How to File Self Employed Taxes - First Time Self Employed Tax Return Guide for Small Business
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- Опубліковано 15 лип 2024
- Filing taxes when you are self employed can be confusing so I have compiled all of the important information you need to know to feel informed and prepared if you just started a new business, worked as an independent contractor, have a single member LLC, or are a sole proprietor and need to know how to file your self employed income taxes. #llc #independentcontractor #selfemployed #soleproprietor #businesstaxes #selfemployedtaxes
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0:00 How to pay self employed income taxes
0:45 LLC and Sole Proprietor self employed tax filing
1:25 Have these things in place FIRST
1:47 Keep business financial records
2:39 Understand your business tax deductions
3:29 Have 1099's ready
4:41 How do I file self employed income taxes
4:45 Schedule C for self employed income
5:30 What types of self employed income taxes do I need to pay
5:41 Self employment tax
5:52 Federal and state income taxes
6:00 Is self employment income taxes on your met or gross income
6:15 LLC annual tax
7:08 Make sure your LLC tax return and payment is mailed in if needed
7:33 Estimated quarterly income taxes
7:40 Who needs to pay estimated quarterly income taxes
8:04 What if I underpay estimated income taxes
8:23 When are estimated tax payments due
8:50 Requesting an extension
9:15 What to do if you can't pay your self employed income taxes
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DISCLAIMER:
Ginny Silver and Retrospect Images, LLC provides content to UA-cam for entertainment purposes only. It is the responsibility of the viewer to verify all information as information may be inaccurate or outdated. Ginny Silver is not a CPA, attorney, insurance agent, lender, EDD or other government employee, or financial advisor and content in these videos shall not be construed as legal, financial, tax, government, or other advice. You are urged to contact a certified professional to help your individual needs.
![14 Biggest Tax Write Offs for Small Businesses! [What the Top 1% Write-Off]](http://i.ytimg.com/vi/5YggWhLeckM/mqdefault.jpg)
![14 Biggest Tax Write Offs for Small Businesses! [What the Top 1% Write-Off]](/img/tr.png)
Was this helpful? Let me know in the comments!
Very helpful, thank you.
Very. I appreciate the example of the $800 LLC tax. Although this example was specifically for California, I definitely understand that it could very well differ by state. Thanks for advising that it’s an annual tax that LLCs are responsible for regardless of business earnings or losses. And the bookkeeping software or CPA should be diligent to include this in the business financial records to the IRS before January 31. The request for an extension was the most helpful, as it allows small business owners such as myself who're unavailable to apply before the deadline ofApril 15, an extension until the month October, with some exceptions, of course. Also, the net income in reference to self-employed taxes is ideally 15.3 percent of the net, which includes the portion for Medicare and Social Security. Concluding with federal and state taxes. Will you particularly perform a breakdown video of each quailed business deduction with examples for such deductions? Other than that, awesome job!!!!
Who else here April 15th
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Girl yes!!!
Unfortunately
Yes!!😂
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You are always helpful, Ginny. ❤
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Thanks for your help !!!!!!
Thank you Ginny! 😊
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A little scary? Hell yeah! First time I did it, I got a reminder message in January from CDTFA. I was like ok but then in Feb I got another message from City of finance! I was like whew but then my regular taxes were due in April! I was like what the hell is happening!?
I lived a year in CO but originally from Seattle. Last year in CO I established a small healing business and at the end of year I closed the business and move back to Seattle in December. How do file tax? I am filing C schedule and my business made little to nothing last year.
Thanks!
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@@ginnysilver You are welcome! 👍🙂
@@ginnysilver You are welcome! 👍☺
Very informative video. And sorry for the newbie question:
Just started as SP this late March (in CA). I’m new to this process and just used to filing standard taxes and may have already accrued some penalty fees.
When do I start filing taxes since now I’m an independent contractor? Should I start with the ES for June 15?
Thanks again
The IRS states you would file your income taxes for the first time after the tax year ends, and then pay estimated taxes quarterly going forward after that if you expect to owe $1k or more, but you CAN pay estimated before then which would make your tax bill much easier to manage your first year
This was so helpful! Thank you! I wanted to double check something for the quarterly estimated taxes . Does the $1000 threshold refer to $1000 in federal taxes owed? I checked the CA website and they have threshold of $500 (I'm assuming it means $500 in state tax). So if I meet both those thresholds, I would need to be sending two different payments, one to the IRS and one to state. Also, I was wondering if the quarterly payments have to be the same every quarter, or If I can adjust the amount if my jobs increase/decease.
Yes that is the IRS requirement - I should have included specified/clarified and included state info there
Yes they are due separately to each the IRS and the state
It's an estimation of what you will owe - just don't underestimate it is best to ask a tax professional beforehand.
@@ginnysilver Thank you for the quick reply!
What to do if we have no financial record for proof other than bank statements?
You are obligated to keep financial records for your business so I would create a basic profit and loss statement on a spreadsheet
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Is this for a person who made less than 8k last year, claims no deductions, got paid in cash and has no LLC or other company title while?
YES
Would I file a Schedule C, 1040 and a SE form? @@ginnysilver
May I kindly ask, If you’re not a CPA, lawyer, tax professional as stated in your description, how to know if this is accurate or true?
I show all documentation from the IRS onscreen in the video.
Where is the deductible video?
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Than you Ginny for your video.
I have a question regarding business, I am a resident outside of the US and I am not a US citizen, I am going to start working online as a freelance content writer, and I want to gain clients from the US, but there is one thing that prevents me from taking the first step to start a business, which is taxes.
Should I worry about taxes?
How do I deal with the issue of taxation with invoices to clients, especially from the US, and I don't have any tax number, especially since the transfer will be done either through PayPal or Wise Bank?
Any advice?
You aren't selling products, so they are purchasing services from your business which is registered in your own location and you would abide by your own local tax laws. They are choosing to purchase services internationally. Consult a tax professional with all tax questions
General info
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