Good morning RUclips Fam! In this video I'll show you step by step how I fill out my taxes for RUclips using a basic excel spreadsheet and tax form schedule C. Your accountant would NEVER give you this type of education for free. How do I know? I do accounting and taxes for a living.The spreadsheet template shown in the video is free to download. I would greatly appreciate it if you can drop a like/comment/share this video with others. There are millions of sole proprietors out there who may find this video helpful even if they don't do RUclips. ***Important please note this video is produced for educational purposes only, and is not to be taken as tax advice of any kind. Your tax situation will almost always differ to some degree***
I really appreciate this detailed look. As a small time RUclipsr that earned a small amount for the first time last year, this is exactly the hands on, practical information I needed. This will help me record my small amount of 2022 income, and prep for future growth.
Time stamps 0:53 Important message if you are not a sole proprietor 1:10 Going over the numbers before filling out Schedule C (Step 1) 4:42 Proof of my RUclips Income 5:40 Filling out form schedule C for RUclips Example starts here (Step 2) Link to Tracking My RUclips Income For Taxes video can be found here: ruclips.net/video/F1tbNFLCdDQ/видео.html Link to video that shows how the spreadsheet works: ruclips.net/video/SjJuLAxQYVg/видео.html Other related videos: ruclips.net/video/uCFmdlBvQXI/видео.html - Making tax estimate payments - ruclips.net/video/rjTMjAvRyhM/видео.html - Tax estimate rules explained: ruclips.net/video/unzt2dOoYhQ/видео.html - Calculating tax estimates : ruclips.net/video/s-4E1yg5g3g/видео.html - Tax withholdings: ruclips.net/video/qKTYi2Xakx0/видео.html Tax Deductions for business owners: ruclips.net/p/PLSofnwEEZdUyLMYo1U1CntuqT3HsKoCiJ My complete tax video playlist can be found here: ruclips.net/p/PLSofnwEEZdUwO76397C824IRz5xofXEQz
Such an excellent video!! Thank you so much for your time. I would really appreciate you doing an additional video including a schedule C with a business that has inventory. This will be my first year filing for my business and I've found your channel to be insanely useful! I have my post notifications turned on for your videos so that I never miss one. Thanks so much for all that you do.
Anesia, thank you so much for the support. What type of business do you currently run if you don't mind me asking? Congrats on getting started by the way. Business ownership is the true way to wealth :) Your comment made my day. This video was truly one for all the tax junkies out there ;)
Thank you Mari! I really appreciate your feedback. I'm not sure most viewers will understand how much value i've packed in this video, but i'm glad you can see it :) It means a lot, because I look at RUclips as a way for me to truly give back to the world, and leave a legacy.
Thank you Mary! I figured this video would appeal to a very limited audience, but I wanted to share it. By the grace of God I had a pretty good year on RUclips. If I can make close to 20K in year 4 i'll be blown away lol.
Thanks Ankita, really please to hear you enjoyed the video. I'm very blessed to have so many supporters. I'll have more tax videos to come, especially around the start of next year.
🙋♀️ Money and Life TV: I am eagerly waiting for your videos I will be working from January as tax preparer so please 🙏🙏upload your videos as soon as possible👍👍
Nice video Mike. The bird is ok too. :) I get money from Adsense for ads placed on my websites. It isn't very much, less than $1000 this year, but it pays the hosting costs, which I deduct. I don't do office space or internet usage, but probably could on the latter. I use TurboTax Home & Business. It is physically better for me, but it is nice to understand the underlying forms, which I do examine. Another perk is that I can contribute a little to my Roth IRA with the money.
Thanks Dave! I used to Turbo Tax as well. They're not bad. Ad revenue = Earned income which = More to Roth IRA :) Great to hear from you. What type of website do you host?
@@MoneyandLifeTV Thanks Mike. I built a bunch of small radios and other electronic projects. My website is makearadio.com . I made some sites for other's projects and put the ads on them in exchange for me hosting them. I have a personal site using my last name, and a couple others. A hobby turned into a small profit.
Awesome, really glad you got a lot of this. I realize this video would have a limited audience, but I did my best to maximize the free value in it for those who find it :)
Wow this is amazing info!! Thanks for the spreadsheet Mike!!! I know you answered this before but just to confirm Can I use the home office deduction if I don't own the home?
Hi Maria, making spreadsheets is what I love to do haha. I love your question, but I don't know the answer off the top of my head. I believe you would need to own the home or be leasing the space to qualify. You can see the IRS website here for additional info: www.irs.gov/businesses/small-businesses-self-employed/simplified-option-for-home-office-deduction
Hi Mike, First time watching your videos..... Two questions. 1. where does the Standard Deduction go? 2. I have an LLC company, but my income this year came from another source ( not related to the company) and all the money was deposited to my LLC. What should I do?
OMG! This video is a great video. Thank you for your time and effort on putting this together. Due to the pandemic I started to sell on Poshmark and Mercari , so if you don't mind to create a video targeting users like me "selling goods", I would appreciate it! Thanks again.
Very well explained! Can you explain why you grouped most of your expenses as other in line 48 rather than say using line 9 for mileage or line 17 for your professional service expenses or even line 18 for office supplies? Just trying to figure out if there’s a right or wrong way of going about expenses. Thanks!
Hi Rynda, great question. There is no "perfect way" to file, but I like the other expense section, because I can more accurately detail the expense. I could have placed some of those expenses on the main page of the form, but I chose to not to. I didn't feel they adequately described what the expense was for.
8:15 You selected Cash method on the form, but your spreadsheet is based on the accrual method, right? In other words, your December revenue is not going to be paid to you until January of the next tax year but if you're using your spreadsheet, your December numbers will align with the same calendar and tax year. Is that right?
@@MoneyandLifeTV thanks for the reply. That's where it gets a little confusing for me because the RUclips revenue analytics screen shows money in terms of when ypu earned it, so i really need to work off of the adsense payment page for tax purposes.
WOW! This was super helpful. Question, unlike you, I started a channel this year and operated at a loss. I hired a team in the Philippines (independent contractors) to help produce videos and paid them several thousand dollars in total in 2020. Hence in line (I) you would report YES. In line "J" - I was told my another CPA I didn't need to issue 1099's to the IC's because I had them fill out W8-Ben forms prior to starting. So, my question is 1) is that true? Do I not need to submit 1099's to all the IC's? If no, my guess is I then simply respond "NO" to Question "J"? I'm just trying to ensure I'm filling out everything accordingly and in full compliance. Any help would be greatly appreciated! Love the content!
Hello Mike great videos breakdown is straight forward two questions not sure if you hve a Crypto filing video. But in regards to the Self employment form are you allowed to take the mileae deduction and expenses. I am an independent contract for freight services and I also Uber so can I include the standard IRS mileage deductions as well as include the expenses for my business such as auto detail, repairs, marketing (business cards), technology (gps), etc.
This is great info for a channel that is already monetized. I have a channel that I started awhile back and am, this year, deciding to jump in with both feet and create and upload content. Who doesn't love Alaska based content, right? I've had other businesses before (consulting businesses) and am familiar with the schedule C and business taxes and expenses. My question is, can you still file a schedule C on a RUclips business if your channel still isn't monetized and there is no income as of yet. If I'm investing in equipment, software, trips out on the ocean for halibut fishing for the channel, etc. can I still write that off? Would it require a business license, even though I'd be doing this as either a sole proprietor or an LLC (which are the same in the eyes of the feds). Alaska has no income tax, so I don't really have to do anything for my state, only federally.
Such a great video! I have a question, if you have a moment. I got an EIN in order to open a bank account but don't really need one as I'm a single member LLC, no employees and no excise tax. Do I put my ssn or EIN? My LLC is technically a disregarded entity. Also, on my W-9s, should I be giving ssn or EIN? Thank you so much!
Hi Swimming, good questions. Since you have a formal EIN you can certainly use it. In fact the forms have a place for it, including the state forms. Since you applied for it and the IRS has it on record you will probably want to use it. At least in my opinion. To further clarify you can always double the check the official instructions to the form. That is probably where I would start. Ultimately though, the tax will be paid at your personal income tax level regardless. Hope that helps.
Hi! Thank you so much for this helpful video! 👌🏾 I was wondering, is the $5 per square foot, for your Office at home, specific to the State you live in? Or is that nationwide? Please and thanks 🙏🏾
Hi Rachel, yes, $5 per sq ft. It is a federal tax concept so regardless of where you live in the United States you can take it. Glad you enjoyed the video :)
Oh, two more questions.. #1 why didn't you just list your home expense up above in your total expenses section? #2 Also, if your overall revenue + expenses is negative (like for me, who just got started ), can you use this to help offset your normal personal income taxes? Are they they considered 2 totally separate tax exercises? Sorry, I'm a tax noob and I set mine up as a LLC (not in CA)...
Hey Gen ex, no problem these are legit questions that you have and I appreciate you asking because others will probably have similar questions once tax time hits. 1. The business use of home is below the expense line for two reasons. First it more closely follows the actual SCH C tax form. Secondly it is more of a "tax" related expense and not an actual operating expense like the others. In theory its a like a free deduction, because no additional cash leaves your hands, but you get the write off. Question#2 With no revenue your loss can offset your other forms of income which is great. However there are "Hobby loss rules" which says you must show a profit in at least 2 out of 5 years you are in business. If not this could potentially trigger an audit. But for the time being as long as you have good records and documentation you should be fine to take a loss. Especially considering this will be your first year where you surpassed 1K subs and can start earning revenue. Honestly your risk of audit is low, but it is something you have to be mindful of. The IRS can deem your business as hobby if they see losses 3, 4, 5 years in a row. If this happens they would disallow previously deducted losses which would cause you to pay tax on the amounts that were previously deducted against your other forms of income.
If I ever become a RUclipsr, I will go back to this video!👍🏼 Question: If someone has a regular job and they are also a RUclipsr, do they need to file Schedule C and a regular 1040?
Hi Roy, really glad you enjoyed the video :) Yes, you would file the schedule C along with your normal 1040. All is part of 1 filing. That is what I do actually ;)
QUESTION: If I spend let say 1000 that year on Fiverr on freelancer services for my channel and 3 hundreds of this expense come from my personal account and the other 7 hundred bucks come from the business account, should I put The Whole 1000 on tax deductions or only the 700 hundred that from my business account, or none of it. Also should I save all my receipts still after putting all the expenses on the sheet. This video is a life saver man thank you so much
Hi there, great questions. I'm assuming you are going to be filing a schedule C. I would take the full 1,000 deduction (assuming all for business) in this instance whether it comes from your personal account or business account it wouldn't matter much. It would matter if you were incorporated, but I'm assuming you are not. You should save all receipts related to business expenses for a minimum of 7 years before shredding. Hope that helps :)
Great video, loved the tips! My RUclips channel isn’t monetized yet (400 subs). I made equipment purchases in 2020. Can I deduct business expenses for RUclips before I’m monetized?
Also curious about vehicle depreciation as well can that also be reported on Self employment form while also getting mileage deduction and deductions for expenses gas, repairs, auto detailing etc.
Great video and help! this is my first time to filing taxes without an accountant. I have one property owned by a single member LLC. I can see that in past years my accountant filed Schedule C but it looks like I need to fill Schedule E, what would be the right Schedule to fill and file? Thanks you
Hi Illia, I can't specify why the accountant chose schedule C to report your LLC, but generally rental property activity is reported on schedule E in almost all cases. Hope that helps.
Karin, thanks so much for asking. That is a wonderful question. The reason I didn't capitalize any of my equipment purchases is because they were all under $2,500. Under the de minimus safe habor rules you are allowed to deduct anything under $2,500 without the need to capitalize :)
Hopefully you can help me for I’ve yet to find an answer but can I still file a Schedule C if I’ve yet to make any money from my channel? My sole purpose for my channel is to eventually make a profit but if I can’t make any money, then all my expenses put me at a loss. Being that I’m also a full time W2 employee, will my losses from my Schedule C deduct the taxable income on my W2?
Hi and thanks for the video! I have two questions; 1. Would Google Sheets be able to do the calculations the same as excel? 2. What do you do if you have a business loss on line 12 of schedule 1 when you file the next year?? Thank you
Hi Burgundy, To your first question, Yes I believe so. For your second question do you mean line 16 (self-employment tax?) If you have a net loss than you would also have no self-employment tax.
Nice video! I feel that I need to rewatch the whole video to absorb all this information. But do people file a schedule c or do they wait for the 1099 misc/NEC from google for their taxes?
Hi Susy, they usually do both. The 1099 income is generally reported on the schedule C for sole proprietors. They also can report their expenses against that income on schedule C. Hope that helps.
Thanks, awesome info -- I'm curious -- why not do LLC for your RUclips business? Love your spreadsheet -- I copied it directly :) Question 2 -- So, is the home office deduction an annual one rather than a monthly?? I.e. is it length * width * 5 and not length * width * 5 * 12 months?
Hi Genex, fantastic questions. People are quick to jump to LLC's, but they really aren't necessary in my opinion for something as small as this. If the channel grows and I start making a $50K - $100K per year I may reconsider. LLC's come with formation costs, additional filing requirements, secretary of state fees, and additional taxes (at least in CA). Each state is different, but having an LLC in CA is very expensive. These are type of things people should research carefully(even though most don't) before forming an LLC. Average tax filing for an LLC is about $1,000 - $3,000 per year depending on the activity involved. Mine would be free obviously, but since most people do not know how to do taxes they would need to factor in this additional cost. Bottom line is you want to be making significant income before forming an LLC otherwise your profits will be thrown away quickly. CA has a minimum franchise tax of $800 per year even if you make NO INCOME just for owning an LLC. Home office deduction is done annually (not monthly) at the tax return level. I use the simplified method which means I do not depreciate the portion of my home used for business. Nor do I want to, because I plan to rent it out someday and want to have full basis when I do. Hope that helps.
RUclips is quite amazing, I hope they can keep it that way :) Honestly it is hands down the best gig economy side hustle. Nothing comes remotely close other than having a successful direct selling business on Amazon, or Ebay.
Hi, I like your videos. I have a question on Schedule C what do I have to fill out for Business name? Is it my name? or Is it my youtube channel name? Is my youtube channel name my business name? If not then how do I find out which one is my business name? My name or youtube channel name? Please help me. Thank you so much.
Hi Tor, good question. It can honestly be either or, but for my schedule I C call it money and life TV. You are the sole proprietor so if you wanted to go by your name it is totally fine as well.
Thanks for this information! Question, I do shoes reviews and have to purchase all shoes. Where would that fall under expense (on your spreadsheet) and can I claim the full purchase price?
Hi Chris, thanks for asking. It is a good question. I think i would need to know more about what you do with the shoes besides just product reviews to answer your question. Do you resale them? Do you end up wearing them?
Ok that helps. The 30 that you wear are non deductible. The ten that were sold - The proceeds from sale can be offset by cost of shoes. The 30 that were given away did you give them to a qualified charity or just random people? This kind of thing is a gray area. The 30 that you gave away may be viewed as a write off, but it isn't black and white. By write off I mean charitable contribution on SCH A primarily if given to a qualified charity. Not sure how much you made from RUclips, but careful about showing a large loss. Consistent large losses lead to audits. IRS wants to see that you have a true profit motivate. If you want to deduct some of these costs against your RUclips income than you may be able to justify it for the shoes you gave away. But the amount you deduct is up to you. You might try doing a few a around product reviews and writing off costs before you finalize your decision on much you choose to deduct.
@@MoneyandLifeTV I appreciate the assistance on this immensely! I thought fellow sneaker-tubers would have aided me on this topic, but nope. The 60 I gave a away were to friends or family, so not charity affiliated.
Thank you for the great content! Why don’t you depreciate your vehicle? I bought a used truck for 5k for my side hustle business but am worried about depreciating it..
Hi Warrior, good question. The main reason I'm not depreciating it is because it doesn't serve a real purposes for my channel. I use my car personally about 100% of the time so it really doesn't serve a business function. However, for the one business related trip I took I used the mileage deduction. The mileage deduction often yields greater tax benefits than the depreciation deduction depending on the type of business you have. Another downside of depreciating is if you sale your vehicle may have to recapture all or some of the income you received for the sale and include it in taxable income for that year.
Hi Adam, I think the answer for that would be determine how much you use it strictly for business vs personal use. If you use it almost entirely for YouTUbe and purchased it for video editing, content creation, etc you could probably justify the full write off, but ultimately you will have to determine that. Great question!
#moderndayempire #Skepticismdream this Channel is somewhat unique, the things are properly done, yet some perfection is expected . here I mean to your editing work, your research work, your content type and also you're affords of not giving up and patience and many more things. the time-bound is also properlty aligned. by seeing your videos. I think you might try writing a better description and a better thumb-nail. for now an only thing I can do is giving you a thumbs up for this video, and also think of subscribing to you're channel as I get more timely videos from your side.
Question: I made less than $5,000 last year and I lost the receipts for 2 items I use to operate my main channel, am I required to enter the expenses or deductions regardless? Does standard deduction apply to SE taxes?
Hi Simon, great question. It will help reduce income taxes, but not S/E tax necessarily if I am thinking correctly. SE tax is actually more like a "payroll tax" vs an actual income tax.
Mike, do you have a spreadsheet that we could input investment positions for the purposes of reallocation? If you do could you build in tax repercussions of reallocation in a taxable account? I have investments spread over TSP (read traditional and Roth IRAS), two individual IRAs and a taxable investment account.. Thanks in advance!!
I currently do not have a spreadsheet for that. However, are you under age 59 1/2? If you have investments in an IRA of any kind and you are under 59 1/2 I would discourage you from transferring any of those funds to a taxable account at this point. The penalties and tax ramifications may be high. But I guess I would need to know more about what you are trying to do to offer any suggestions.
Money and Life TV I appreciate your response. I’m not planning to transfer non taxable IRAs to a taxable account. I just thought it would be handy to have a spreadsheet to calculate investment percentages for reallocation purposes..
Hello I have a question, I just started a small business this year and I’m worried I don’t have receipts for cost of goods sold, so when tax time comes do I have to include cogs to deduct from sales? I have many other expenses that are tracked online. Please help.
Hi Christian, in your situation (which is not uncommon) I would recommend finding as many receipts as you can and trying to recreate those expenditure records from bank and credit statements. You can still deduct the expenses if you choose to do so, but without records you would likely lose in an audit, but chances of audit are extremely low. See what you can find and deduct what you feel is a reasonable amount.
Hi Michelle, it depends. Health insurance premiums usually go on schedule A, or if it is self employed health insurance it can be an adjustment to gross income on schedule 1 line 16 if my memory serves me correctly. They are not part of schedule C. Hope that helps.
Hi Melinda, thanks for asking. Tips are part of taxable income. You can look at the schedule C form, I don't think there is a line for tips so you can group it with sales revenue or list them separately as other income.
Hi Monica, thank you for the support :) You are the second person to ask. I'm not sure how soon I can make it, but I will. The main thing to know is exactly how much each piece of your inventory costs, and the quantity you have of each type of cosmetic. For example lets say you buy 1 tube of lipstick to resale. The lipstick costs $4. Inventory is generally valued at "Cost" so you in this example you would have inventory of $4. (At this point there is no tax deduction for your lipstick purchase. A month goes by and now you sale that lipstick for $10. At that point you can remove that lipstick form inventory and that $4 becomes part of cost of goods sold. Thus, your gross profit is $6 ($10 - $4) That is essentially how it works. Hope that helps.
I am disabled and on disability or whatever. I am trying to start up a channel for a few years now. How would I file taxes if I don't make any money from my RUclips channel yet? Will I lose my ssdi for doing a youtube channel? I am trying to not be only making disability money and hopefully get my RUclips channel making enough money so I'm not a burden anymore. Do I have to make a business name or something I have been trying to figure this out but I have brain injuries and I don't understand how it works. Any help is greatly appreciated I think I need to hire someone to help me but I don't have the money to pay anyone until I start making money from my channel. Sorry if this is hard to read it was just as hard for me to type it im not good at this.
Hey, so I just got monetized during the last week of December 2019, which looks like I made $2.50 from ad revenue in 2019. I made over $3,000 of equipment purchases (macpro, camera, lights, mic etc) Will I be able to tax deduct these purchases when I file my taxes in the coming weeks, and receive credit?! Thanks
Not a CPA, but you will want to deduct them using Schedule C. Let's say your W2 income from your regular job was $20,000. When you get to #32, youd expect it to say that your business (youtube) made -$2997.50. As a sole proprietor, your business losses and profits factor into your personal income, making it $17,002.50, which is why that step has you write the figure on your Schedule 1 form. Each form you'll need has instructions and tells you what other forms you need to fill out a particular line, so just take your time. Tax software should make you fill out the necessary forms as you go through the process.
Think money congrats on becoming monetized :) That is really exciting. You will be able to deduct those expenses. I'm assuming you are setup as a sole proprietor and not an LLC? If so Schedule C is the way to go. Like Rio mentions in his comment below you your schedule C loss will help offset your wage income this year which will be nice.
Hi Alicia, good question. For AGI the best place to look is the first page of the 1040 tax form If you follow the form line by line it displays how they calculate AGI for tax purposes. The Net profit or loss from SCH C impacts your overall AGI.
Overall I like Turbo tax, but i'm not married to it. It's very inexpensive and fairly user friendly compared to other tax softwares out there. You could look to see if you qualify for free filing software, but the downside is their software is not very user friendly. You might also look at Lacerte. I think what I use at work is about $1,000 for 1 user, but it is more geared for a tax professional. Lacerte I believe is $300 - $400 last I heard. If you have a simple tax filing i would probably stick with what you have.
Oh indeed. Nothing like the stress of tax season to make you appreciate life after tax season. Although the money in tax season is quite nice, not going to lie :)
Good morning RUclips Fam! In this video I'll show you step by step how I fill out my taxes for RUclips using a basic excel spreadsheet and tax form schedule C. Your accountant would NEVER give you this type of education for free. How do I know? I do accounting and taxes for a living.The spreadsheet template shown in the video is free to download. I would greatly appreciate it if you can drop a like/comment/share this video with others. There are millions of sole proprietors out there who may find this video helpful even if they don't do RUclips.
***Important please note this video is produced for educational purposes only, and is not to be taken as tax advice of any kind. Your tax situation will almost always differ to some degree***
I really appreciate this detailed look. As a small time RUclipsr that earned a small amount for the first time last year, this is exactly the hands on, practical information I needed. This will help me record my small amount of 2022 income, and prep for future growth.
Free downloadable spreadsheet: www.dropbox.com/s/kvdip8f56gqtus0/Profit%20and%20Loss%20Statement%20%28Money%20and%20Life%20TV%29.xlsx?dl=0
So helpful to see a real-life example from somebody earning in the $1k-$15k range.
Awesome glad you enjoyed it!
This was a useful reference for someone filling it out for the first time. Thank you!
Time stamps
0:53 Important message if you are not a sole proprietor
1:10 Going over the numbers before filling out Schedule C (Step 1)
4:42 Proof of my RUclips Income
5:40 Filling out form schedule C for RUclips Example starts here (Step 2)
Link to Tracking My RUclips Income For Taxes video can be found here: ruclips.net/video/F1tbNFLCdDQ/видео.html
Link to video that shows how the spreadsheet works: ruclips.net/video/SjJuLAxQYVg/видео.html
Other related videos:
ruclips.net/video/uCFmdlBvQXI/видео.html
- Making tax estimate payments - ruclips.net/video/rjTMjAvRyhM/видео.html
- Tax estimate rules explained: ruclips.net/video/unzt2dOoYhQ/видео.html
- Calculating tax estimates : ruclips.net/video/s-4E1yg5g3g/видео.html
- Tax withholdings: ruclips.net/video/qKTYi2Xakx0/видео.html
Tax Deductions for business owners: ruclips.net/p/PLSofnwEEZdUyLMYo1U1CntuqT3HsKoCiJ
My complete tax video playlist can be found here: ruclips.net/p/PLSofnwEEZdUwO76397C824IRz5xofXEQz
Such an excellent video!! Thank you so much for your time. I would really appreciate you doing an additional video including a schedule C with a business that has inventory. This will be my first year filing for my business and I've found your channel to be insanely useful! I have my post notifications turned on for your videos so that I never miss one. Thanks so much for all that you do.
Anesia, thank you so much for the support. What type of business do you currently run if you don't mind me asking? Congrats on getting started by the way. Business ownership is the true way to wealth :) Your comment made my day. This video was truly one for all the tax junkies out there ;)
This was just a HUGE help! Not sure how I would have made able to complete my form if not for this tutorial. THANK YOU SO SO MUCH!!!!
So glad! Thanks for the feedback intrinsic
THANK YOU sooo much for sharing what the Principal Business Activity Title is, it amazes me how hard that information was to find!
You are so welcome! My pleasure. :)
Will have to watch this again, but thank you for this detailed work you’ve done! 🎉
Thank you! It is my way of contributing something meaningful for free to society.
Money and Life TV it makes a difference for sure! I hope you are taken care of financially too as time continues on!
Very much to the point! More RUclips content creators (especially tax topic content creators) need to take note of your presentation
Thank you times a million :) I put a lot of effort into these educational videos so i'm glad it shows.
Thank you!!! You really are very generous with what you share for free!
Thank you Mari! I really appreciate your feedback. I'm not sure most viewers will understand how much value i've packed in this video, but i'm glad you can see it :) It means a lot, because I look at RUclips as a way for me to truly give back to the world, and leave a legacy.
thank you so much for this... you don't know just how much this helped me!
So glad this helped.
Love your videos... keep them coming 😃😃!!
Thank you Elsa :)
this was soooooo incredibly helpful! Thank you so much for sharing this!!
You're so welcome! Glad it was helpful.
Glad I found this I do actually have to file for my channel this year, albeit a low amount!
Right on brother! Glad this helped.
Great video👍You're so fun to watch too. Some people make such a long videos. It takes them forever to getbyo the point.
This is sooo helpful! Love to see how your income went up every month too. Goals!
Thank you Mary! I figured this video would appeal to a very limited audience, but I wanted to share it. By the grace of God I had a pretty good year on RUclips. If I can make close to 20K in year 4 i'll be blown away lol.
Wow, you are doing great wish you good luck. Very well explained and I updated my knowledge. Thank You!
Thanks Ankita, really please to hear you enjoyed the video. I'm very blessed to have so many supporters. I'll have more tax videos to come, especially around the start of next year.
🙋♀️ Money and Life TV: I am eagerly waiting for your videos I will be working from January as tax preparer so please 🙏🙏upload your videos as soon as possible👍👍
Haha, i'll do my best. I'll be working as a tax preparer too :)
Idk what that parrot was about but great video very helpful for a newly monetized channel 🦜
Glad it was helpful! Congrats on hitting the 1K sub mark :)
Nice video Mike. The bird is ok too. :)
I get money from Adsense for ads placed on my websites. It isn't very much, less than $1000 this year, but it pays the hosting costs, which I deduct. I don't do office space or internet usage, but probably could on the latter. I use TurboTax Home & Business. It is physically better for me, but it is nice to understand the underlying forms, which I do examine. Another perk is that I can contribute a little to my Roth IRA with the money.
Thanks Dave! I used to Turbo Tax as well. They're not bad. Ad revenue = Earned income which = More to Roth IRA :) Great to hear from you. What type of website do you host?
@@MoneyandLifeTV Thanks Mike. I built a bunch of small radios and other electronic projects. My website is makearadio.com . I made some sites for other's projects and put the ads on them in exchange for me hosting them. I have a personal site using my last name, and a couple others. A hobby turned into a small profit.
Awesome! I love when hobbies turn into profits :) $$$ Labor of love my friend.
Very useful thank you.
Thank you for your videos. They are very helpful!!!
Glad you like them! Thanks Amy :)
Enjoyed this video...are you thinking about doing a video on Schedule 1 2020 by chance? Thanks.
Idogenius glad this was helpful. I didn't have plans to video specifically about schedule 1, but if I get enough requests I will do it.
Super helpful! Thanks Mike
Awesome, really glad you got a lot of this. I realize this video would have a limited audience, but I did my best to maximize the free value in it for those who find it :)
Great Info! Thanks!
Glad it was helpful Matt!
@@MoneyandLifeTV All your videos have been really helpful. Wish you were around for the past 2 decades, but able to get caught up now so thanks!
Wow this is amazing info!! Thanks for the spreadsheet Mike!!! I know you answered this before but just to confirm Can I use the home office deduction if I don't own the home?
Hi Maria, making spreadsheets is what I love to do haha. I love your question, but I don't know the answer off the top of my head. I believe you would need to own the home or be leasing the space to qualify. You can see the IRS website here for additional info: www.irs.gov/businesses/small-businesses-self-employed/simplified-option-for-home-office-deduction
Great info, thanks Mike!
You are welcome Thomas :)
Thanks for posting this!
Our pleasure!
Thanks, you're so enjoyable. Best
Thank you palmtree! You are too kind :) really glad you enjoyed this. This one was for all my tax peeps out there.
Thanks for the video Mike.
Any time boss!
Congrats on breaking through 1k!
This was a lifesaver - thanks!!
You're welcome!
Hi Mike, First time watching your videos..... Two questions. 1. where does the Standard Deduction go? 2. I have an LLC company, but my income this year came from another source ( not related to the company) and all the money was deposited to my LLC. What should I do?
OMG! This video is a great video. Thank you for your time and effort on putting this together. Due to the pandemic I started to sell on Poshmark and Mercari , so if you don't mind to create a video targeting users like me "selling goods", I would appreciate it! Thanks again.
Very well explained! Can you explain why you grouped most of your expenses as other in line 48 rather than say using line 9 for mileage or line 17 for your professional service expenses or even line 18 for office supplies? Just trying to figure out if there’s a right or wrong way of going about expenses. Thanks!
Hi Rynda, great question. There is no "perfect way" to file, but I like the other expense section, because I can more accurately detail the expense. I could have placed some of those expenses on the main page of the form, but I chose to not to. I didn't feel they adequately described what the expense was for.
Thanks for the information.
Great video. Thank you.
Thanks for sharing it helps!
Thanks Susie for commenting ! Greatly appreciate your feedback.
Awesome content. Thank you!
Yosef, i'm so happy you enjoyed the video. Thanks for leaving a comment :)
8:15 You selected Cash method on the form, but your spreadsheet is based on the accrual method, right? In other words, your December revenue is not going to be paid to you until January of the next tax year but if you're using your spreadsheet, your December numbers will align with the same calendar and tax year. Is that right?
Good question. spreadsheet is based on cash method. Your December revenue will be only what you receive during December of that calendar year.
@@MoneyandLifeTV thanks for the reply. That's where it gets a little confusing for me because the RUclips revenue analytics screen shows money in terms of when ypu earned it, so i really need to work off of the adsense payment page for tax purposes.
WOW! This was super helpful. Question, unlike you, I started a channel this year and operated at a loss. I hired a team in the Philippines (independent contractors) to help produce videos and paid them several thousand dollars in total in 2020. Hence in line (I) you would report YES. In line "J" - I was told my another CPA I didn't need to issue 1099's to the IC's because I had them fill out W8-Ben forms prior to starting. So, my question is 1) is that true? Do I not need to submit 1099's to all the IC's? If no, my guess is I then simply respond "NO" to Question "J"? I'm just trying to ensure I'm filling out everything accordingly and in full compliance. Any help would be greatly appreciated! Love the content!
Hello Mike great videos breakdown is straight forward two questions not sure if you hve a Crypto filing video. But in regards to the Self employment form are you allowed to take the mileae deduction and expenses. I am an independent contract for freight services and I also Uber so can I include the standard IRS mileage deductions as well as include the expenses for my business such as auto detail, repairs, marketing (business cards), technology (gps), etc.
thanks for the tips!
Happy to help! I try to keep things simple. Taxes are confusing enough as is :)
This is great info for a channel that is already monetized. I have a channel that I started awhile back and am, this year, deciding to jump in with both feet and create and upload content. Who doesn't love Alaska based content, right? I've had other businesses before (consulting businesses) and am familiar with the schedule C and business taxes and expenses. My question is, can you still file a schedule C on a RUclips business if your channel still isn't monetized and there is no income as of yet. If I'm investing in equipment, software, trips out on the ocean for halibut fishing for the channel, etc. can I still write that off? Would it require a business license, even though I'd be doing this as either a sole proprietor or an LLC (which are the same in the eyes of the feds). Alaska has no income tax, so I don't really have to do anything for my state, only federally.
Thanks!! Super helpful!
You're welcome! Thanks Roberto :) I'll be making more educational tax videos in the future. My next one will be on the basics for rental properties.
Such a great video! I have a question, if you have a moment. I got an EIN in order to open a bank account but don't really need one as I'm a single member LLC, no employees and no excise tax. Do I put my ssn or EIN? My LLC is technically a disregarded entity. Also, on my W-9s, should I be giving ssn or EIN?
Thank you so much!
Hi Swimming, good questions. Since you have a formal EIN you can certainly use it. In fact the forms have a place for it, including the state forms. Since you applied for it and the IRS has it on record you will probably want to use it. At least in my opinion. To further clarify you can always double the check the official instructions to the form. That is probably where I would start. Ultimately though, the tax will be paid at your personal income tax level regardless. Hope that helps.
Hi! Thank you so much for this helpful video! 👌🏾 I was wondering, is the $5 per square foot, for your Office at home, specific to the State you live in? Or is that nationwide? Please and thanks 🙏🏾
Hi Rachel, yes, $5 per sq ft. It is a federal tax concept so regardless of where you live in the United States you can take it. Glad you enjoyed the video :)
Perfect! Thank you!🙏🏾🙏🏾🙏🏾
Oh, two more questions.. #1 why didn't you just list your home expense up above in your total expenses section? #2 Also, if your overall revenue + expenses is negative (like for me, who just got started ), can you use this to help offset your normal personal income taxes? Are they they considered 2 totally separate tax exercises? Sorry, I'm a tax noob and I set mine up as a LLC (not in CA)...
Hey Gen ex, no problem these are legit questions that you have and I appreciate you asking because others will probably have similar questions once tax time hits. 1. The business use of home is below the expense line for two reasons. First it more closely follows the actual SCH C tax form. Secondly it is more of a "tax" related expense and not an actual operating expense like the others. In theory its a like a free deduction, because no additional cash leaves your hands, but you get the write off.
Question#2 With no revenue your loss can offset your other forms of income which is great. However there are "Hobby loss rules" which says you must show a profit in at least 2 out of 5 years you are in business. If not this could potentially trigger an audit. But for the time being as long as you have good records and documentation you should be fine to take a loss. Especially considering this will be your first year where you surpassed 1K subs and can start earning revenue. Honestly your risk of audit is low, but it is something you have to be mindful of. The IRS can deem your business as hobby if they see losses 3, 4, 5 years in a row. If this happens they would disallow previously deducted losses which would cause you to pay tax on the amounts that were previously deducted against your other forms of income.
Money and Life TV awesome makes sense, thanks!
Awesome brother! Glad that helped.
If I ever become a RUclipsr, I will go back to this video!👍🏼
Question: If someone has a regular job and they are also a RUclipsr, do they need to file Schedule C and a regular 1040?
Hi Roy, really glad you enjoyed the video :) Yes, you would file the schedule C along with your normal 1040. All is part of 1 filing. That is what I do actually ;)
QUESTION:
If I spend let say 1000 that year on Fiverr on freelancer services for my channel and 3 hundreds of this expense come from my personal account and the other 7 hundred bucks come from the business account, should I put The Whole 1000 on tax deductions or only the 700 hundred that from my business account, or none of it. Also should I save all my receipts still after putting all the expenses on the sheet.
This video is a life saver man thank you so much
Hi there, great questions. I'm assuming you are going to be filing a schedule C. I would take the full 1,000 deduction (assuming all for business) in this instance whether it comes from your personal account or business account it wouldn't matter much. It would matter if you were incorporated, but I'm assuming you are not. You should save all receipts related to business expenses for a minimum of 7 years before shredding. Hope that helps :)
@@MoneyandLifeTV thanks so much Man, really appreciate it
@@MoneyandLifeTV Btw I’m a single member Llc
Great video, loved the tips! My RUclips channel isn’t monetized yet (400 subs). I made equipment purchases in 2020. Can I deduct business expenses for RUclips before I’m monetized?
Also curious about vehicle depreciation as well can that also be reported on Self employment form while also getting mileage deduction and deductions for expenses gas, repairs, auto detailing etc.
Pretty good, thank you!
Great video and help! this is my first time to filing taxes without an accountant.
I have one property owned by a single member LLC. I can see that in past years my accountant filed Schedule C but it looks like I need to fill Schedule E, what would be the right Schedule to fill and file?
Thanks you
Hi Illia, I can't specify why the accountant chose schedule C to report your LLC, but generally rental property activity is reported on schedule E in almost all cases. Hope that helps.
@@MoneyandLifeTV Thank you so much!
Thanks for the information. How can I get the excel form? Thanks.
Hi Martha should be this link right here www.dropbox.com/s/kvdip8f56gqtus0/Profit%20and%20Loss%20Statement%20%28Money%20and%20Life%20TV%29.xlsx?dl=0
That was great.Was depreciation not worth it in this business like your equipment?
Karin, thanks so much for asking. That is a wonderful question. The reason I didn't capitalize any of my equipment purchases is because they were all under $2,500. Under the de minimus safe habor rules you are allowed to deduct anything under $2,500 without the need to capitalize :)
@@MoneyandLifeTV thank you for the answer.
Anytime Karin, thanks for always asking good questions :)
Great guide brother!
Thanks Travis! You will be there soon brother your channel is on fire!
Money and Life TV thanks man! I’ve been trying to up the quality to make it more professional
It shows! Your videos are very motivational. Keeping inspiring others. I love the filming locations as well.
Money and Life TV I really appreciate the support!
For sure brother. Same here.
thank you. when you pay for turbo tax self empolyment version, can you write off that cost from your tax file?where should it go?
Hopefully you can help me for I’ve yet to find an answer but can I still file a Schedule C if I’ve yet to make any money from my channel? My sole purpose for my channel is to eventually make a profit but if I can’t make any money, then all my expenses put me at a loss. Being that I’m also a full time W2 employee, will my losses from my Schedule C deduct the taxable income on my W2?
Hi and thanks for the video! I have two questions; 1. Would Google Sheets be able to do the calculations the same as excel? 2. What do you do if you have a business loss on line 12 of schedule 1 when you file the next year?? Thank you
Hi Burgundy, To your first question, Yes I believe so. For your second question do you mean line 16 (self-employment tax?) If you have a net loss than you would also have no self-employment tax.
Would you apply a similar fractional (%) rule for equipment that is used for both personal and business use?
Hi SoL, great question, yes that is exactly what I would do.
Nice video! I feel that I need to rewatch the whole video to absorb all this information. But do people file a schedule c or do they wait for the 1099 misc/NEC from google for their taxes?
Hi Susy, they usually do both. The 1099 income is generally reported on the schedule C for sole proprietors. They also can report their expenses against that income on schedule C. Hope that helps.
@@MoneyandLifeTV thank you!
Thanks, awesome info -- I'm curious -- why not do LLC for your RUclips business? Love your spreadsheet -- I copied it directly :) Question 2 -- So, is the home office deduction an annual one rather than a monthly?? I.e. is it length * width * 5 and not length * width * 5 * 12 months?
Hi Genex, fantastic questions. People are quick to jump to LLC's, but they really aren't necessary in my opinion for something as small as this. If the channel grows and I start making a $50K - $100K per year I may reconsider. LLC's come with formation costs, additional filing requirements, secretary of state fees, and additional taxes (at least in CA). Each state is different, but having an LLC in CA is very expensive. These are type of things people should research carefully(even though most don't) before forming an LLC. Average tax filing for an LLC is about $1,000 - $3,000 per year depending on the activity involved. Mine would be free obviously, but since most people do not know how to do taxes they would need to factor in this additional cost. Bottom line is you want to be making significant income before forming an LLC otherwise your profits will be thrown away quickly. CA has a minimum franchise tax of $800 per year even if you make NO INCOME just for owning an LLC.
Home office deduction is done annually (not monthly) at the tax return level. I use the simplified method which means I do not depreciate the portion of my home used for business. Nor do I want to, because I plan to rent it out someday and want to have full basis when I do. Hope that helps.
Congrats on breaking through 1K subs!! Monetized!
@@MoneyandLifeTV Ah gotcha, thanks, makes sense :)
@@MoneyandLifeTV Thanks! Its been super fun learning about RUclips :)
RUclips is quite amazing, I hope they can keep it that way :) Honestly it is hands down the best gig economy side hustle. Nothing comes remotely close other than having a successful direct selling business on Amazon, or Ebay.
Hi, I like your videos. I have a question on Schedule C what do I have to fill out for Business name? Is it my name? or Is it my youtube channel name? Is my youtube channel name my business name? If not then how do I find out which one is my business name? My name or youtube channel name? Please help me. Thank you so much.
Hi Tor, good question. It can honestly be either or, but for my schedule I C call it money and life TV. You are the sole proprietor so if you wanted to go by your name it is totally fine as well.
Thanks for this information! Question, I do shoes reviews and have to purchase all shoes. Where would that fall under expense (on your spreadsheet) and can I claim the full purchase price?
Hi Chris, thanks for asking. It is a good question. I think i would need to know more about what you do with the shoes besides just product reviews to answer your question. Do you resale them? Do you end up wearing them?
@@MoneyandLifeTV In reviewing a 100 bought shoes, I'd say I've resold 10, given away 60 , and kept 30 that I wear.
Ok that helps. The 30 that you wear are non deductible. The ten that were sold - The proceeds from sale can be offset by cost of shoes. The 30 that were given away did you give them to a qualified charity or just random people? This kind of thing is a gray area. The 30 that you gave away may be viewed as a write off, but it isn't black and white. By write off I mean charitable contribution on SCH A primarily if given to a qualified charity. Not sure how much you made from RUclips, but careful about showing a large loss. Consistent large losses lead to audits. IRS wants to see that you have a true profit motivate. If you want to deduct some of these costs against your RUclips income than you may be able to justify it for the shoes you gave away. But the amount you deduct is up to you. You might try doing a few a around product reviews and writing off costs before you finalize your decision on much you choose to deduct.
@@MoneyandLifeTV I appreciate the assistance on this immensely! I thought fellow sneaker-tubers would have aided me on this topic, but nope.
The 60 I gave a away were to friends or family, so not charity affiliated.
what if your taxable income came out negative? does all numbers should be round up?
Hi Gracie, great question. If Schedule C comes out negative that is ok. It represents a taxable loss.
@@MoneyandLifeTV thank you so much 😊
Thank you for the great content! Why don’t you depreciate your vehicle? I bought a used truck for 5k for my side hustle business but am worried about depreciating it..
Hi Warrior, good question. The main reason I'm not depreciating it is because it doesn't serve a real purposes for my channel. I use my car personally about 100% of the time so it really doesn't serve a business function. However, for the one business related trip I took I used the mileage deduction. The mileage deduction often yields greater tax benefits than the depreciation deduction depending on the type of business you have. Another downside of depreciating is if you sale your vehicle may have to recapture all or some of the income you received for the sale and include it in taxable income for that year.
If I bought a new MacBook for my RUclips channel in 2019 how much of it's cost do I deduct as an expense?
Hi Adam, I think the answer for that would be determine how much you use it strictly for business vs personal use. If you use it almost entirely for YouTUbe and purchased it for video editing, content creation, etc you could probably justify the full write off, but ultimately you will have to determine that. Great question!
Would you please make a video for depreciation.
#moderndayempire #Skepticismdream
this Channel is somewhat unique, the things are properly done, yet some perfection is expected
. here I mean to your editing work, your research work, your content type and also you're affords
of not giving up and patience and many more things. the time-bound is also properlty aligned. by
seeing your videos. I think you might try writing a better description and a better thumb-nail. for
now an only thing I can do is giving you a thumbs up for this video, and also think of subscribing to
you're channel as I get more timely videos from your side.
Modern Day Empire, i'm not sure what to think of your comment, but If you are providing a review I appreciate your feedback :)
@@MoneyandLifeTV ya it's real feedback from my side to appreciate your affords
#moderndayempire
Thank you :)
@@MoneyandLifeTV at your support always
And if you dont have a w2? how is the process?
Hi Fabiola, Schedule C is part of the 1040 so you would file this form along with the 1040 while doing your normal tax return. Hope that helps.
Hi! My question is, do I have to file in California as well as the state I'm a resident of for my youtube income?
Hi Angel, yes.
Where exactly do we file this then? The IRS site? and if so could I have a link to the specific site.
Question: I made less than $5,000 last year and I lost the receipts for 2 items I use to operate my main channel, am I required to enter the expenses or deductions regardless? Does standard deduction apply to SE taxes?
Hi Simon, great question. It will help reduce income taxes, but not S/E tax necessarily if I am thinking correctly. SE tax is actually more like a "payroll tax" vs an actual income tax.
Mike, do you have a spreadsheet that we could input investment positions for the purposes of reallocation? If you do could you build in tax repercussions of reallocation in a taxable account? I have investments spread over TSP (read traditional and Roth IRAS), two individual IRAs and a taxable investment account.. Thanks in advance!!
I currently do not have a spreadsheet for that. However, are you under age 59 1/2? If you have investments in an IRA of any kind and you are under 59 1/2 I would discourage you from transferring any of those funds to a taxable account at this point. The penalties and tax ramifications may be high. But I guess I would need to know more about what you are trying to do to offer any suggestions.
Money and Life TV I appreciate your response. I’m not planning to transfer non taxable IRAs to a taxable account. I just thought it would be handy to have a spreadsheet to calculate investment percentages for reallocation purposes..
Hello I have a question, I just started a small business this year and I’m worried I don’t have receipts for cost of goods sold, so when tax time comes do I have to include cogs to deduct from sales? I have many other expenses that are tracked online. Please help.
Hi Christian, in your situation (which is not uncommon) I would recommend finding as many receipts as you can and trying to recreate those expenditure records from bank and credit statements. You can still deduct the expenses if you choose to do so, but without records you would likely lose in an audit, but chances of audit are extremely low. See what you can find and deduct what you feel is a reasonable amount.
Money and Life TV ok thank so you much! What do you mean by lose and audit?
Where does my health insurance premium go on my Schedule C? Under "other expenses"? Or on line 14? Help! Thank you!
Hi Michelle, it depends. Health insurance premiums usually go on schedule A, or if it is self employed health insurance it can be an adjustment to gross income on schedule 1 line 16 if my memory serves me correctly. They are not part of schedule C. Hope that helps.
you said if you have an llc you do fill out other form, which form is that
Thank you
How can we add tips from deliveries such us uber eats, postmates or instacart? Should they be added as income?
Hi Melinda, thanks for asking. Tips are part of taxable income. You can look at the schedule C form, I don't think there is a line for tips so you can group it with sales revenue or list them separately as other income.
Thank you, very helpful. I use Paypal for payment and they charge a transaction Fee. where would I put that Fee cost?
Hi Juan, pay pal fee is like a "bank fee" I would probably list it out in other deductions.
@@MoneyandLifeTV Thanks for the tip.
No problem Juan :)
Your videos are awesome! I sell cosmetics on line can you do one that shows how to do inventory on sch C form? Thanks
Hi Monica, thank you for the support :) You are the second person to ask. I'm not sure how soon I can make it, but I will. The main thing to know is exactly how much each piece of your inventory costs, and the quantity you have of each type of cosmetic. For example lets say you buy 1 tube of lipstick to resale. The lipstick costs $4. Inventory is generally valued at "Cost" so you in this example you would have inventory of $4. (At this point there is no tax deduction for your lipstick purchase.
A month goes by and now you sale that lipstick for $10. At that point you can remove that lipstick form inventory and that $4 becomes part of cost of goods sold. Thus, your gross profit is $6 ($10 - $4) That is essentially how it works. Hope that helps.
I am disabled and on disability or whatever. I am trying to start up a channel for a few years now. How would I file taxes if I don't make any money from my RUclips channel yet? Will I lose my ssdi for doing a youtube channel? I am trying to not be only making disability money and hopefully get my RUclips channel making enough money so I'm not a burden anymore. Do I have to make a business name or something I have been trying to figure this out but I have brain injuries and I don't understand how it works. Any help is greatly appreciated I think I need to hire someone to help me but I don't have the money to pay anyone until I start making money from my channel. Sorry if this is hard to read it was just as hard for me to type it im not good at this.
Hey, so I just got monetized during the last week of December 2019, which looks like I made $2.50 from ad revenue in 2019. I made over $3,000 of equipment purchases (macpro, camera, lights, mic etc) Will I be able to tax deduct these purchases when I file my taxes in the coming weeks, and receive credit?! Thanks
Not a CPA, but you will want to deduct them using Schedule C. Let's say your W2 income from your regular job was $20,000. When you get to #32, youd expect it to say that your business (youtube) made -$2997.50. As a sole proprietor, your business losses and profits factor into your personal income, making it $17,002.50, which is why that step has you write the figure on your Schedule 1 form. Each form you'll need has instructions and tells you what other forms you need to fill out a particular line, so just take your time. Tax software should make you fill out the necessary forms as you go through the process.
Think money congrats on becoming monetized :) That is really exciting. You will be able to deduct those expenses. I'm assuming you are setup as a sole proprietor and not an LLC? If so Schedule C is the way to go. Like Rio mentions in his comment below you your schedule C loss will help offset your wage income this year which will be nice.
Well put Riot thanks for commenting.
Money and Life TV thanks! Will do.. let’s crush it this year on youtube!
RioTDollTV thanks for explaining Rio =]
What would the AGI be? Or how would I calculate it?
Hi Alicia, good question. For AGI the best place to look is the first page of the 1040 tax form If you follow the form line by line it displays how they calculate AGI for tax purposes. The Net profit or loss from SCH C impacts your overall AGI.
GM, is that $560 office expense for the whole year (or monthly)
Good morning Chewie! How you holding up boss? Wish you the best this holiday season. Avoid getting trampled by the crazies out there :)
Doing great this weekend. In Colorado for skiing with the fellas. Looking forward to Monday to get back to work. 👍
Sounds wonderful brother. Have a great time!
What tax software do you use
Hi Keith, I use Ultratax (Its a professional tax software we use at work) however, I used to lacerte, and or Turbo tax back in the day.
@@MoneyandLifeTV I use turbo tax now how well do you recommend that service? I usually do the first upgrade not the second.
Overall I like Turbo tax, but i'm not married to it. It's very inexpensive and fairly user friendly compared to other tax softwares out there. You could look to see if you qualify for free filing software, but the downside is their software is not very user friendly. You might also look at Lacerte. I think what I use at work is about $1,000 for 1 user, but it is more geared for a tax professional. Lacerte I believe is $300 - $400 last I heard. If you have a simple tax filing i would probably stick with what you have.
@@MoneyandLifeTV thank you! I'll be looking into lacerte
U should have done at least 3 different examples types for different types of businesses
Principle business code for RUclips. Creators
🙏
Thanks Ace! Really pleased you enjoyed the video boss.
would you expense utility bills?
If you depreciate a part of your house you usually can, however, the simplified method is usually more advantageous.
"That woman is not attractive..."
AHAHAHAHAHA
Everyone loves tax season
Oh indeed. Nothing like the stress of tax season to make you appreciate life after tax season. Although the money in tax season is quite nice, not going to lie :)
Please talk a little slower!