That is a common scenario. That’s where people get into trouble by taking too many deductions and showing little income. They can’t get a loan because the bank wants to see them making $100k+ in income. So you need to plan accordingly.
As long as you deposit every dollar in to the bank, that will show the record of how much u made throughout the year. I’m on a 1099 and I don’t ever end up owing money. Also got a home loan because every Friday when I get paid I go straight to the bank and deposit it
Numbers don’t add up. For W2 you show 22% tax liability but you should be paying 32%. Is this because the employer pays part of it? If so, I thought the tax burden is 50\50 so wouldn’t it be 16%?
What happens with my deductions make it look like I didn’t make enough money, and the bank won’t write me alone because I look poor on paper
That is a common scenario. That’s where people get into trouble by taking too many deductions and showing little income. They can’t get a loan because the bank wants to see them making $100k+ in income. So you need to plan accordingly.
As long as you deposit every dollar in to the bank, that will show the record of how much u made throughout the year. I’m on a 1099 and I don’t ever end up owing money. Also got a home loan because every Friday when I get paid I go straight to the bank and deposit it
Yes sir. I work a regular job and also self employed we’re I get all these tax breaks and even get a refund back.
Numbers don’t add up. For W2 you show 22% tax liability but you should be paying 32%. Is this because the employer pays part of it? If so, I thought the tax burden is 50\50 so wouldn’t it be 16%?
Soon I will quit my painful 12 hours job and do a course and be self employed just have to wait until this year finish 😢
Good luck to you it is well worth it
So my job has been 1099, now we're going w2.... my question is, what can I still write off and what can't I write off?
I don't understand the math. I need to review the entire sheet. Or view this many more times slowly. Is there a longer video?
Can I take a QBI, deduct business expenses, and take a standard deduction? Or just QBI and standard deduction with no business write offs?
I'm 18 and about to start a window cleaning business. Just gonna go to people's homes and charge $10 per window.
How’s it going? I’m planning to do the same
I made 180 last year selling insurance and my cpa said I didn’t qualify for a QBI cause it didn’t fall into an sstb category
What company do you sell for?
Aman
Thank you