Man the information you provided is invaluable! So I’m a day trader that trade the foreign exchange market. But I trade through a Prop firm that issues you a 1099 at then end of the year. Now I wasn’t sure if it would be best to apply to the firm under an LLC or just my own name. I would LOVE if you made a video on this subject for the self employed in the Trading space! Thank your for your content! 🙏🏼
Karlton, I just found your channel 2 days ago! I love your videos! I have learned so much! I was wondering if you could talk about married couples where one is a 1099 income earner and the other is a W2 earner. I am active duty military and my wife is 1099. Thank you for all the helpful information you have put out!
Great video, you’re a natural teacher. I know it’s similar, but a video specifically on “Kit or Equipment Rental” for those who earn both W-2 income, and perhaps an additional 10% as 1099 “Kit Rental” would be much appreciated.
Thanks for the quality content!!! Love your work and appreciate the knowledge that you are sharing!!! I've been subscribed and liking the videos. Keep up the great work!!!
Hi brother. it seems like you love what you're doing more then getting paid. Great personality by the way. Just start a construction business .great information. That i really needed to hear thanks bro 🙏 💯
Hi, Karlton. I appreciate all the content you create, as it is invaluable. I'm curious if you might be available for a consultation. I've recently created four different LLCs, one for each rental property I own between my business partner and me. I'd be willing to pay a consultation fee if you can make time to help me see how to leverage our LLCs and 1099 tax code to propel us forward in 2021.
We are a property management company and I have a few questions regarding the 1099-K and 1099-MISC. For the 1099-K, we have received a gross amount of $26,600. Could you please advise on how to report this amount in the taxes? These payments were received via the portal and disbursed to the landlord.
My question is whether or not the FICA portion of my 1099 self-employed taxes (which is 15.3%) is calculated based on my self-employed income before business deductions are figured in or is it calculated base on my adjusted income after my business deductions are figured in. For example, let's say I make a $20,000 gross income for the year and I have $6,000 in deductions, such as driving mileage/expense deduction. Is my FICA tax obligation based on 20k (before deductions) or 14k (after deductions)? If anybody knows FOR SURE, please let me know.
Self employment tax is based on NET income, which is after deductions. This is why it’s important to capture all available deductions and it’s best to do that on a biweekly or monthly basis and not wait til “tax time” 😢
Use QuickBooks dude. It’s professional, reliable and easy. When tax season comes you’ll have everything recorded and yes you can take a pic of receipts on QuickBooks and it’ll make it a printable document for later on.
I need to schedule an appointment with you or one of your other tax strategist and create me a business entity and figure out how to leverage tax codes that would best fit me and my vision
I have a question Karlton, What if my business went negative this year in profit. Can we write off the total amount. And when it 0 out can we use the rest of the write off for a refund? We spent more than we made for the business.
Karlton, how do I schedule a consultation. I’m just starting to purchase rental property but have very specific limitations (for personal reasons) on the amount of income I can earn. 30k annual to be exact. I know I need an LLC to hold the properties but I really need a team of experts to do educate and guide me on the when, where and how’s of this whole thing.
Hi Karlton, I am a office cleaner, I have only two customers, one of them pay me with a credit card via quickbooks, last year in tax time when I asked for their 1099 form, he explained that due to they pay me with a CC they can't extend a 1099 form, what can I request in that situation or what do I have to do? thank you!
I just got hired as a 1099 employee and I’ve been doing a lot of research But everywhere I’ve called they said that I have to put 30% aside which I think is insane because I’m only getting paid 15 an hour, is that true ?
@@MaskedMageYT Wow. Don't quit your day job. She'll pay federal taxes if she has a taxable income left over after taking her standard federal deduction. There's also the FICA tax which she'll pay 15.3%.
if someone can help me with a question which i think i know the answer to but i need reassurance. im in the process of learning. I work for a roofing company and I'm a 1099. essentially working for them, is that my "business structure"? So, am I a business owner? which is making sales and providing business? help.
Wow a video of you just popped up on my TH-cam recommendation idk why lol I have not search anything about LLC just thought about it. Am so happy I click on it I already watched 4 videos and I have a notebook with 5 pages full of tips/info. Am getting ready to help my husband open his own business (concrete work) after him been working for a company for over 16yrs (my family owns LLC s but I bet they don't know all this tips / they had someone helped them "I don't think they know much lol" Thank you for all the information. I wish you would help me out with all the paperwork lol
As a W-2 you pay “payroll” taxes and also income taxes (state and federal) each paycheck As a 1099 you pay self employment taxes and also income taxes (state and federal) on a quarterly basis
Question,? hopefully I can you use words that work for this scenario, ok easy if joe goes tax exempt partially or fully on his w2 earnings how does joe blow get around those taxes? If possible lol contact me. Scammers please don’t even comment on this section
Hey Karlton can you please do a video on taxes for owning a business and working a 9-5?
Yes Please!!!!
Yes please
Great question , yea please ❤
Man the information you provided is invaluable! So I’m a day trader that trade the foreign exchange market. But I trade through a Prop firm that issues you a 1099 at then end of the year. Now I wasn’t sure if it would be best to apply to the firm under an LLC or just my own name. I would LOVE if you made a video on this subject for the self employed in the Trading space! Thank your for your content! 🙏🏼
Karlton, I just found your channel 2 days ago! I love your videos! I have learned so much! I was wondering if you could talk about married couples where one is a 1099 income earner and the other is a W2 earner. I am active duty military and my wife is 1099. Thank you for all the helpful information you have put out!
Great content. I’ve been in business 12 years and I wish someone would have share this quality of info with me in the beginning
Great video, you’re a natural teacher. I know it’s similar, but a video specifically on “Kit or Equipment Rental” for those who earn both W-2 income, and perhaps an additional 10% as 1099 “Kit Rental” would be much appreciated.
Thanks for the quality content!!! Love your work and appreciate the knowledge that you are sharing!!! I've been subscribed and liking the videos. Keep up the great work!!!
Hi brother. it seems like you love what you're doing more then getting paid. Great personality by the way. Just start a construction business .great information. That i really needed to hear thanks bro 🙏 💯
I love your content and how you break it down Karlton! Great job keep the videos coming!!! Appreciate all your hard work
I saw you on another channel, and you had great info. I subscribed because I'm new to 1099 income and I don't know where to start.
The information on you channel is GOLD! You need to have more subscribers!
Honestly, thank you!! This was so clear and easy to follow.
I'm so glad I found your content!
This is super helpful! Thank you!
Thanks Karlton. Your videos are helping me out a bunch.
Good stuff! I'm planning on starting a psychotherapy business this year and appreciate the knowledge.
THANK FOR SHARING WHAT YOU KNOW
Anytime! 😇
Thank you, you explained it very well!
I am committed to self-development & thriving.
Thanks a lot! This was very helpful. I just started doing 1099 as a dentist.
Get an accountant
I just found your channel.
Very informative.
Thank you!
Great information. Thank you!
Thank you for this video sir💪🏾
Hi, Karlton. I appreciate all the content you create, as it is invaluable. I'm curious if you might be available for a consultation. I've recently created four different LLCs, one for each rental property I own between my business partner and me. I'd be willing to pay a consultation fee if you can make time to help me see how to leverage our LLCs and 1099 tax code to propel us forward in 2021.
Thank you, Karlton.
Appreciate your knowledge
We are a property management company and I have a few questions regarding the 1099-K and 1099-MISC.
For the 1099-K, we have received a gross amount of $26,600. Could you please advise on how to report this amount in the taxes? These payments were received via the portal and disbursed to the landlord.
For bank statements, what if I get a business account?
As a figure model for the fine arts school I model for im considered a 1099 independent contractor.
My question is whether or not the FICA portion of my 1099 self-employed taxes (which is 15.3%) is calculated based on my self-employed income before business deductions are figured in or is it calculated base on my adjusted income after my business deductions are figured in. For example, let's say I make a $20,000 gross income for the year and I have $6,000 in deductions, such as driving mileage/expense deduction. Is my FICA tax obligation based on 20k (before deductions) or 14k (after deductions)? If anybody knows FOR SURE, please let me know.
Self employment tax is based on NET income, which is after deductions. This is why it’s important to capture all available deductions and it’s best to do that on a biweekly or monthly basis and not wait til “tax time” 😢
New sub!
Great content
Great informative video! Also, it’s always nice to see a well dressed man! 😁
400th like! I got you man. Thank you!!
Can I take pictures of all my receipts..
Use QuickBooks dude. It’s professional, reliable and easy. When tax season comes you’ll have everything recorded and yes you can take a pic of receipts on QuickBooks and it’ll make it a printable document for later on.
So does a self-employed 1099 individual have to start an LLC, sole proprietorship or incorporate to benefit from the tax law?
You are limited to deductions, but their are deductions anyone can take.
@@karltondennis brother i need help i 1099 for a business
I got my 2nd 1099 form this year I do my own cleaning for a daycare I get paid cash from her I got a big return in taxes hope it's ok
I truly like the way you break it down....Can I hire you in the future?... Fl resident no state income tax
Great video... But the music at the end is creepy... I want it; what's it called?
I need to schedule an appointment with you or one of your other tax strategist and create me a business entity and figure out how to leverage tax codes that would best fit me and my vision
I have a question Karlton,
What if my business went negative this year in profit. Can we write off the total amount. And when it 0 out can we use the rest of the write off for a refund? We spent more than we made for the business.
Why would I be a citizen of a company owned by the district of Columbia
Good stuff
Thanks!
I receive 1099s every year. I'm wondering if I can add my husband as a co-owner and if so how.
Karlton, how do I schedule a consultation. I’m just starting to purchase rental property but have very specific limitations (for personal reasons) on the amount of income I can earn. 30k annual to be exact. I know I need an LLC to hold the properties but I really need a team of experts to do educate and guide me on the when, where and how’s of this whole thing.
Thank you sir
thanks so much.
Hi Karlton, I am a office cleaner, I have only two customers, one of them pay me with a credit card via quickbooks, last year in tax time when I asked for their 1099 form, he explained that due to they pay me with a CC they can't extend a 1099 form, what can I request in that situation or what do I have to do? thank you!
I just got hired as a 1099 employee and I’ve been doing a lot of research But everywhere I’ve called they said that I have to put 30% aside which I think is insane because I’m only getting paid 15 an hour, is that true ?
@@MaskedMageYT Wow. Don't quit your day job. She'll pay federal taxes if she has a taxable income left over after taking her standard federal deduction. There's also the FICA tax which she'll pay 15.3%.
I want to know more.
What happens if I haven’t spent any of the money I made
How does writing off a car work? I'm doing 1099 and need a new car for work. Any help would be appreciated.
if someone can help me with a question which i think i know the answer to but i need reassurance. im in the process of learning. I work for a roofing company and I'm a 1099.
essentially working for them, is that my "business structure"? So, am I a business owner? which is making sales and providing business? help.
Where do you get all the code information from
Wow a video of you just popped up on my TH-cam recommendation idk why lol I have not search anything about LLC just thought about it.
Am so happy I click on it I already watched 4 videos and I have a notebook with 5 pages full of tips/info. Am getting ready to help my husband open his own business (concrete work) after him been working for a company for over 16yrs (my family owns LLC s but I bet they don't know all this tips / they had someone helped them "I don't think they know much lol"
Thank you for all the information. I wish you would help me out with all the paperwork lol
So I can pay myself and still show them I been paying myself
Nice
can i get that beat tho lol its fire
Is the 15.3% self-employment tax in addition to, or in lieu of, the standard federal income tax?
Pretty sure its in addition to federal and state tax.
FICA tax in itself has nothing to do with either state or federal income taxes. The are all separate for each other.
As a W-2 you pay “payroll” taxes and also income taxes (state and federal) each paycheck
As a 1099 you pay self employment taxes and also income taxes (state and federal) on a quarterly basis
Question,? hopefully I can you use words that work for this scenario, ok easy if joe goes tax exempt partially or fully on his w2 earnings how does joe blow get around those taxes? If possible lol contact me. Scammers please don’t even comment on this section
Awesome
Do you get money back from 1099?
No. Because no money is taken out to begin with.
Ride on
Should I LLC my artist name
Yea
No
How much to hire you? 😂😂. No for real how much?
CaliAwalhgacums
So basic that if you didn’t already know this then you probably shouldn’t be running your own business…