How to Maximize Savings with 1099 NEC and 1099 MISC | Rob CPA
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- Опубликовано: 5 сен 2024
- This video provides a comprehensive guide for individuals, particularly those involved in independent contracting or running rental businesses like Airbnb or Uber, on how to optimize tax savings. It highlights common mistakes made when filing taxes, such as not taking full advantage of deductions and tax credits available to those who receive 1099 forms. Through a detailed example, the presenter demonstrates how simply reporting income from a 1099 form without considering eligible deductions can significantly inflate tax liabilities.He emphasizes the importance of utilizing Schedule C for reporting business income and expenses, which can lead to substantial savings.
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🟦 About my channel:
Rob CPA channel was created with a mission to provide viewers with accurate content so they can be proactive in their tax planning strategies and build financial wealth. The video topics I selected reflect real-world issues that I’ve seen our clients experience relating to their personal tax returns, retirement plans, and accounting.
The channel allows me to share my passion for taxes, personal finance, and accounting. I create content I wish schools and entrepreneurship programs/accelerators would teach their students and companies. I take complex topics and simplify them for the viewers as well as show examples.
I will be covering the following topics:
- Personal & business tax planning tips;
- Personal finance;
- Accounting;
- Investing;
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#1099 #taxes #taxbenefits
Rob thank you! ❤
Thank you for watching.
So the annual gift exception , If I gift someone the max limit Do I get to claim that on my taxes? If not, then why would anyone tell the irs if I gifted more than the limit if they would not know either way? I need to save money when paying the IRS....
You would not claim anything on your tax return if you gifted under the annual limit.
If you gifted more and didn't file a gift tax return, if you were to get audited by them, you may incur penalties.
I'm an hourly employee, but my bonus is a check w/o taxes taken out. I put this in schedule C even though I'm not an employer/contractor or anything. How and when do I pay the taxes on this bonus?
If you're an employee (W2) and receive a bonus, your employer should add that bonus to your W2. If you're a contractor and receive payments from a company, they should send you a 1099-NEC or 1099MISC...and the "bonus" would be included in that form.
great explanation. can you do 2 different Schedule C for 2 different businesses? I received a 1099 Misc for 1(special circumstance and will never receive it again) and the other is my actual business on Etsy.
Did anyone respond? I wanna learn too
Does receiving 1099 automatically turns it into a business what about if it’s not a regular and continuous activity. Like a side hustle for 3 months.
It depends on what work you did that created you receiving the 1099. If you did some consulting services, for example, you would probably add that 1099 income to a Schedule C.
I'm an agency nurse. What about mileage to and from nursing facilities? And I finance my car, does 60% of my car not count as a credit? Also, what about work scrubs/uniforms? Thx for the video.
I received a 1099 misc from one of my investments. The investment income is 4.5k, I paid 10% advisors fee $450. Can I deduct this fee from the $4500 income if I use standard deduction? Thanks.