Hi Ginny...first thank you! Second, I was a licensed tax preparer for over 20 years (not now)... In addition to your video, when you pay your self-employment tax (on your income taxes) - you get a 50% credit from the amount you'll pay! And, don't need a "CPA" to do income taxes - can just have the state license and/or be an Enrolled Agent with the IRS - to sign the return. A "CPA" charges so much more than what I've explained! The normal taxpayer does not need to hire a "CPA"...hope this helps?
Do you have videos for independent contractors on how to reopen their claims ? Thank you for your videos they have been so helpful clarifying things I did not understand.
Ginny--here's my question: I started a PUA claim back in MARCH 2020-- If you get a 1099-G with your total income posted ($10,000 for me) does that actually mean that your ID ME, INCOME VERIFICATION (schedule C for me) was formally APPROVED by EDD or not? As of JANUARY 9th my claim is now PENDING for 8 days so far....which means SOMETHING is up, but who knows what!!---- I am frustrated for several reasons but one major one is that this whole "FRAUD and AUDIT" thing has me concerned about a year down the road causing us to get sent and OVERPAYMENT BILL---(having to pay back what they sent you and you've already spent it!) it makes it almost impossible to actually USE the monies that I really need right now---I did send a CONTACT ME (online) about 4 days ago requesting this certain verification---I have never had EDD respond to any of my past questions that way. THANK YOU for your input on that--I haven't seen it posted anywhere else including with Shelly's Billions.
Thanks for your videos i had 10 percent taken and tried to put away whay ever i could for taxes if i could get the 11 weeks pau and 300 that would help called for last 2 weeks can't get through will keep trying 🙂
As a gig workers and being on EDD, I only made $40gs I was about to pay $3000 dollars, but bieng a dad of 2 kids. I've got credit for them. I didnt have to pay anything, but didn't receive anything. So, I'm good. 😮
I have been looking for a % to put back, but none would say. I was thinking 20% but you explained why 30%. Thank you so much!! I've been wanting to start reselling on platforms, but the tax issue has stopped me. If you overpay of course you will get a refund? 🙂 I would rather do that than have to own. I haven't worked for several years, just my husband, he is the sole provider.
Hello Ginny. I have a question. I started my California UE claim back in March when the pandemic hit and I've been riding on the extensions so far without any issues. However, my whole year of unemployment will be up soon and I was wondering what happens when it finishes? Do I have to file a brand new claim again and if so, will I still qualify for the extra $300 I've been receiving along with my regular weekly amount? Thanks in advance.
Nothing new - Ill have a video but no new applications are yo be accepted, only those who already received a partial grant/were denied due to lack of funding
I have a question...so if you got pua benefits and you were apart of the group of people who got their accounts suspended because of “suspected fraud”, am I going to have to pay taxes on all the money that Bank of America/Edd took when they froze my Bank of America account? Because I lost over 10k$ when they froze my account. And on my 1099 paper I got from Edd, the amount that it said I was paid, includes the money that they took from me....so I am now going to have to pay taxes on that money too even tho they took it back??
Hi, Jenny on my EDD 1099g at the top portion it said $697 was withheld is this the money that I checked when I said take out 10% of my pay from EDD because they took taxes out of every payment
@@user-ik6ky9lh3w thank you very much for all of this great direction and advice. I appreciate you taking time out of your day to give me what advice you have given me. It is very much valued.
When I filed my 2020 taxes I claimed myself. Because of covid 2020 95% of my income was unemployment when filing for my 2021 taxes do I claim myself since unemployment is unearned income or do my parents claim me
If we filed for PUA under self-employment, are those unemployment benefits subject to self-employment income taxes on top of state and federal income taxes?
Hi! Unemployment income is not earned income so it will be taxed differently than your self employment income. Your self employment incoem will be on your schedule C and subject to self employed income taxes. Your UI income will be subject to federal income taxes only.
Hi Ginny...first thank you! Second, I was a licensed tax preparer for over 20 years (not now)... In addition to your video, when you pay your self-employment tax (on your income taxes) - you get a 50% credit from the amount you'll pay! And, don't need a "CPA" to do income taxes - can just have the state license and/or be an Enrolled Agent with the IRS - to sign the return. A "CPA" charges so much more than what I've explained! The normal taxpayer does not need to hire a "CPA"...hope this helps?
Thank you so much! You were the only one who answered this question in an easy to understand way!
So glad it was helpful!
Thanks hope you have a great weekend📈📈📈
Thank you!!
Valuable information thank you so much
Great video thank you !!!
Do you have videos for independent contractors on how to reopen their claims ? Thank you for your videos they have been so helpful clarifying things I did not understand.
Thank you for the informative video very much also. It is very helpful and I totally appreciate it very much also.
Very welcome
Excellent Info👍
Thank you
great video
Thank you
Ginny--here's my question: I started a PUA claim back in MARCH 2020-- If you get a 1099-G with your total income posted ($10,000 for me) does that actually mean that your ID ME, INCOME VERIFICATION (schedule C for me) was formally APPROVED by EDD or not? As of JANUARY 9th my claim is now PENDING for 8 days so far....which means SOMETHING is up, but who knows what!!---- I am frustrated for several reasons but one major one is that this whole "FRAUD and AUDIT" thing has me concerned about a year down the road causing us to get sent and OVERPAYMENT BILL---(having to pay back what they sent you and you've already spent it!) it makes it almost impossible to actually USE the monies that I really need right now---I did send a CONTACT ME (online) about 4 days ago requesting this certain verification---I have never had EDD respond to any of my past questions that way. THANK YOU for your input on that--I haven't seen it posted anywhere else including with Shelly's Billions.
Thank you
Appreciate you
Thanks for your videos i had 10 percent taken and tried to put away whay ever i could for taxes if i could get the 11 weeks pau and 300 that would help called for last 2 weeks can't get through will keep trying 🙂
As a gig workers and being on EDD, I only made $40gs I was about to pay $3000 dollars, but bieng a dad of 2 kids. I've got credit for them. I didnt have to pay anything, but didn't receive anything. So, I'm good. 😮
Hooray! Yes, this video is intended for those with self employed income and not for unemployment recipients :)
Can you post the link to your short video of the first year you did taxes? :)
I was just wondering this as I have newly gone full time on my own!
Glad this was helpful :)
Wishing you the best! I once heard work to follow your dreams, or you'll be working to fulfill someone else's dreams.
This is very true!
I have been looking for a % to put back, but none would say. I was thinking 20% but you explained why 30%. Thank you so much!! I've been wanting to start reselling on platforms, but the tax issue has stopped me. If you overpay of course you will get a refund? 🙂 I would rather do that than have to own. I haven't worked for several years, just my husband, he is the sole provider.
Ty
Awesome
Love ur voice
Got a question should I use any tax software for small business taxes?
Hello Ginny. I have a question. I started my California UE claim back in March when the pandemic hit and I've been riding on the extensions so far without any issues. However, my whole year of unemployment will be up soon and I was wondering what happens when it finishes? Do I have to file a brand new claim again and if so, will I still qualify for the extra $300 I've been receiving along with my regular weekly amount? Thanks in advance.
i just make it simple and set aside 50%
Just set it all aside.
Hi Ginny. Thank you for the video.
One another subject, are there any news about EIDL Grant for qualified applicants? Thx
Nothing new - Ill have a video but no new applications are yo be accepted, only those who already received a partial grant/were denied due to lack of funding
I have a question...so if you got pua benefits and you were apart of the group of people who got their accounts suspended because of “suspected fraud”, am I going to have to pay taxes on all the money that Bank of America/Edd took when they froze my Bank of America account? Because I lost over 10k$ when they froze my account. And on my 1099 paper I got from Edd, the amount that it said I was paid, includes the money that they took from me....so I am now going to have to pay taxes on that money too even tho they took it back??
Hi, Jenny on my EDD 1099g at the top portion it said $697 was withheld is this the money that I checked when I said take out 10% of my pay from EDD because they took taxes out of every payment
@@user-ik6ky9lh3w thank you very much for all of this great direction and advice. I appreciate you taking time out of your day to give me what advice you have given me. It is very much valued.
When I filed my 2020 taxes I claimed myself. Because of covid 2020 95% of my income was unemployment when filing for my 2021 taxes do I claim myself since unemployment is unearned income or do my parents claim me
That's a question for a CPA ;) I won't be able to advise you there!
Hey Ginny, how you been ? Long time
Hi!
Ginny your amazingly gorgeous!
Haha you are too kind ... Thanks
❤️💪🏽
If we filed for PUA under self-employment, are those unemployment benefits subject to self-employment income taxes on top of state and federal income taxes?
Hi! Unemployment income is not earned income so it will be taxed differently than your self employment income. Your self employment incoem will be on your schedule C and subject to self employed income taxes. Your UI income will be subject to federal income taxes only.