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Your Adjunct Professor
United States
Приєднався 14 вер 2016
Welcome to my channel where I try to break down Accounting and Tax topics, to help small business owners, tax payers, or anyone else who’s generally curious.
Business and Taxes don't have to be complicated, let me help!!
Business and Taxes don't have to be complicated, let me help!!
Should you file as an S Corp | What is an S Corp?
What is an S Corporation and is it right for me?
00:00 what is an s corporation
00:40 FICA
01:01 LLC
01:02 example
This video should be used for informational purposes only. Please seek specific guidance regarding your situation from a licensed professional in your area.
00:00 what is an s corporation
00:40 FICA
01:01 LLC
01:02 example
This video should be used for informational purposes only. Please seek specific guidance regarding your situation from a licensed professional in your area.
Переглядів: 42
Відео
Financial Statement Analysis - Part 1 - Overview
Переглядів 852 роки тому
00:00 Financial Statement Analysis - Part 1 Overview 00:28 Step 1 01:53 Porter's 5 forces 02:49 Step 2 03:41 Step 3 03:57 Step 4 04:59 Step 5 05:48 Step 6 This video should be used for informational purposes only. Please seek specific guidance regarding your situation from a licensed professional in your area.
IRS offering a $7,500 Tax Credit for Electronic Vehicles!! | Inflation Reduction Act | EV Tax Credit
Переглядів 442 роки тому
The newly signed Inflation Reduction Act has a provision that has a big impact on electronic vehicles. Check out today's video for a quick rundown. This video should be used for informational purposes only. Please seek specific guidance regarding your situation from a licensed professional in your area.
Business expenses for your side hustle | Uber, Lyft, Shipt, Door Dash, Uber Eats
Переглядів 352 роки тому
If you have a side hustle make sure you take advantage of all business your business expenses. 00:00 take advantage 00:37 key to write offs 01:04 gig employment 01:50 nondeductible personal expenses 02:45 example with only a job 03:19 example without expenses 04:27 example with expenses This video should be used for informational purposes only. Please seek specific guidance regarding your situa...
IRS responds to surging fuel prices
Переглядів 1022 роки тому
In only the 2nd time this decade the IRS has responded to skyrocketing gas prices. This video should be used for informational purposes only. Please seek specific guidance regarding your situation from a licensed professional in your area. #IRS, #BIDEN
Accounting for Beginners | Part 1 - Assets, Liabilities & Owners Equity
Переглядів 4392 роки тому
Welcome to Accounting 101!! If you’re just getting into accounting or are curious about what accounting actually is, then you’re in the right place. This series will stand as an introduction into the world of accounting, if you have any questions drop them in the comments. 00:00 accounting 101 00:51 the accounting equation 01:04 assets 01:46 liabilities 02:16 owner's equity 03:01 example starts...
Am I required to file taxes? | Do children have to file taxes?
Переглядів 482 роки тому
Not sure if you need to file taxes? Today's video covers basic information on who needs to file taxes. 00:00 who needs to file taxes 00:49 standard deduction 01:26 stimmy 01.43 self employment/overpayments 02.21 earned income credit 02.46 do kids have to pay taxes This video should be used for informational purposes only. Please seek specific guidance regarding your situation from a licensed pr...
How to amend a tax return | Form 1040x
Переглядів 2312 роки тому
Make a mistake on your taxes or receive additional documents? If you're not sure how to file an amendment on a 1040x check out this week's video. 00:00 How to file an amendment 01:07 top section 01:41 income & deductions 02:59 tax liability 03:45 payments 04:18 refund or amount due 05:39 the most important part This video should be used for informational purposes only. Please seek specific guid...
How to file a Schedule C in TurboTax
Переглядів 10 тис.2 роки тому
Need help entering your Schedule C in TurboTax? Today I go over just how to do that!! 00:00 How to enter a Schedule C in TurboTax 00:28 personal info 03:38 income 08:48 expenses 23:40 2nd schedule c This video should be used for informational purposes only. Please seek specific guidance regarding your situation from a licensed professional in your area.
How to file an extension in TurboTax | IRS Tax Extension
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Need an extension to file your taxes, today's video goes step by step on how to request an extension with the IRS 00:00 how to file an extension 00:47 navigating to the right screen 01:42 input begins 02:21 estimating taxes 04:02 what if you don't owe anything This video should be used for informational purposes only. Please seek specific guidance regarding your situation from a licensed profes...
My first subscriber
Переглядів 292 роки тому
Wanna know how my first 100 days on UA-cam went? jernagincpa.com 00:00 100 subs in 100 days?!? 00:38 searchable content 01:35 thumbnails 02:06 equipment 02:40 newfound appreciation 03:31 ups and downs 04:02 failure? This video should be used for informational purposes only. Please seek specific guidance regarding your situation from a licensed professional in your area.
How to fill out a W4 so you won't get a nasty IRS surprise
Переглядів 412 роки тому
The new W4 can be confusing and if you fill it out wrong it will cost you. jernagincpa.com 01:30 2021 calculation 02:19 step 1 personal information 02:46 step 2 multiple jobs 05:00 step 3 dependents 05:31 step 4 adjustments 06:25 step 5 sign This video should be used for informational purposes only. Please seek specific guidance regarding your situation from a licensed professional in your area.
Don’t panic! Last minute Tax Help
Переглядів 232 роки тому
It's not too late to help with your taxes. jernagincpa.com 00:00 Last minute tax TIPS for 2021!! 00:25 charitable contributions 00:59 eligible educators 01:25 ira 02:03 economic impact payment 02:59 child tax credit This video should be used for informational purposes only. Please seek specific guidance regarding your situation from a licensed professional in your area.
Don't throw this IRS notice away...you've been WARNED!! | IRS letter 6419
Переглядів 472 роки тому
Don't throw this IRS notice away...you've been WARNED!! | IRS letter 6419
Welcome to the future…the IRS is using BIOMETRICS?!?
Переглядів 902 роки тому
Welcome to the future…the IRS is using BIOMETRICS?!?
Hate the IRS?!? Pay them LESS! 5 tax tips to save you money.
Переглядів 953 роки тому
Hate the IRS?!? Pay them LESS! 5 tax tips to save you money.
Hire your kids| An overlooked tax strategy
Переглядів 273 роки тому
Hire your kids| An overlooked tax strategy
The IRS is coming for you?!? New 1099-K reporting rule explained!
Переглядів 3,1 тис.3 роки тому
The IRS is coming for you?!? New 1099-K reporting rule explained!
Your tax refund will be smaller…Wait WHAT??
Переглядів 993 роки тому
Your tax refund will be smaller…Wait WHAT??
How I passed the CPA exam in 6 MONTHS!! | Tips to pass the CPA exam FAST
Переглядів 9483 роки тому
How I passed the CPA exam in 6 MONTHS!! | Tips to pass the CPA exam FAST
How to fill out Schedule C Form 1040 for 2022
Переглядів 8 тис.3 роки тому
How to fill out Schedule C Form 1040 for 2022
Thanks 👍🏽
Super helpful! Thank you!
Great video by the way. I do screen print so would I do screen printing? As opposed to landscape?
I haven’t filed for 2022. Not sure why the tax person took long but I need to do the schedule C but don’t have the money to pay for 2022
Thanks for this!
Thanks
Thanks for sharing your tips!
I WONDER WHY IRIS WANT SO MUCH INFORMATION WHEN THEY DIDN'T HELP YOU WITH MONEY TO CREATE YOUR OWN BUSINESS...TO ME IRIS IS A UNDER COVER CRIMINAL.. IT'S YOUR MONEY WHY IRIS WANTS SELF- EMPLOYED MONEY? IT'S NOT FAIR TO PEOPLE WHO IS SELF- EMPLOYED. I DIDN'T ASK USA GOVERNMENT FOR A DIME TO HELP ME IN MY SELF- BUSINESS..I WORK HARD TO START MY OWN BUSINESS WITH MY OWN MONEY...WHY IRIS ALWAYS WANT WANT????🤔🤔🤔🤔
Thanks great information
I use a basic turbotax software for filing jointly for form 1040 ( W2 ) every year. But in 2022, I had a side gig. I received 1099NEC. For Uber and instacart. Should I fill up 1040 first for w2 before fill up schedule c? Or vice versa.
Amazing. Thank you
This was super helpful!! I have a little side business with gaming. I design and create virtual experiences and this year will get a 1099 for the first time. I never ever make money since I pay more in expenses to create the sims and experiences and then sell them. I usually take a huge loss and never put any of that on my taxes. I feel like I have been missing out until I saw your video today. WOW!! Mind Blowing!! Thank you for this Video! I was excited that I can still use Turbo Tax to do all this too!
You’re welcome!
What do you do about double reporting 1099k how would you handle that? Second question if you have multiple 1099k would you enter them all separately or combined.Thanks in advance
If they’re related to the same business then you can report them together
Hello, what about if you do not file taxes do you still have to file for the 1099k?
The 1099k is just what’s being reported as potential income, if you have net self employment income of more than 400 you will have to file.
got my tax statements, stub and bank statements for my car loan last week from a relatable source after stressing out from DEELSCAFE
Muy buena información 😃 gracias.
I noticed when I try to download it it's over 100 pages. Which forms does irs need? Is there a way to print only certain ones off. I will have to give copy to social security because I'm on SSI. I don't want give them over 100 pages of documents. I do online selling as side job.
These are active Pdf forms from their web site? I signed my forms with black ink and they said it was a copy, but it wasn't a copy, it was a printed and signed form. Do you sign it in blue ink?
My ID4 qualifies!
You had me looking at trucks the other day 🤣
@@YourAdjunctProfessor Hell yeah that F150 Lightning looks awesome but doubt you can cat one for under 80K. Yes I paid attention to the video.
Great info. Thanks.
very straight to the point
Full video: ua-cam.com/video/d-As_3oD-R4/v-deo.html
Ugh... way too little too late. Who actually tracks mileage accurately enough to make that work.
There are a few apps that track it fairly well but I think 4 cents is a JOKE
Pretty much everything, 😆 🤣 😂
interesting video
I hope to never need to do one of these.
You and me both
Awesome post! Thanks man!
Thanks for watching!!
You are my hero bro
Love you man. Thanks. Can you please make a video explaining how to book keep throughout the year, each and everyday, so that it's not a complete pain come tax time? I want to fill out the forms as the year goes, so to speak. I do not want to ever procrastinate again.
Great video idea! I’ll see if I can put something together.
This was really helpful thank you
Thanks for watching!
Super helpful.
Thanks for watching!
Could you share the document, "download a full list of deductible expenses for this type of work"? Thanks. Turbo Tax did not make it available for download when I tried it.
This is a wonderful and interesting channel. I found it very useful. worth subbing and liked ! a fellow creator,,.,..,,
Thanks for watching!
More people need to hear this! I know a few folks who got BURNT by penalties.
It’s crazy how many folks think they get an extension to pay
How bad were the penalties? Were they based on % or numerical penalty fee? Would be shocked if wasn't based on %.
@@bobthebuilder9416 Having to pay anything extra is bad enough I don't have specifics but having to Pay then having to pay MORE is just icing on the poop cake.
Dude... #5 is real. Keep your head up and keep posting. You Sir are doing great.
Appreciate it, can’t say I’ll be as dedicated as you but I’ll keep trying 🤣
I will be reviewing my form st my PT job. Thank you Sir
I saw someone get hit with a 5k tax bill and they didn’t even change jobs
@@YourAdjunctProfessor ouch
Hello. First off I really enjoyed this video, it helps a lot. I had one question. first I have old trains that were inherited to me. I sold many of them last year. is this considered cost of goods sold? Not sure if to put 0 for line 4, or do I? Thank you in advance!!
Thank you! Inherited property wouldn’t be recorded on schedule c. It would potentially be captured on schedule d as a capital gain depending on the fmv on the date of inheritance and the selling price.
@@YourAdjunctProfessor Thank you soo much Shaun!! keep up the great work!!
@@YourAdjunctProfessor I did a lot of transactions, I would have to put each individual one down on this form!? this looks like a pain, lol
What if you have multiple 1099s how do you claim them combined or separate? And also what do you do if your 1099k gets double reported. Thanks in advance
You owe nothing unless you sign that you agree of owing.... such a brain washed society
Sheep......pay for socialist society......Baaaa
Thank you Sir!
so im a bit confused. this is my first year as a business owner and no matter how much i read or watch videos, im feeling a bit of anxiety because i dont want to mess up on this paperwork. i want to find out as a sole proprietor with no employees, are there 2 forms to fill out or do we just fill out one because im not sure.
No need to stress. Use a reliable software such as TurboTax, after you enter your income and expenses it will create all the necessary schedules. If you’re not comfortable doing that then go to a tax office in your area like H&R Block.
Don’t go to H&R Block. Find a cpa/ tax preparer in your town and use them.
I Was Totally Caught Off Guard By 4 diff 1099 Forms Being Sent After Paid Off CC Debt Settlements. That I Must Pay Tax On Forgiven Debt Portion cuz its considered income I'm gonna be owing them a lot of Money. EST Tax On $5000 4 Sure Is that gna be a lot of money? Can someone help explain this to me I've seen it about cash app but nothing about Debt settlement. Now I will be owing the irs instead of CC companies
Yes forgiven debt is considered income, unless it’s considered a gift. Depending on what income bracket you’re in that could be a significant tax bill. I’ve seen many cases where debt holders do not issue any reporting documents to the IRS about settled debts.
@@YourAdjunctProfessor Ty 4 the reply just now seeing. That would be a Miracle..😀 Sent me 2 1099s.. I started/quit pymts in both 2020\2021 on 4 accts 4giving approx $6500 or more. I'm in big trouble I think. Between there huge fee now taxes they never told me about. I didnt save much & picking up a payment 2 the irs. Ty again 4 yur info. I'm off 2 buy a winning lotto ticket😄
On Feb 7th 2022 the IRS posted this on their Newswire “The IRS announced it will transition away from using a third-party service for facial recognition to help authenticate people creating new online accounts. The transition will occur over the coming weeks in order to prevent larger disruptions to taxpayers during filing season.”
What is the difference between the 1099k & 1099 nec for Uber/DD driver? If I only did gig work & listed my EIN do I still file 1040 & it's taxed on my personal taxes (gig was my only income)
There really isn’t a difference, you’ll file a Schedule C and pull the net income to your personal 1040. Include all 1099-K and 1099-NEC income on line 1. Make sure you factor in business expenses like mileage, cell phone usage, and any other expense you can attribute to the business. Please subscribe if you haven’t already done so or at least check out one of my other videos. It will help my channel as I try to get it off the ground.
Hi, I'm not a US citizen nor resident, but have a Paypal account and received a 1099-K form for 2021 not exciding thresholds for Maryland. Should I and if, how to report and pay IRS. Thanks.
Wait what? Ugh... This is some BS.
First they came for your selfie…lol
Thank you for the video, brother. Huge help.
Glad I could help, if you could check out one of my other videos I would appreciate it. It will help my channel get off the ground 🙏
@@YourAdjunctProfessor yes sir absolutely. Finished this form with your help. Now I am struggling with the regular 1040 Individual tax return as a business owner as well as the SE. We will get there.
@PP This means the IRS is reserving this line for a future iteration of the form. Thanks for watching!!
Say, for example, I had several income sources one reselling items on Facebook Marketplace using my Social Security, two reselling items on Facebook Shops using my EIN, and three delivering for Amazon Flex using my Social Security. Would I need to fill out three different Schedule C forms and keep three separate bookkeeping records? Your guidance would be greatly appreciated. Thanks
You can probably get away with combining both reselling businesses and just do two schedule c’s. If you could check out one of my other videos I would appreciate it. The views will help get my channel off the ground 🙏
@@YourAdjunctProfessor Yes, I will definitely check out your other videos. I just subscribed! Thank you for your reply.
Great, more red tape and paperwork for garage-salers trying to make a few extra bucks. If you sell something for less than you originally paid, YOU DO NOT OWE TAX. Good luck getting all the documentation (receipts) to prove that, though.
Thanks for watching, be sure to subscribe if you haven’t. Yes that’s correct and further guidance is also coming from the IRS this year for personal vs. business transactions. I think it will be a great opportunity for people to go “legit” and form a business. This can open a whole new world of deductions from home office, travel, mileage etc that most people miss out on.
Where do we actually submit this form on? Irs site or can this be done on turbo tax
It gets submitted with your regular return, if you’re using TurboTax just select business when you get started. You’ll fill out a section just like you do for your W2’s except there will be sections for all of your expenses. Thanks for watching and be sure to subscribe if you haven’t already done so.