Hello and welcome to $2.99 independent contractors taxes part 2 my name is Sam and this is s33 olestra channel and this series of video is all about bookkeeping and taxes and how to to do all that so important when we went over the very basics of quality ba get a ein open your bank account business account personal account and we thought a little bit about you know how you should what you should spend out of each one in this part 2 series we're going to go a little bit more in depth whole idea here is to help you follow your taxes if you routine 99 independent contractor and if you're working as a w-2 and you're happy with your current income consider yourself lucky but if you find yourself in the relative 1099s it's okay it can work out better for you just depends so we're going to talk about it I think we covered everything pretty good if you don't know how to follow the DBA you have to do a little more research there's plenty of information and resources to help you do that and the ein as well I'm not going to go real in-depth in that this is something you have to figure out we're going to talk about we're going to focus in on taxes and when I go talk about you're gonna have to account amount of business and personal okay it's really simple you're going to have the two bank accounts you can have the cop for your business and account for your person who so in your business you're going to everything that comes out is business and there's no one that's going to enforce this there's no like you don't get like a red a pink...
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1099 subcontractor tax deductions Form: What You Should Know
What is the 1099-Misc tax form, and can we use it for employee compensation? — Intuit Sep 25, 2023 — The 1099-Misc form is used in the following situations: • An employee is paid an amount that is more than 600 in a calendar year (the non-employment income threshold). Note that if you are not paid a salary, your wages are not taxable for purposes of this income tax form.
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