Video instructions and help with filling out and completing Fill Form 1094 B Employed

Instructions and Help about Fill Form 1094 B Employed

Hey everybody how you doing is he that best when best service is unlimited and today we're going to talk about taxes we're gonna have a Q&A session and we're gonna talk about any taxes that you want to know questions and have answers for um right now they're saying they're building an audience for me so we're gonna stand by I'm gonna also allow a couple of people who have just joined in to share it um and then we're gonna take and talk about taxes a lot of people have questions about taxes um I want to give you answers because I want everybody to do well on the tax refund whether I'm the person who does their taxes or not I do believe knowledge is power and knowledge is key um there's a great quote from the Dalai Lama that if you share your knowledge you become immortal so I like to be able to share my knowledge with others so I'm gonna give a couple of more minutes for people to come on and then we're going to just take questions people have questions about taxes ask me and I'll let you know what I know about taxes to the best of my knowledge and I like to give a shout out to Michelle you on the line thank you thank you for tuning in um you of course me and you talked when we met on the cruise about taxes so be feel free to throw out any questions that you may have um I did have one today which I thought was really really really really good it was about someone who had an LLC who wanted to change it to an S corp and it all it takes is for you to file a form the form is called a two five five three with the IRS and then you can file that form and change your LLC designation to be taxed as an S corp but I just want to give us some more advice because I was like well are you sure because if you know most people change from being a single-member LLC to S Corp so they won't have to pay self-employment tax however when you are an S corp you're taxed on the profits that the company makes so just take that into consideration because if you start having like a hundred thousand dollars in profits you're gonna be paying taxes on a hundred thousand dollars um let me see what other questions that I received today the other one I received was about being an independent contractor so I have a lot of people who are driving uber working for lyft um doing any type of side business where they are sorry you got a call got interrupted um will be taking and doing this selling stuff on Amazon eBay and I want people to be aware of when they're taking in all this um information especially if they're using PayPal you know once you get a certain amount of money from PayPal over 600 dollars they're gonna send you a 1099 k and that gets reported to the IRS so the IRS kind of knows one your your our independent contractor you're getting money from another source and they're gonna want to see where you're gonna report this income on your return but don't fret just because you receive a 1099 K from PayPal doesn't mean that all of the sales that you made for the year will be um you will have to claim taxes on because of course if you were selling merchandise you had to purchase the merchandise and that is a expense so you're gonna be taking that away from your grocer number and the IRS is aware of that but just keep that in mind that people who are doing online sales and they're using PayPal or even any type of credit merchant services now it's um a law that they have to after you get six hundred dollars worth for sales that you will get a 1099 K from them and that's another way how the IRS is tracking your income so even like I would say for me I'm a X account everybody knows I do taxes so the IRS which I found out which I thought was so hilarious I go in to renew my P 10 so the P 10 is my registration number that goes on returns that I'm paid to file and when I went in there to look it said view how many returns underneath my pizza so I going in look at us look at the number and I'm like wow okay the IRS is tracking how many returns I'm actually eat filing so you can guarantee that because they know I'm getting paid for being a tax accountant they could pretty much kind of gear how much income I would be receiving from this activity and if they wanted to challenge anything they'll be able to do that as well um thank you William for tuning in thank you um today is the Q&A session basically anyone who had any questions about taxes um I get questions all the time in my inbox but I figured out I might probably do a Facebook live and give some information offer any information because um I do believe that knowledge is power people should know what goes into their tax return because when you sign it it now becomes your responsibility hey jazz I see you um and what happens is a lot of times people really do not know what these tax professionals are doing when they are preparing their return and it really should and I don't feel that if any of my clients didn't know I um all the time about different things about taxes because I feel that with them have an education they become a better client for