can you show me the law that requires the average American to pay an income tax? Thanks in advance.
@@jacquelinel1618 what statute is that?
I have been using Turbo tax. May change this year.
Thanks so much this video was extremely helpful your awesome!!!
Very informative. Thanks.
Very Informative info
Always file on your own. DTA -"Don't Trust Anyone" when it comes to your money!!!
yeah but some people are not independent because you are too young.
Love your smile !
So I’m in that weird spot, I made around $580 when she says you have to send in a proof of earnings to the IRS, what does this mean? I just need more of a clear extended version of how to do that.
Hello Steve
I just watch one of your videos on TH-cam and I have a few questions if you don’t mind me asking.
This is my first year working with DoorDash, GrubHub and Postmates. I use all three of them at once to make more money. Here’s my questions.
(1) Do I need to do each of these 1099separate or can I just do all three together?
(2) I’m I using a Schedule C?
(3) When I was working with an employer, I got 1040 at the end of the year. I usually qualify for EIC (Earn Income Credit) and the Child Tax Credit. Would I still would qualify for these credits?
(4) How would I pay the IRS their taxes if I want to pay each quarter? Is there a form I send them with my payment so I get credit for paying my taxes?
(5) Also, how would I send my tax payments to the State, Social Security, and any other taxes I need to pay?
I know that there are a lot of question here, but I don’t look good in orange. Lol
See my responses below:
(1) Do I need to do each of these 1099separate or can I just do all three together?
You will get a separate 1099 from each company in January.
(2) I’m I using a Schedule C?
Yes
(3) When I was working with an employer, I got 1040 at the end of the year. I usually qualify for EIC (Earn Income Credit) and the Child Tax Credit. Would I still would qualify for these credits?
Yes, your income is earned. It doesn't matter if you're self-employed or not. BTW you didn't get a 1040 from your employer. You get a W2 from your employer and you file your taxes on a 1040. You will probably still use a 1040 as a self-employed person in addition to a Schedule C.
(4) How would I pay the IRS their taxes if I want to pay each quarter? Is there a form I send them with my payment so I get credit for paying my taxes?
Go to you the IRS and pay your quarterly taxes online. Same for your state.
(5) Also, how would I send my tax payments to the State, Social Security, and any other taxes I need to pay?
Google your state department of revenue. Pay your taxes there on a quarterly basis. Your federal taxes cove social security and are paid quarterly. See my responses above.
I'm so frustrated. Can somebody explain how you file if you do multiple delivery gig? Like postmates and Uber at the same time? Do you file them seperately or just one turbo tax form and just add both incomes and expenses in one form? I hope someonecan help because all the videos in youtube dont explain this at all =(
scarlett ohara all together on one schedule c. It’s all the same type of business. Describe it as food delivery service then total all your 1099s and expenses on that same schedule c form.
Fantastic! Great video!
Okay, so I just got a job at vetor marketing and I’m basically giving presentation on products. They told me that they will take half of my taxes and I have to pay the other half in tax season and that I would get a 1099. So I’m so confused on all of that could you please explain what I would need to do thank you I would really appreciate it
so i am new to the gig economy and im wondering. I live in virginia but i would be working in dc and maryland. if i want to open a LLC and work throught the corp, do i need two llc's or i can pick dc or md and claim out of state income how does it work?
If I watched children throughout the year at my home I was paid cash how can I file taxes...
I made a shit ton of money doing ubereat and doordash in 2019, but spend it all on weed and women. I’m screw
Same
On weed never on women
Last year was the first year doing bitesquad. So this year I’m doing the taxes myself for the first time Ever.
So let’s say I make like $10,000 and I pay 15% of that so $1,500 would I be okay with paying like $800 since it is less than a $1,000 difference
I did postmates for about a month and made about 200$ do I still have to file that amount on my taxes?
Nope, it's only $600 and up.
Do you pay taxes on your gross or your profit- income after expenses? And do you pay the IRS quarterly? How much do you know how much to pay quarterly?
I do instacart, since I have to file quarterly will they send out the 1099 form quarterly?
No. They will send you a 1099 at the end of the year (in January of 2021) that reflects your total income for 2020. You are responsible for tracking your income and estimating your quarterly tax responsibility.
Yeah I'm totally confused what she's talking about when it comes to "quarterly"
Like where am I sending money "quarterly" we usually only deal with tax stuff once a year. Idk how to be paying something "quarterly" right now lol
@@justinpettit3432 Well, depending on when you started delivering you already missed at least one tax deadline (September 15 for quarter 3). As a 1099 misc worker (self employed) you are responsible for paying estimated quarterly taxes. These are estimated by you based on how much you have made as a 1099 worker and what you predict your tax responsibility will be.
You haven't had to pay them before because you have probably never filed as a 1099 misc before. Unfortunately, ignorance of the law is not an excuse for breaking it; and you are going to be hit with fees (which can be hefty) for paying your taxes late once you submit your end of the year taxes.
@@BlGGESTBROTHER :(
Hey how are you doing? I’m 19 years old and I wanna start dashing but I’m scared for tax time and owing the irs a lot of money I was wondering if I start doordash could I just put 20 -30% away of the money I make and when it’s time to do taxes give that money to the irs that I have set aside?because I really don’t wanna track my expenses or anything I just wanna be able to set money aside so when it’s time for taxes I can pay like that I’m confused and I don’t wanna mess anything up or get sent to jail because I messed up my taxes how do I know how much I’m suppose to pay the irs when I do my taxes or you don’t you just gotta fill out the 1099 form and send the money you have kept away please help I don’t wanna do doordash if I don’t know what to do during tax time
Idk how taxes work but I was never asked for my social security number on Instawork so do you really have to file taxes ain’t that’s like driving without a license plate they don’t know if that’s really you that worked for Instawork 🤔
Great video! I just have a couple of questions. I'm very interested in becoming a DoorDash driver, but what is stopping me from dashing is the taxes. If I have a W-2 and a 1099, do I do them together at the end of the year like normal or still pay quarterly taxes? Are the taxes a crazy amount for either quarterly or at the end of the year? The reason I want to start this is to make more money to help pay off some debt. But if the taxes are outrageous, then what's the point of doing it?
It all depends how you want to do them. If you do not want to pay all the taxes on A 1099 do them Quarterly. Or pay them on Tax seasons. Call IRS and ask how to pay your quarterly taxes. Thank you! If you need your taxes done, let me know. I do taxes.
@@zaidasantiago3125 if I pay quarterly the state and federal taxes is that all the taxes I have to pay or is there more. I doordash
Just curious. I use stride it tracks my mileage it says I have $1600 duductible mileage. I owe $1500 so do I owe anything if my mileage says I'm $1600
So if I have a 9-5 regular job and I take my w2 and my paystub to a tax person, I can also give them my 1099. Or would I sit down with them and figure out my miles???
Hi! How can I know how much should I be putting on the side on each payment? That way I don't screw myself at the end?
ОТЛИЧНОЕ ВИДЕО.СПАСИБО ЗА ПОЗИТИВ:)
Am i able to use the miles from the app to file,if i didn't use a mileage tracker app?
I'm a little confused. I PAY my taxes quarterly and FILE my taxes once a year?
That's correct. Maybe I used the terms interchangeably throughout the video. If I did, I apologize for the confusion. But that's absolutely correct. However, people can pay and file at one time if they choose not to pay quarterly taxes.
@@ShanaGreen Hi, thank you for the info! You say here, "people can pay and file at one time if they choose not to pay quarterly taxes." But if they wait and pay and file at once, will they have to pay a penalty?
@@swiftfootedachilles no
I have a question about paying taxes quarterly, I heard that you don't have to pay quarterly if you are in your first year, is this true?
That’s not true.
if i started working fulltime 3 months ago how does that work with the 1099? its myfirst year as a gig worker
Can you do turbo tax for quarterly taxes?
It's ridiculous that we gotta pay taxes for 1099s... I work a full time job as it is and I'm already taxed automatically
Instacart and Doordash are side hustles for me
Very, very helpful video
Thanks for this info...love and appreciate your spirit! God bless... :)
Hi my english is not good. I would like to ask some questions. I wonder if you have example of grubhub 10k , postmate 1k and doordash like 100. It will sent me only grubhub and postmate to file the taxes correct and what happen to other companies like doordash. Do i need to find those too? another question is i live in LA, So the % that i need to give it back to government would be 15.3%+ Ca% right? Thankyou
Is there any way I can contact toy for a few questions? Please I'm super scared and worried on how im going to do this. Im still sup confused and need some clarification.
Where it says non employee compensation is that how much we pay?
Great video!
great video ... thank u beautiful Shana ...