So glad you asked! Yes, we do offer tax services through our app! You can chat with a tax assistant, get help finding write-offs based on what you do for work, and file taxes. We offer a free trial, so you can see if it works for you. Get started here: keeper.tax/e/AnMAnDnMcsb
Really good question, Katrina! There are a couple of two commonsense things you can focus on when thinking about this distinction: 1) the purpose of the event, and 2) the number of people involved. As far as purpose goes, focusing on your offerings and needs as a business helps strengthen the case that your event is an advertising expense. For client appreciation events, that may mean, for instance, stressing a contract renewal that's coming up - "It's been great working with you all this year; here's hoping for another great year together" - or promoting a new service that you hope your existing clients will sign up for. In terms of numbers, the IRS's examples for entertainment expenses that are no longer eligible for write-offs tend to center on a business owner entertaining a single client - taking them out to a nightclub, getting them a baseball ticket, and so on. Having a more extensive guest list will help.
Hey, Amelia! We don't have a video about that yet, but we do have an article! www.keepertax.com/posts/is-my-netflix-subscription-a-tax-write-off The bottom line: You can definitely write off subscriptions and membership fees for tools, platforms, publications, and organizations that help you out with work. If you use the same subscription for both work and personal purposes, you'll get a partial write-off.
Hello. I'm a sole proprietor and I'm considering doing an llc. for my protection. If I do a llc, can I still file those taxes along with my taxes from my regular job, like I have always done? Thanks.
Hi! Single-member LLCs get taxed as sole proprietorships by default, so yes, you'll fill out a Schedule C like you've always done. Things will only change if you elect to be taxed as an S corp instead. Here's an article where you can learn more: www.keepertax.com/posts/do-llc-get-1099
I watched one of your videos on paying taxes, quarterly. I'm so busy with my regular job, and don't have the time nor want to do it quarterly with my side gig. Can I just pay the penalty and pay yearly? Also, can I write off the fees that Square charges for transactions? Thanks!
Good questions! 1) Yes, absolutely, you can just pay the penalty. A lot of freelancers and self-employed people end up making the same decision - staying on top of quarterlies takes up a lot of time! Since you're working a regular job too, you can actually avoid dealing with penalties if you ask your employer to increase your withholding to cover the taxes on your side gig income. That way, the IRS still gets their money as you're earning! 2) Yes, your Square transaction fees are a write-off!
@@KeeperTax So, the more my employer withholds, the less I'll have to pay with my small business? What's the most I can have them withhold? Thanks for the response?
I'm sorry for being a nag, but if I assume my 1099 is going to be $20k from credit card payments, should I just put that amount in step 4(a) and when I do my taxes at the end of the year with my deductions, I'll get a refund if I paid too much.
@@ilc-nl3yy Yes, that's exactly right! You can report your self-employment income on step 4(a) for your W-4. If you put in the gross pay - the pure credit card payments you get from clients and customers - you'll likely end up overpaying and will get a refund. You'll calculate the refund when you fill out your 1040 tax return, in the section that runs from lines 34-46. You can read more about overpayments in this article: www.keepertax.com/posts/overpay-estimated-tax
This channel is a good send. I just cancelled with 1800 accountant and signing up with this. I have 3 big questions 1) do u offer private consultations. 2) I started business July of this year, am I starting to pay taxes this year or next year 3) I pay employees almost half of the 1099 income, but they don't have social security or itin, they are immigrants I pay them by check, can I possibly write that off.
Hi, Danisha! So glad you're finding our content helpful, and hope you love the app! 1) We don't offer private consultations by Zoom or anything, but you can send a message from the "My Keeper" tab in the app and ask any of your questions that way! 2) Congrats on starting your business! You'll start to pay taxes on it when you deal with your 2022 taxes, in 2023. But depending on how much you're making already, you might want to pay quarterly taxes: www.keepertax.com/quarterly-tax-calculator 3) There shouldn't be a problem with writing off those fees! (Since you're talking about the 1099 threshold, I assume you're actually paying them as contractors, not W-2 employees!) You can write them off in Box 11 of your Schedule C, where you report what you paid for contract labor
![14 Biggest Tax Write Offs for Small Businesses! [What the Top 1% Write-Off]](http://i.ytimg.com/vi/5YggWhLeckM/mqdefault.jpg)
Do you have tax service? I’m
In need lol
So glad you asked! Yes, we do offer tax services through our app! You can chat with a tax assistant, get help finding write-offs based on what you do for work, and file taxes. We offer a free trial, so you can see if it works for you. Get started here: keeper.tax/e/AnMAnDnMcsb
I'm confused about client appreciation events vs. entertainment expenses where you take out clients. How are these different?
Really good question, Katrina! There are a couple of two commonsense things you can focus on when thinking about this distinction: 1) the purpose of the event, and 2) the number of people involved.
As far as purpose goes, focusing on your offerings and needs as a business helps strengthen the case that your event is an advertising expense. For client appreciation events, that may mean, for instance, stressing a contract renewal that's coming up - "It's been great working with you all this year; here's hoping for another great year together" - or promoting a new service that you hope your existing clients will sign up for.
In terms of numbers, the IRS's examples for entertainment expenses that are no longer eligible for write-offs tend to center on a business owner entertaining a single client - taking them out to a nightclub, getting them a baseball ticket, and so on. Having a more extensive guest list will help.
Hi do you have video about dues and subscriptions (including internet based subscriptions like online tools )? Thank you!
Hey, Amelia! We don't have a video about that yet, but we do have an article! www.keepertax.com/posts/is-my-netflix-subscription-a-tax-write-off
The bottom line: You can definitely write off subscriptions and membership fees for tools, platforms, publications, and organizations that help you out with work. If you use the same subscription for both work and personal purposes, you'll get a partial write-off.
@@KeeperTax thank you so much!
Hello. I'm a sole proprietor and I'm considering doing an llc. for my protection. If I do a llc, can I still file those taxes along with my taxes from my regular job, like I have always done? Thanks.
Hi! Single-member LLCs get taxed as sole proprietorships by default, so yes, you'll fill out a Schedule C like you've always done. Things will only change if you elect to be taxed as an S corp instead.
Here's an article where you can learn more: www.keepertax.com/posts/do-llc-get-1099
I watched one of your videos on paying taxes, quarterly. I'm so busy with my regular job, and don't have the time nor want to do it quarterly with my side gig. Can I just pay the penalty and pay yearly? Also, can I write off the fees that Square charges for transactions? Thanks!
Good questions!
1) Yes, absolutely, you can just pay the penalty. A lot of freelancers and self-employed people end up making the same decision - staying on top of quarterlies takes up a lot of time!
Since you're working a regular job too, you can actually avoid dealing with penalties if you ask your employer to increase your withholding to cover the taxes on your side gig income. That way, the IRS still gets their money as you're earning!
2) Yes, your Square transaction fees are a write-off!
@@KeeperTax So, the more my employer withholds, the less I'll have to pay with my small business? What's the most I can have them withhold? Thanks for the response?
I'm sorry for being a nag, but if I assume my 1099 is going to be $20k from credit card payments, should I just put that amount in step 4(a) and when I do my taxes at the end of the year with my deductions, I'll get a refund if I paid too much.
@@KeeperTax Would I put this amount on line c of section 4?
@@ilc-nl3yy Yes, that's exactly right! You can report your self-employment income on step 4(a) for your W-4. If you put in the gross pay - the pure credit card payments you get from clients and customers - you'll likely end up overpaying and will get a refund.
You'll calculate the refund when you fill out your 1040 tax return, in the section that runs from lines 34-46. You can read more about overpayments in this article: www.keepertax.com/posts/overpay-estimated-tax
Hello, I am a musician and need to promote my music. Can i deduct paying for marketing agencies to promote my brand/music? Thank You!
Hi, Ivan! Yes - an agency that helps promote your music would count as an advertising expense. Best of luck growing your brand!
This channel is a good send. I just cancelled with 1800 accountant and signing up with this. I have 3 big questions
1) do u offer private consultations.
2) I started business July of this year, am I starting to pay taxes this year or next year
3) I pay employees almost half of the 1099 income, but they don't have social security or itin, they are immigrants I pay them by check, can I possibly write that off.
Hi, Danisha! So glad you're finding our content helpful, and hope you love the app!
1) We don't offer private consultations by Zoom or anything, but you can send a message from the "My Keeper" tab in the app and ask any of your questions that way!
2) Congrats on starting your business! You'll start to pay taxes on it when you deal with your 2022 taxes, in 2023. But depending on how much you're making already, you might want to pay quarterly taxes: www.keepertax.com/quarterly-tax-calculator
3) There shouldn't be a problem with writing off those fees! (Since you're talking about the 1099 threshold, I assume you're actually paying them as contractors, not W-2 employees!) You can write them off in Box 11 of your Schedule C, where you report what you paid for contract labor