Kalyn's biz is an LLC but some companies we work with still send her 1099s. 🤯 We need to work on that. Part of our late 2024 plan is to create an LLC for all this youtube content as well. We know that the taxes this next year are gonna be....interesting. -J
Generally, you file in the state you have spent the majority of your time in. Or, if you have a sticks and bricks home, and you haven't spent more than 6 months in any other one area, you file there. It comes down to a matter of residency.
Try running a trucking company, you have to file and pay fuel tax by the mile in every state you drive through for each truck every 3 months.... No you don't usually have an office person to do that if you're a small business.
My brother was an owner operator for years and I got to ride with him for 6 weeks when I was 18 - and experience I will remember forever! This country would come to a screeching halt without the hard work ya'll do. And yes paying a "per mile" fuel tax as opposed to you know....just the taxes when you FILL YOUR MASSIVE TANKS has got to be so frustrating. -J
IFTA is short for the International Fuel Tax Agreement. This program evens out the road tax for each state you traveled specific number of miles in. For example I fill up in Western Ohio while traveling west the next 2 states going west get paid most of the road tax even though I filled in Ohio. Road tax rate is included in the pump price per gallon
The MOST important thing she said was "I am not a CPA." The answer from a real CPA is, It depends! So find a Real CPA you can trust! So, taking her advise would be like taking advise from a McDonalds servicer about your medical problem. And by the way the LLC answer was wrong too. Their not a CPA either.
But the whole video is about taxes, so you are putting it out that you are an expert. And you seem to need a CPA, not H&R, or DIY. You need a real CPA. I am licensed in Georgia, put prepare taxes for any state that has state income tax, if you need help. I also form LLCs, S-Corps and C-Corps. Just find a CPA you like and trust.
@@johnbwester7411 How exactly is one positioning themselves as an expert when they say "I'm not a CPA?" The question on the screen "How do you do your taxes" and she answered THAT question and then said "I'm not a CPA." If we're trying to position ourselves as tax experts this is a pretty terrible way to do it. 🤷🏼 -J
I did trucking for a decade. I did contracts in different states fir each load. Imagine filing for each state. 😂. No, just home state and federal. Taxes folow your home state
I'm not a cpa either, but you should have a state of domicile for these purposes. We choose texas because no state income tax but there are other no tax states. Then you have to name the states you earned the income in on your tax return so those monies will have the requirements met for them. Same with casino winnings. If you use Turbo Tax it will ask if you earned or won money in another state and will guide you through it.
We have a state domicile but if you work in other states specifically (like we did for beet harvest and the Michigan campground) we still have to file taxes there. The 1099s though is where everything gets “fun” 😂 -J
I would strongly encourage you to contact each States Department of Revenue before deciding to not file taxes if you worked and received a W2, 1099, and other tax documents. Just because you live in let’s say TN, but work in MS, it does not mean you don’t file taxes in MS. One might be okay if they might get a refund from the state, but if you owe (good chance as a 1099 contractor) then getting fined or worse isn’t worth the odds. I guarantee the employer is claiming everything he/she paid you.
Because you are allowed to talk about something you are unsure of and that’s totally OK. It’s only really a problem if you position yourself as an expert and make stuff up. -J
We just LLC ourselves and W9 everything. Don’t take the personal tax hit!
Kalyn's biz is an LLC but some companies we work with still send her 1099s. 🤯
We need to work on that. Part of our late 2024 plan is to create an LLC for all this youtube content as well. We know that the taxes this next year are gonna be....interesting. -J
Generally, you file in the state you have spent the majority of your time in. Or, if you have a sticks and bricks home, and you haven't spent more than 6 months in any other one
area, you file there. It comes down to a matter of residency.
Not when you receive a W-2. 😊
I work remote and we are FT RVers that have our domicile in TX and use that address for my employer so I don’t have to pay state tax!
Try running a trucking company, you have to file and pay fuel tax by the mile in every state you drive through for each truck every 3 months.... No you don't usually have an office person to do that if you're a small business.
IFTA filing is a real pain. Electronic tracking makes it somewhat easier
My brother was an owner operator for years and I got to ride with him for 6 weeks when I was 18 - and experience I will remember forever! This country would come to a screeching halt without the hard work ya'll do. And yes paying a "per mile" fuel tax as opposed to you know....just the taxes when you FILL YOUR MASSIVE TANKS has got to be so frustrating. -J
I'm assuming that truckers use another acronym (similar to IFTA) to refer to IFTA.
IFTA is short for the International Fuel Tax Agreement. This program evens out the road tax for each state you traveled specific number of miles in. For example I fill up in Western Ohio while traveling west the next 2 states going west get paid most of the road tax even though I filled in Ohio. Road tax rate is included in the pump price per gallon
@@mr_burky Ahhh - I see. So it isn't a double tax...but still an absolute pain for record keeping. -J
The MOST important thing she said was "I am not a CPA." The answer from a real CPA is, It depends! So find a Real CPA you can trust! So, taking her advise would be like taking advise from a McDonalds servicer about your medical problem. And by the way the LLC answer was wrong too. Their not a CPA either.
And this…is why she said “I am not a CPA”
People have asked what we do. This is what we do - and we never claim to be experts, unless we actually are.
But the whole video is about taxes, so you are putting it out that you are an expert. And you seem to need a CPA, not H&R, or DIY. You need a real CPA. I am licensed in Georgia, put prepare taxes for any state that has state income tax, if you need help. I also form LLCs, S-Corps and C-Corps. Just find a CPA you like and trust.
@@johnbwester7411
How exactly is one positioning themselves as an expert when they say "I'm not a CPA?" The question on the screen "How do you do your taxes" and she answered THAT question and then said "I'm not a CPA." If we're trying to position ourselves as tax experts this is a pretty terrible way to do it. 🤷🏼 -J
Great video! It definitely gets a little tricky.
For sure! -J
The juicy content that I have been waiting for!!!
We've got the juice! (That sounds weird...) -J
I did trucking for a decade. I did contracts in different states fir each load. Imagine filing for each state. 😂. No, just home state and federal. Taxes folow your home state
Taxes are taxing 😮
I'm so lucky that Kalyn and her mom have taken that headache on for the last few years. -J
I'm not a cpa either, but you should have a state of domicile for these purposes. We choose texas because no state income tax but there are other no tax states. Then you have to name the states you earned the income in on your tax return so those monies will have the requirements met for them. Same with casino winnings. If you use Turbo Tax it will ask if you earned or won money in another state and will guide you through it.
We have a state domicile but if you work in other states specifically (like we did for beet harvest and the Michigan campground) we still have to file taxes there. The 1099s though is where everything gets “fun” 😂 -J
I would strongly encourage you to contact each States Department of Revenue before deciding to not file taxes if you worked and received a W2, 1099, and other tax documents. Just because you live in let’s say TN, but work in MS, it does not mean you don’t file taxes in MS. One might be okay if they might get a refund from the state, but if you owe (good chance as a 1099 contractor) then getting fined or worse isn’t worth the odds. I guarantee the employer is claiming everything he/she paid you.
Always good to check. -J
Why even say anything about the 1099s rather than just “I dunno”😭
Because you are allowed to talk about something you are unsure of and that’s totally OK. It’s only really a problem if you position yourself as an expert and make stuff up. -J