I would mention the qualified business deduction as a part of your video. It's not reflected in your schedule C but the profit is pulled from it which amounts to a nice 20 percent deduction from that income
It's better thru your business where you can deduct more up to your net income while itemized deduction would only allow you to deduct your health insurance costs if you meet above 7.5% of your income which most people don't.
Great video. I am not an accountant but I would be weary about having a loss on your Schedule C since that is a big audit trigger. Just be sure you can prove that you materially participate in your business before writing off your expenses
Question, i have a w2 and flipping houses, i want to report 45k in remodling last year, but the profit (selll of the house) wont happen until this year
Hi! This is really helpful. But I have a question and I hope you can provide an answer. So I moved from one state to another. My small business is registered in NC. When I moved to PA, I didn't use my business payment method and opted to do my business under Sole Proprietorship which doesn't require me to register/transfer the business. My question though, I am filling out the Schedule C and I don't know where should I include my earnings from November to December (we moved by the end of October). I'm just concerned that the address that I have to put on Schedule C is my address in North Carolina since that's the address where the business is registered. Do I have to create 2 separate Schedule Cs? Thank you in advance!
Isn't the easiest way to tell if you have a business from whether or not you registered with your local state/city/county a business and business name? :P
![Noob To Max With DRAGON REWORK In Blox Fruits [FULL MOVIE]](http://i.ytimg.com/vi/LnBMOinoOvA/mqdefault.jpg)
Yes yea yes more tax lectures please!!!
This was one of the best video I’ve seen on this topic. Thank you so much. Hoping there’s a video on how to use your home for your business.
Saw you in Chinatown the other day. Appreciate the content, brother. This is gonna help me with my rental portfolio.
dam this is good info. no one ever explains how it works
I would mention the qualified business deduction as a part of your video. It's not reflected in your schedule C but the profit is pulled from it which amounts to a nice 20 percent deduction from that income
Thank you for video
Have use this with my rentals, it really helps.
Rentals normally go on Schedule E, fyi
@@ErinChisman Yes, that's correct.
Thank you for this. Considering becoming a poker professional and this is extremely helpful
Yeah, it's a different location on 1040 where self-employed people can deduct their health insurance cost. You should show it! Cheers
Don't u have to buy the insurance as a business and not a personal insurance policy to deduct it?
@@Greydrops Nope!
It's better thru your business where you can deduct more up to your net income while itemized deduction would only allow you to deduct your health insurance costs if you meet above 7.5% of your income which most people don't.
But… if I write it all off, how do I show income for a bank loan?
The deductions should out weigh the profits??
BeatTheBush.......A Legendary Figure !!
We need to start a cult
@@sebastian597 BeatTheBush......The Man.......The Myth........The Legend !!
Extremely useful, ty
Great video. I am not an accountant but I would be weary about having a loss on your Schedule C since that is a big audit trigger. Just be sure you can prove that you materially participate in your business before writing off your expenses
Question, i have a w2 and flipping houses, i want to report 45k in remodling last year, but the profit (selll of the house) wont happen until this year
Hi! This is really helpful. But I have a question and I hope you can provide an answer. So I moved from one state to another. My small business is registered in NC. When I moved to PA, I didn't use my business payment method and opted to do my business under Sole Proprietorship which doesn't require me to register/transfer the business. My question though, I am filling out the Schedule C and I don't know where should I include my earnings from November to December (we moved by the end of October). I'm just concerned that the address that I have to put on Schedule C is my address in North Carolina since that's the address where the business is registered. Do I have to create 2 separate Schedule Cs? Thank you in advance!
when filing online and have an 1099 it asks about ebay and you say it says your filing as a business and not self employed is that ok?
The most important thing - keep your record. Loss income from schedule C business consecutively could trigger an audit.
Awesome!
Sir how to fill it for amz can i deduct my office if am a solepriotor? Ty. And Virtual assistant?
Isn't the easiest way to tell if you have a business from whether or not you registered with your local state/city/county a business and business name? :P
No. Sole proprietor don’t need registration
Thank you. 💯🤜🏾🤛🏻
S corp or c corp my accountant says llc is the first step
S Corp has money requirements
And employee requirements
I am doing the moomoo thing. 😅😅😅
What if you don’t pay heath insurance
You'll be penalized
😇🙏