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Video instructions and help with filling out and completing 1099 subcontractor tax deductions
Instructions and Help about 1099 subcontractor tax deductions
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 or something kind of like fine or something that you don't do it this way you're just doing this for your own convenience so you can understand it and it all works out for you up in a year so in your business account everything is going to call this it's going to be tax the okay can I guess I'll check on deductible key idea well Kate I use TR AV le key I know patient okay okay well you go okay so taxable not that and on deductible all right guys an audience cool mouth was my strong subject okay so that's really easy to understand now what's the difference between deductible and not deductible in business you're going to have you know community buying tools materials labor cell phone cell phone vehicle insurance office and anything that pertains to your business if you have to have it to do your business and you're going to write it off as a deduction earning income we talked about in the last video you're going to your to deposit so when you get a check checks from customer as can go into your business account and then as a.