Podcasts about self employment tax

https://vimeo.com/1089225829?share=copy#t=0 https://www.currentfederaltaxdevelopments.com/podcasts/2025/6/2/2025-06-02-revisiting-previously-discussed-cases This week we look at: Self-Employment Tax for Limited Partners (Soroban II) Presidential Tariffs Under IEEPA (USCIT Decision & Federal Circuit Stay) Massachusetts Source Income (Welch Case Petition) Foreign Gift Penalties (Huang Case)  

In this episode, I break down the essentials of self-employment tax and explore how forming an S Corporation can unlock valuable tax benefits. I walk through key tax strategies, what makes an S Corp worth considering, and why understanding state regulations matters for self-employed entrepreneurs like us. I also highlight how strong bookkeeping, proper payroll, and strategic financial planning help protect your business income and maximize your tax return. If you're navigating entrepreneurship and want to keep more of what you earn, this episode offers practical, real-world guidance.   Also mentioned in this episode: 00:00 Understanding Self-Employment Tax 03:25 The Benefits and Risks of S Corporations 06:20 Criteria for Forming an S Corporation 11:55 Navigating State Regulations and Compliance   Takeaways Self-employment tax is 15.3% for self-employed individuals. An S Corporation can help save on self-employment taxes if criteria are met. Forming an S Corp requires running payroll and compliance with employment laws. You cannot undo an S Corp election for five years. Check state regulations as some may tax back S Corp benefits. Consistent profit over $60,000 is a key criterion for forming an S Corp. Bookkeeping is essential when operating as an S Corp. Having more money than time indicates readiness for an S Corp. Professional guidance is crucial when forming an S Corp. Be cautious of advice from unlicensed sources regarding taxes.   If you enjoyed this episode, please rate, review and share it!  Every review makes a difference by telling Apple or Spotify to show the Sunlight podcast to new audiences.   Links: Link to pre-order my book, Taxes for Humans: Simplify Your Taxes and Change the World When You're Self-Employed. Get your free visual guide to tax deductions Check out my program, Money Bootcamp

In today's episode of the Sunlight Podcast, I'm sharing why it's so important to review your tax return—even after you've filed. We'll also chat about the power of taking a digital detox during the busy tax season to help you reset and recharge. I'll walk you through how to understand the key sections of your tax return, what tax estimates really mean, and how to reconcile what you owed with what you paid. Plus, I'm offering some simple, practical strategies for adjusting your future payments if your income changes—so you can feel more confident, prepared, and in control come tax time. Whether you're self-employed or just trying to make sense of your finances, this episode is here to support you! Also mentioned in today's episode:  00:00 Digital Detox: A Refreshing Break 02:02 Post-Tax Filing: Key Steps for Improvement 07:16 Understanding Your Tax Return: Key Insights 12:07 Adjusting for Future Taxes: Strategies for Success 15:43 Resources for Tax Management: Programs and Support   Takeaways Digital detox can improve mental clarity during tax season. Reviewing your tax return is crucial for financial planning. Understanding your tax return helps avoid future whammies. Taxes are retroactive; you only know your tax rate after the year ends. Your total tax owed is reconciled with what you've paid throughout the year. Aim to have your tax payments equal your total tax owed. Adjust your estimated taxes based on income fluctuations. Self-employed individuals must be proactive with tax payments. Utilizing tax programs can simplify the filing process. Seek help from tax education programs for better understanding.   If you enjoyed this episode, please rate, review and share it!  Every review makes a difference by telling Apple or Spotify to show the Sunlight podcast to new audiences.   Links: Link to pre-order my book, Taxes for Humans: Simplify Your Taxes and Change the World When You're Self-Employed. My On-demand class: Make Taxes Easier and Stash an Extra $152k in Your Savings Check out my program, Money Bootcamp Sunlight Podcast Episodes about Quarterly Taxes: Two Myths About Quarterly Taxes Avoid a Tax Bill: How to Start Estimated Quarterly Taxes How to Pay Quarterly Taxes When Your Income Changes

Episode 57:  In this episode, Timalyn explains the reason you likely owe taxes this year. She highlights 5 common reasons that people owe each year. It is ultimately the responsibility of the taxpayer to ensure that they are withholding enough taxes. The top 2 reasons that people owe the IRS is because their withholding and/or estimated tax payments are off.  Timalyn has created a series on her YouTube channel to walk you through the process of correcting your withholding for a W-2 job, pension, or your social security. You can find this series below. Withholding Series If you are self-employed or make investment income you may need to make estimated tax payments. Timalyn discusses this in Episode 21 of this podcast. You can check it out here - Estimated Tax Payments.  In addition to those estimated tax payments, if you are self-employed, you are looking at a new tax, the self-employment tax. This is your share of Social Security and Medicare Tax. It's 15.3% of your net profit. Which is double what you'd pay if you were a wage earner. Timalyn explains this in more detail in Episode 8 - What is Self-Employment Tax? You may qualify to pay your balance over time. If you owe less than $50,000 and have been tax compliant, you may qualify to set up an OPA yourself using the IRS website. An OPA is an online payment arrangement.  The final 2 reasons that Timalyn discusses for you potentially owing are that you went through life changes that affected the deductions/credits you qualify for and you are in a higher tax bracket.  Both situations call for an adjustment to be made in your withholding or estimated tax payments. If you can't pay the current balance in full you may be eligible to request for an Installment Agreement with your tax return by using Form 9465, Request for Installment Agreement. Timalyn has a video on her YouTube channel that can walk you through the process. You can find it here: IRS Installment Agreement Timalyn also goes into more detail about IRS Installment Agreements in Episode 10 of the Tax Relief with Timalyn Bowens podcast.  Need Tax Help Now? If you need answers to your tax debt questions, book a consultation with Timalyn via her Bowens Tax Solutions website.  Click this link to book a call. Please consider sharing this episode with your friends and family.  There are many people dealing with tax issues, and you may not know about it.  This information might be helpful to someone who really needs it.  After all, back taxes shouldn't ruin their life either. As we conclude Episode 56, we encourage you to connect with Timalyn on social media. You'll be able to subscribe to this podcast on Spotify, Apple Podcasts, Google Podcasts, and many other podcast platforms. Remember, Timalyn Bowens is America's Favorite EA and she's here to fill the tax literacy gap, one taxpayer at a time.  Thanks for listening to today's episode. For more information about tax relief options, visit https://www.Bowenstaxsolutions.com/. If you have any feedback or suggestions for an upcoming episode topic, please submit them here:  https://www.americasfavoriteea.com/contact. Disclaimer:  This podcast is for informational and educational purposes only.  It provides a framework and possible solutions for solving your tax problems, but it is not legally binding.  Please consult your tax professional regarding your specific tax situation.

Strategies for limited partnerships and S corporations to minimize self-employment tax and net investment income tax following a 2023 tax court decision. The American College of Trust and Estate Counsel, ACTEC, is a professional society of peer-elected trust and estate lawyers in the United States and around the globe. This series offers professionals best practice advice, insights and commentary on subjects that affect the profession and clients. Learn more in this podcast.

Guest BioA former educator and now entrepreneur, Alisa is on a mission to help self-employed individuals and small business owners unlock substantial financial relief through the Self-Employed Tax Credit (SETC) program. You deserve to know how you can claim up to $32,220 in tax credits from 2020 and 2021.Episode Highlights:1. From the Classroom to the Business World:Our guest shares their inspiring journey from the education sector to the entrepreneurial world. Frustrated by the limitations and red tape of the school system, they decided to take control of their destiny and make a difference in their community on their own terms. Starting with a successful tutoring company, they built a business from scratch and eventually sold it to explore new ventures.2. The Airbnb Adventure:After the success of the tutoring business, our guest ventured into the Airbnb market. This new chapter in their entrepreneurial journey provided valuable lessons in adaptability and customer service. The flexibility of managing Airbnb properties allowed them to retire early and relocate to Mexico, where they continued to pursue their passion for entrepreneurship.3. Mastering Marketing:With a wealth of experience under their belt, our guest found their true calling in marketing. By helping small businesses grow, they leveraged their skills and knowledge to make a significant impact. The episode delves into the nitty-gritty of bootstrapping a marketing business, from manually scraping contact lists to leveraging networking and freelance platforms like Fiverr and Upwork.4. The Power of the Self-Employment Tax Credit:One of the game-changing insights shared in this episode is the discovery of the self-employment tax credit. This often-overlooked funding resource can provide a much-needed financial boost for small business owners. Our guest explains how they utilized this credit to reinvest in their ventures, significantly enhancing their business's growth and capacity.Key Takeaways:Embrace Constraints as Opportunities: Our guest's journey exemplifies how constraints can be turned into stepping stones for success. By embracing challenges and thinking creatively, they were able to build multiple successful businesses.The Importance of Networking: From attending events to leveraging freelance platforms, networking played a crucial role in their entrepreneurial journey. Building a solid network opened doors to new opportunities and long-lasting client relationships.Utilize Available Resources: The self-employment tax credit is a valuable resource that many entrepreneurs overlook. Understanding and leveraging such resources can provide a significant financial boost and help reinvest in your business.Resourcesmygovrefunds.comFollow the Frugalpreneur:https://www.frugal.show/Sponsor Frugalpreneur:https://www.frugal.show/p/sponsor-the-show/Leave a Message for the Showhttps://podinbox.com/frugalpreneurGrab Your Free E-Books:https://www.ampmypod.com/freebookJoin the Free Community:

This week we're discussing limited partners and self-employment tax, and some recent cases on this issue.

You might qualify for this $32,000 tax credit for 1099 employees!Today I am joined by tax expert Josh Ziglowskey, sharing the little-known self-employment tax credit for 2024. If you're a freelancer, realtor, gig worker, or any self-employed individual navigating the aftermath of COVID-19, this episode is tailored for you.Discover the ins and outs of how to apply for SETC, understand SETC eligibility 2024, and learn about the sole proprietor tax benefits. We're breaking down the qualifications for the self-employment tax credit, specifically designed for 1099 workers seeking financial relief.This guide is packed with essential tax tips to maximize your returns and secure up to $32,200 in credits. Subscribe and like this episode to learn more from experts in real estate and other industries!

This is my 11th month as a full-time artist! In this episode, let's get into my personal finances, how my business did this month, ways I am making money as a self-employed artist, and how I got a $4500 tax refund this year.

In this episode, Jennifer brings back tax professional, Hannah Cole, to further assist in navigating the complexities of taxes for creative and self-employed individuals. She sheds light on the complexities of self-employment tax, income tax, the privilege of deducting business expenses, and the importance of staying informed about quarterly tax payments. They talk about W2, W4, & W9s, LLCs, the dates for quarterly tax payments, self-employment tax rates, and tips for issuing and receiving 1099 forms. They also share practical insights on estimating taxes, staying organized with bookkeeping, and learning to track one's income and expenses. Plus, they address the lack of tax education, offering a release from guilt or shame associated with a lack of knowledge.  About Hannah:  Have you ever been flooded with shame while sitting across from an accountant? Have you felt too embarrassed to ask or even formulate your questions? Maybe even doubted your own career as you watched someone who does not get your world or see the value and mission behind what you do look at you through the lens of your income? That is not going to happen today. Hannah Cole is a tax expert who specializes in working with creative businesses and mission-driven solopreneurs. A long-time working artist with a high-level exhibition history, the financial challenges of freelancers and small creative businesses are both relevant and personal to Hannah. Her specialty is communicating complex tax issues in a clear, creative-centered, empowering way.  She founded her company, Sunlight Tax, with a mission to serve visionary people, just like you, who are self-employed, with relevant tax and financial education, so you can bring your unique vision to the world. She's helped tens of thousands of creative and mission-driven self-employed people skill up with accessible tax and money education through professional speaking engagements from Florida to Alaska, and on the Sunlight podcast.  And she's helped thousands of creative people organize for taxes, set up their businesses, and grow their “freedom funds” (or “F***-You Money”) through her program, Money Bootcamp. Hannah's goal is to help you realize the full value of your vision in this world, and use your money as a tool (not an obstacle) to making that vision a reality. Hannah's IG: @sunlighttax The Sunlight Podcast: www.sunlighttax.com/podcast  Visual Deduction Guide: www.sunlighttax.com/deductionsguide New Rules for LLCs: https://pod.link/1640538610/episode/ab46fbe9b1f8abb353412e82bfdbf176 Do I Need an LLC? https://pod.link/1640538610/episode/76ab02293bafdff29cf2d87c13fb1a7b Video guide to making your estimated tax payment: https://youtu.be/_MdAGsW-QkY?si=Bc8Agdwt7os5S-my Want to coach with Jennifer? Schedule a session here! https://appt.link/jenniferapple Monologue Sourcing Promo Link! https://empoweredartistcollective.com/podcastpromo Learn more: https://www.empoweredartistcollective.com/podcast EAC IG: @EmpoweredArtistCollective  EAC TikTok: @EmpowerArtistCollective EAC Facebook: https://www.facebook.com/empoweredartistcollective/ Nominate a Podcast Guest! https://form.jotform.com/220608577638162 Sign up for our newsletter! https://mailchi.mp/8e72e8dcb662/stay-in-touch Check Out Our Merch! https://www.empoweredartistcollective.threadless.com/ Any thoughts you'd like to share? Email us at EmpoweredArtistCollective@gmail.com

In this episode of Fit Over 40, Coach Clarence welcomes Khalid Mateen, an entrepreneur, to discuss the Self-Employment Tax Credit (SETC). Khalid explains that the SETC is a tax credit available to self-employed individuals who filed as 1099 or self-employed in 2020 and 2021. The credit is not a loan and does not need to be repaid. It provides compensation for sick time during the pandemic, with a daily payment of up to $511 for 10 days in 2020 and 2021. Additionally, individuals who had to care for a child or quarantine themselves can receive an additional 50 days at $200 per day. The program is easy to qualify for and typically takes three to six weeks to process. Khalid recommends working with SNAP Partners, who offer free audit assistance for five years and provide a commission for referrals. The deadline to take advantage of the tax credit for 2020 is April 15, 2024, and for 2021 is April 15, 2025. 00:00:00 - Introduction and Background of Khalid Mateen00:01:42 - Explanation of the Self-Employment Tax Credit (SETC)00:05:07 - Duration of the application process for the tax credit00:05:58 - Opportunity for side work and benefits of the tax credit00:07:16 - Addressing skepticism and concerns about the program00:08:33 - Free audit assistance provided by SNAP Financial and SNAP Partners00:10:00 - Compensation for referring people to the program00:11:17 - How to determine if someone is a good candidate for the program00:12:37 - Conclusion and invitation to sign up for the program00:13:40 - Contact information for Khalid Mateen00:14:33 - Announcement of a future Zoom meeting to discuss the programHere is the link to  find out more information:https://mysnappartners.com/referral-code/Coachclarence/11472190/setc-sizzle/Khalidmateen123@gmail.comSupport the showPlease subscribe give a review and share the show. Email show ideas or apply to be a guest at: info@coachclarence.com. We love your feedback.YouTube: Coach Clarence TVInstagram: www.instagram.com/coachclarence1Instagram: www.instagram.com/clarencemfergusonFacebook:https://www.facebook.com/groups/fitover40withcoachclarenceLinkedin:https://www.linkedin.com/in/clarencef/Pinterest: https://www.pinterest.com/CoachClarence/Twitter: https://twitter.com/fitnusbiznus

This week we're covering a recent Tax Court case that looked at the applicability of self-employment tax to limited partners.

Vimeo Link https://vimeo.com/890861625?share=copy Web Page https://www.currentfederaltaxdevelopments.com/podcasts/2023/12/3/2023-12-04-state-law-limited-partners-and-self-employment-tax This week we look at: FinCEN finalizes extension of due date for initial BOI reports for entities created in 2024 Tax Court rules that a state law limited partner is not automatically covered by IRC §1402(a)(13) self-employment tax exemption OPR due diligence alert on FBAR Annual business MeF shutdown date announced IRS denies request for automatic accounting method change late election relief Tax Court finds that if date to file a Tax Court petition falls on a date that the clerk's office is inaccessible, the taxpayer qualifies for extended filing relief even though electronic option had been available on the due date

Tax Court ruling on whether a state law limited partner automatically qualifies for relief from self-employment income allocation, FinCEN finalizes 2024 extension rule and rule.

This week we look at: FinCEN finalizes extension of due date for initial BOI reports for entities created in 2024 Tax Court rules that a state law limited partner is not automatically covered by IRC §1402(a)(13) self-employment tax exemption OPR due diligence alert on FBAR Annual business MeF shutdown date announced IRS denies request for automatic accounting method change late election relief Tax Court finds that if date to file a Tax Court petition falls on a date that the clerk's office is inaccessible, the taxpayer qualifies for extended filing relief even though electronic option had been available on the due date

Welcome to "Behind the Curtain," the captivating theatre podcast that takes you on a thrilling journey beyond the stage. I'm your host, Hollie Nelson, and I'm thrilled to have you joining me on this journey of exploration and discovery. On this weeks episode I am talking to Jo Bird. Jo is the Co-Founder of SansDrama - 2 part platform that is taking the tax drama out of being self-employed in the Arts.  You can check out the platform here: ⁠https://www.sansdrama.com⁠ And also the SansDrama web App here: https://www.sansdrama.com/appsplash.php SansDrama offers a blog that is a free platform offering industry specific information to help educate people in the performing arts with the basics of being self employed. It also offers a Web App that is ideal for self employed performers, creatives and freelancers who work in the industry to have a organised, paperless and simple solution to managing their accounts.  If you are a graduate, you can get your first tax year for free. If you want to get it for free then email hello@sansdrama.com with: Your college name and graduating year (e.g. Bird College 2021 graduate); and A bit of evidence (like a photo of your graduation certificate). Whether you're a theatre professional, aspiring actor, or simply someone who loves the magic of the stage, this podcast is your golden ticket. Prepare to be captivated as we pull back the curtain and reveal the secrets, stories, and struggles that bring the stage to life.

On this episode of DIY Money, Quint and Daniel talk about taxes and saving for retirement when you are self-employed.

Today, I'm sharing some tax basics and diving into tax schedules including what tax schedules are and why they exist. I'm also diving into capital gains, itemized deductions and self employment tax.    Join me in this informative episode to learn more about how tax schedules work, how they relate to you and how you can use this information during tax season to make your life easier.    Also mentioned in today's episode:    The basic structure of a tax return 3:57 What are schedules and why do they exist 7:14 Itemized deductions 10:17 Capital gains 19:30 If you enjoyed this episode, please rate, review and share it!    Links:   Free visual deductions guide Capital gains rate chart   Medical Deductions episode: https://pod.link/1640538610/episode/d579b85892ff41b9683a97ccc1dfc60b   Itemizing vs Business Deductions: Ending the Confusion: https://pod.link/1640538610/episode/22ba8efc03cd973d2684f4bc6f424e9d        

This week we're covering the income tax and self-employment tax reporting requirements for taxpayers who receive a minister's housing allowance.

In this episode, Brandon and I discuss under what circumstances real estate investors are subject to the 15.3% self-employment (SE) taxes? Are STR owners subject to the SE taxes? What about flippers? Self-Storage Owners? If so, under what circumstances? Learn more about Driftwood Capital: driftwoodcapital.com/dealdirect/?ut…medium=podcast Claim your amazing free gift and become a Tax Smart Insider today at www.taxsmartinvestors.com/freegift Subscribe to our YouTube channel: www.youtube.com/c/therealestatecpa Join our Facebook group, the one-stop-shop for real estate investors to learn about tax strategy and stay up to date on changing tax laws: www.facebook.com/groups/taxsmartinvestors For an initial consultation from Hall CPA, PLLC visit www.therealestatecpa.com/become-client Enroll in the STR Tax Course today and learn how to save 5-6 figures in taxes using the STR Loophole: courses.taxsmartinvestors.com/ Follow Brandon on Twitter: @bhallcpa Follow Thomas on Twitter: @thomascastelli_ The Tax Smart Real Estate Investors podcast is for general information purposes only and is not intended to provide, and should not be relied on for, tax, legal, or accounting advice. Information on the podcast may not constitute the most up-to-date legal or other information. No reader, user, or listener of this podcast should act or refrain from acting on the basis of information on this podcast without first seeking legal and tax advice from counsel in the relevant jurisdiction. Only your individual attorney and tax advisor can provide assurances that the information contained herein – and your interpretation of it – is applicable or appropriate to your particular situation. Use of, and access to, this podcast or any of the links or resources contained or mentioned within the podcast show and show notes do not create a relationship between the reader, user, or listener and podcast hosts, contributors, or guests.

If you earn income from a sole proprietorship or partnership, in other words self employed, you're responsible for tracking your income and expenses and paying taxes. But as you know or will find out, self employed taxes are a bit more complicated than regular taxes. Ideally, to keep on top of your taxes, they should be paid quarterly or annually to avoid any interest charges or penalties. But many self employed people don't live in that ideal world and struggle with bookkeeping and accounting. Derek Chase has been a Licensed Insolvency Trustee for over 25 years and shares his knowledge about filing taxes and avoiding tax debt. In this podcast he covers:Different types of taxes for the self employed  Consequences of missing deadlines or not filing taxesFines, penalties, and interest rates charged by the CRAStrategies to stay on top of your taxesAdvantages of hiring a bookkeeperIf you are struggling with tax debt and need advice, a Licensed Insolvency Trustee should be your first call. They are licensed and regulated by the Canadian government and adhere to strict ethical guidelines. About Derek ChaseDerek Chase is a Licensed Insolvency Trustee in British Columbia. He has been helping individuals and corporations restructure their debt since 1997. His areas of practice include personal and corporate insolvency including Consumer Proposals and Bankruptcy. The best part of his work is to be able to witness lives change for the better when the heavy burden of unmanageable debt is lifted. Additional Resources Derek L Chase & Associates Ltd. Licensed Insolvency TrusteeTax Debt Help – What You Need to KnowHow Your Income Tax Return Is Filed During Bankruptcy

When you decide to start your own business, you must consider the type of business structure that best suits your needs. The most common forms are either a sole proprietorship or a corporation. Both have different tax benefits and implications. Licensed Insolvency Trustee, Glenn Steiner talks about the differences between sole proprietorship and corporations. The advantages and disadvantages of being a director of a corporation or choosing to be a sole proprietor. Topics covered in this podcast include:Tax filing and source deduction remittances to the CRAPersonal liabilities for debt as a sole proprietor vs a director of a corporationHow incorporating will protect your assets What happens to the company's debt if the business failsCRA's Directors Liability can decide you personally owe tax for your businessIf you have a business that is in financial trouble, contact a Licensed Insolvency Trustee. They are considered to be the best financial advisors in the country and the only ones licensed by the federal government of Canada. You can be assured they will give you the best unbiased advice about debt relief options.  About Glenn SteinerGlenn received his Trustee license in 1998, working in various departments in the public service for 30 years. Since 2011 he has been working in the private sector in Alberta as a Licensed Insolvency Trustee. Born and raised in Saskatchewan, Glen has a passion for helping people. He walks them through the various financial options, allowing them to make life changes that can give them a fresh start.  Additional Resources Allan Marshall & Associates Licensed Insolvency Trustee3 Tax Debt Relief Options: Dealing With the Canada Revenue AgencyCanadian Business Bankruptcies Surge – Support Your Local Small Businesses

In today's episode of the Money School Bonus Series, I'm explaining what self-employment tax is, why tax deductions are so important as a creative entrepreneur and how they save you more money than you may think.  Join me in this informative episode to learn the details about self-employment tax and how you can make sure you're getting the most out of your deductions each year.    Also mentioned in today's episode:    Understanding self-employment taxes 1:23 Tax brackets and what they actually mean 3:44 The average tax rate for self-employed people 6:16 Self-employment taxes explained 10:52 Why you need to be tracking all of your expenses 13:02 Getting the most out of your deductions 22:11   If you enjoyed this episode, please rate, review and share it!    Links:   https://www.sunlighttax.com/deductionsguide https://go.sunlighttax.com/free

Episode 8:  In this episode, Timalyn answers a question she's heard many times, “What is self-employment tax?  For a small business owner, this tax can be an unwelcome surprise when they go to file their tax return.  It winds up hitting the business owner with a much larger tax liability than originally anticipated.  Let's join Timalyn for this episode to learn more. Self-Employment Tax and Divorce Timalyn shares a story about how a client ended up owing over $140,000 in back taxes, even though he had filed his taxes.  His wife was ready to leave him because he wouldn't be able to go on an anniversary trip.  The IRS was preventing him from renewing his passport.  After he hired Timalyn to handle his tax relief situation, she pulled his tax transcripts.  The transcripts revealed that the majority of the back taxes were due to self-employment tax.  He immediately asked her the question, what is self-employment tax? What Is Self-Employment Tax? This tax is the entrepreneur's share of social security and Medicare (FICA).  As a W-2 employee, your FICA is split between you and your employer's contribution.  Generally, that is 7.65% from both parties.  An entrepreneur is responsible for the entire 15.3% It consists of 12.4% to social security and 2.9% to Medicare.  In 2022, the first $147,000 in profit is subjected to self-employment tax.  You are eligible for the self-employment tax deduction, which is one-half of the tax.  Which Types of Businesses Require the Self-Employment Tax? Timalyn explains the following are subject to the tax: Single-member LLCs Partners in a partnership The standard deduction does not reduce the amount of self-employment tax you can pay.  You can calculate the self-employment tax liability using IRS Schedule SE.  It's submitted with your personal tax return. Timalyn will explain how a partner's guaranteed payments are treated, in a future episode. Do Other Individuals Also Have to Pay the Tax? Yes, and it may surprise you that these other individuals have to pay the tax: Anyone who has net earnings of $400 in their business, sole proprietors Church employees earning $108.28 or more Should I Switch to an S-Corp to Avoid Having to Pay the Self-Employment Tax? This is a common question Timalyn handles.  Actually, it depends.  Timalyn likes the S-corp model, but there are additional costs to consider before making the election to become an S-corp.  It's true, as an S-corp, you would no longer pay self-employment tax.  Remember that the tax is a combination of contributions to social security and Medicare.  If you choose S-corp status, you are required to be on payroll.  You will then go back to paying your 7.65% FICA tax from your wages and the business will also pay its 7.65% share.  You're still paying the 15.3%.  However, when done correctly, you should be able to save roughly $0.50/dollar, but there are variables and considerations.  Timalyn recommends consulting with a tax professional skilled in tax planning, before you make this decision. Tax Preparation Expense Another consideration is that an individual tax return costs less to prepare than a return for a S-corp.  The IRS estimates it should take 10-15 hours to complete the Schedule C portion of the return.  The S-Corp will use IRS Form 1120S.  The form is much more complex and therefore costs more to prepare.  Timalyn discussed this in Episode 6 (look for Step 5 in the audio and show notes for that episode). You will need to provide your tax preparer income statements and balance sheets, each year.  This means you may have to be much more diligent with your bookkeeping during the year. Additional Payroll Expense If you are an S-corp, you have to be on payroll.  Payroll companies obviously charge for these services, so you need to also consider this additional payroll expense.  Timalyn does not recommend companies handling their own payroll. Closing Thoughts At the end of the day, one could argue that contributing to social security and Medicare provides a benefit to our society as a whole.  For every $100 you make as a self-employed person, you going to have $15.30 going to your self-employment tax (after you made at least $400 profit that calendar year).  You also need to set aside funds based on your income tax brackets for federal, state and possibly local tax.  It takes planning and discipline.  Don't find yourself in the same situation Timalyn described at the beginning of this episode. If you'd like to speak with Timalyn and her team about your specific situation, visit www.BowensTaxSolutions.com and click on the blue Book Now button to schedule time.  Penalties, interest and other fees are building.  Don't wait to address your tax issues. As we conclude Episode 8, we encourage you to connect with Timalyn on social media. You'll be able to subscribe to this podcast on Apple Podcasts, Google Podcasts, Spotify, and many other podcast platforms.   Remember, Timalyn Bowens is America's Favorite EA and she's here to fill the tax literacy gap, one taxpayer at a time.  Thanks for listening to today's episode.   For more information about tax relief options, visit:  https://www.americasfavoriteea.com/ . If you have any feedback, or suggestions for an upcoming episode topic, please submit it here:  https://www.americasfavoriteea.com/contact.   Disclaimer:  This podcast is for informational and educational purposes only.  It provides a framework and possible solutions for solving your tax problems, but it is not legally binding.  Please consult your tax professional regarding your specific tax situation.

If you're working for yourself you not only pay income tax but you pay all of the Social Security and Medicare Taxes that an employer would share the cost of. This can feel like a big burden as you figure up your tax bill quarterly. In this episode, Zach and Ben talk through, what things actually reduce your Self-Employment Taxes (it isn't everything), how to plan your business thoughtfully to lower your lifetime tax bills, and why focusing on your business goals may be the secret to getting past the stress of writing the check to the IRS.Do you have suggestions for episodes? Reach out to Zach or Ben with your question at:ZAshburn@ReachStrategicWealth.comBen@GuideFP.comThe Dollar Derail is intended for general information and entertainment purposes only and should not be considered investment, tax, or legal advice or as a recommendation for the purchase or sale of any security. Zach is the founder of Reach Strategic wealth and Ben is the founder of Guide Financial Planning, 2 unaffiliated fee only Registered Investment Advisors.

There are many valuable tax deductions for freelancers, contractors and other self-employed people who work for themselves. Here are 15 big self-employment tax deductions to remember. Schedule C Tax return filing for Sole Proprietor https://mkgtaxconsultants.com/shop/ (https://mkgtaxconsultants.com/shop/) 1. The home office deductionIf you work from your home or use part of it in your business, then self-employment tax deductions like this one could get you a break on the cost of keeping the lights on. What you can deduct: A portion of your mortgage or rent; property taxes; the cost of utilities, repairs and maintenance; and similar expenses. Generally, this deduction is only available to the self-employed; employees typically cannot take the home office deduction. How it works: Calculate the percentage of your home's square footage that you use, in the IRS's words, “exclusively and regularly” for business-related activities. That percentage of your mortgage or rent, for example, becomes deductible. So if your home office takes up 10% of your house's square footage, 10% of those housing expenses for the year may be deductible.https://www.irs.gov/forms-pubs/about-publication-587 ( IRS Publication 587) outlines a lot of scenarios, but note that only expenses directly related to the part of your home you use for business — say, fixing a busted window in your home office — are usually fully deductible. What else you can do: Choose the simplified option, which lets you deduct $5 per square foot of home used for business, up to 300 square feet — that's about a 17-by-17-foot space. You won't have to keep as many records, but you might end up with a lower deduction, so consider calculating it both ways before filing. 2. Health insurance (maybe)If you bought medical insurance policies on your own for yourself or your family, you might qualify for a self-employment tax deduction on the premiums. What you can deduct: Medical and dental insurance premiums for you, your spouse, your dependents and your children who are younger than 27 at the end of the tax year. Long-term care insurance premiums also count, though there are specific rules.https://www.irs.gov/forms-pubs/about-publication-535 ( IRS Publication 535) has the details. How it works: It's an adjustment to income rather than an itemized deduction, which means you don't necessarily have to itemize to claim it. But you might be let down, because if you're eligible to enroll in your spouse's employer's plan — even if you choose not to, maybe because it's more expensive than your own — you can't take the deduction. What else you can do: Find out if you can deduct the premiums as a medical expense. This typically works only if you pay your premiums out of your own pocket, and your deduction is limited to expenses that exceed 7.5% of yourhttps://www.nerdwallet.com/blog/taxes/adjusted-gross-income-agi/ ( adjusted gross income). So if your A G I is $100,000, your first $7,500 of medical expenses isn't deductible. 3. Continuing educationYou have to stay smart to run a growing business, and there are self-employment tax deductions for that. What you can deduct: The costs of “qualifying work-related education,” including things such as tuition, books, supplies, lab fees, transportation to and from classes and related expenses. How it works: The expenses are deductible only if the education “maintains or improves skills needed in your present work.” In other words, if you're taking classes to change careers or you're working toward the minimum educational requirements for a trade or business, this probably won't work for you. But you can qualify even if the education leads to a degree. Reviewhttps://www.irs.gov/forms-pubs/about-publication-970 ( IRS Publication 970) for the requirements. What else you can do: Look at the American opportunity tax credit or the lifetime learning credit. 4. Your carDriving to meet...

Welcome back to Powering Your Retirement Radio. I am Dan Leonard your host. In the last episode on Top 10 Tax Facts, you should know, I got a fair amount of downloads and got more comments than normal. In this episode, I thought I address how to read your tax return. As a financial advisor, I get asked, Why do you need to see my tax return? When I ask for documents. As a tax preparer, I get a different question, did I give you everything? The answer to this is how should I know? Did you fill out the tax organizer completely? Which is usually followed up with I have to? Yes, if you want me to know for sure. Before you turn in your documents to your tax preparer, pull out your prior year's return. It will tell you if you have forgotten anything. I need to make a confession, prior to becoming an Enrolled Agent and starting to prepare returns for clients, I was a horrible tax client. I didn't fill out organizers, I never was sure I had all my documents. So, this episode reminds me of how I have learned to organize tax documents. I want to walk you through your 1040 form which will tell you what documents you should have.  If you want extra credit print out Form 1040 and take some notes. How to read a tax return On the top half of page one, you have the following Filing Status Address Crypto Question - This is important. Standard Deduction Dependants  All are straightforward. As Preparer, I need to know about your relationship status, where you reside, if you own any cryptocurrency, if there are any issues with your deductions, and if you have dependents. As a financial advisor, I know how many people I am planning for, that you are potentially an aggressive investor if you have a mortgage if you have kids, or dependents to include in the planning. Either way, I know a fair bit without even seeing a form. The income numbers Let's look at the bottom half of page 1.  Line 1 - W-2 go here - You have a job and you are an employee Line 2 - 1099-Int or a Consolidated 1099 - You have savings that are earning interest = Sch B Line 3 - 1099-Div or a Consolidated 1099 - You own investments that pay dividends = Sch B Line 4 - 1099-R - You rolled over a retirement account or you took a distribution from a retirement account or it goes on Line 5 Line 5 - 1099-R - You collect on a pension or an Annuity Line 6 - SSA-1099 - You are collecting Social Security Line 7 - You sold an investment or a property. The Capital Gain is reported on a 1099-B or 1099-S or a Consolidated 1099 Line 8 - This is other income. See Part I of Schedule 1 - State Refunds (1099-G), Jury Duty, Alimony, Unemployment, and since the Olympics are going on your Olympic, ParaOlympic Medals, and USOC prize money, too. Line 9 - Phew - it is just math Deductions Line 10 - Now Adjustments to income - Part II of Schedule 1 - Educator Expense, Self Employed Health Care Expense, Self Employment Tax, Student Loan Interest, IRA Deductions, and of course the nontaxable amounts of your Olympic, ParaOlympic Medals, and USOC prize money. Line 11 - More Math Line 12a - Schedule A Deductions or Standard Deduction Line 12b - If you claim a Standard Deduction you can claim up to $300 in Charitable Deductions Line 12c - Math Line 13 - Qualified Business Deductions (QBI) for Business Owners Line 14 - Math, again. Taxable Income Line 15 - Math and this is your Taxable Income On to page 2 Line 16 - Tax Calculation, the painful math Adjustments Line 17 - Come from Part I of Schedule 2. Alternative Minimum Tax and Excess Advance Premium Tax Credit Line 18 - Math Line 19 - Nonrefundable Child Tax Credit Line 20 - Schedule 3 - Credits and Payments. Dependent Care Credits, Residential Energy Credits, Adoption credits, etc. Line 21 and Line 22 - More Math Line 23 - More Taxes, like additional taxes on HSA distributions, accumulated distributions from Trust, Golden Parachute payments. (Not as common for many) Line 24 - More Painful Math - Your Total Tax Taxes you have paid already Line 25a - W-2 Withholdings Line 25b - 1099 Withholdings Line 25c - Any other form showing withholdings Line 25d - Totals Line 26 - Total of your Estimated Tax Payments  Line 27a - Earned Income Tax Credit Line 27b - Noncombat Taxable Pay Election Line 27c - 2019 Income which may qualify and expand credit due to Coronavirus Line 28 - Refundable portion of Child Tax Credit or Additional Child Tax Credit Line 29 - Form 8863 - American Opportunity Tax Credit Line 30 - Recovery Rebate Credits (Stimulus Checks) Line 31 - Part II of Schedule 3 - Extension Payments, Excess Social Security, Health Care Tax Credits Line 32 - Math Line 33 - Math - Your Total Payments Refund or Tax Due Line 34 - The happy line, which is the amount of your refund if you are getting one Line 35 - What do you want to be refunded Line 36 - What do you want to pay toward next years taxes Line 37 - The unhappy line, What you owe. Line 38 - The insult line, any penalties for underpayment At the bottom of page 2 3rd Party Designee, who you'll allow to talk to the IRS on your behalf. Signatures, sign your return Paid Preparer, if you paid someone to make sure their information is there, otherwise don't pay them. So as a preparer, if I have your return from last year, I can tell what you had on your return based on what lines are filled in. Without the schedules, I may not know everything, but I know where I need to ask more questions. Recap As a Financial Planner, with Lines 1 to 8, I have a pretty good idea if you have investment assets or are drawing income from retirement accounts. If all you have is a 401k I can see that from your W-2. Line 12 gives me a hint if you own or rent your home. Line 13 tells me if you have a business, even if it is a side hustle. Page 2 of Form 1040, lets me know about the credits you collect, and where your withholdings are coming from. Finally, if you are retired and you owe, I know I can help by increasing your withholdings or lowering them if you get a big refund. So, if I am doing your return do I need you to fill out the organizer? If I am trying to build a financial plan do I need you to answer a bunch of questions? In both cases, probably not, but it does make sense for you to give the professionals you are paying to help you as much information as possible. Reality All preparers and planners know most people are stressed about taxes and planning, having a copy of your return makes our job a little easier and allows us to ask intelligent questions. That is it for this episode, and know you know why planners and preparers what to see your return. In true Jerry McGuire fashion, it helps me help you! Until next time, look for your tax documents, find your 2020 return,  be well and stay safe! Visit my podcast website for more information: https://poweringyourretirementradio.com/how-to-read-your-tax-return

In this episode Marcus Mire, CPA breaks down all the details of Self-Employment Tax for small business owners. Get a handle on what you owe, when you owe it, and how to stay compliant.

On this episode, I roll solo! Periodically, I will bring you solo episodes of 10-15 minutes to talk to you about financial planning opportunities for fitness entrepreneurs or topics relevant to current financial events. Today, I kept it really brief as I know taxes are the sexiest topic, but a very important one! I dive into the self-employment tax and how it impacts online fitness coaches. Most coaches are aware of federal and state income tax, but are caught off guard by the self-employment tax, but not anymore! I break down what it is, why it's important, and how to plan for it. -- DM me on Instagram! Assist FP Website

This week my guest is Pedro 'DoorDash' Santiago.  Pedro is one of the most subscribed YouTube Creators on topic of app-based on-demand food delivery platforms.   Through his experiences as a Dasher, and UberEats Driver, Pedro has created a heavily trafficked YouTube channel~ Some of the topics covered in this podcast: 00:00 Intro 20:00 DoorDashes Transparency & New York 31:00 FULL Tip & Fare Transparency 33:00 Independent Contractor or Employee 48:00 MOVES Financial 55:00 Gig Economy Content Creators 59:00 Can you make a living on YouTube Regulations, Taxes, Write Offs, & more… :: CHECK OUT OUR NEW PATREON PAGE & WHILE YOU ARE THERE LISTEN TO THE REST OF THIS INTERVIEW FREE ::. https://www.patreon.com/RideshareRodeo .:: TWO COMPANIES WE DISCUSSED TO LOOK INTO ::. 1) MOVES Financial: https://movesfinancial.com *you can also watch my interview with MOVES CEO/Founder: https://www.youtube.com/watch?v=ljjNk... 2) BUCKLE Insurance for gig workers on all platforms: https://www.buckleup.com *you can also watch my interview with BUCKLE CEO/Founder: https://www.youtube.com/watch?v=oBsRb... .:: 2020 GIG WORKER TAX DEDUCTIONS ::. *Advertising (usually) *App Subscription (usually) *Business Insurance (usually) *Business Licenses (usually) *Business Loan Interest (usually) *Car Expenses (partially) *Car Loan Interest (usually) *Car Washes (only if not using standard mileage deduction) *Cell Phone (partially) *Cell Phone Repair (partially) *Cell & Data Services (partially) *Clothing (grey area) *Dash Cams (usually) *Health Insurance For Self Employed (deductible but not on schedule c) *Home & Office Deductions (rarely) *Hot Bags & Drink Carriers (usually) *Legal Fees (usually) *Meals (rarely) *Memberships (usually) *Music (rarely) *Parking (usually) *Permits (usually) *Phone Charge (usually) *Phone Holder (usually) *Professional Development (usually) *Rentals (usually) *Repairs (usually) *Retirement Investments (deductible but not on schedule c) *Roadside Assistance (usually) *Self-Employment Tax (deductible but not on schedule c) *Snacks (grey area) *Subcontractors (rarely) *Tax Filing (partially) *Tolls (usually) *Travel (rarely) *Uber/Lyft Inspections (usually) *Uber/Lyft+ Service Fees (usually) .:: DOORDASH TERMS OF SERVICE UPDATE (1/31/2022) ::. https://middletontech.com/blog/resour... .:: RIDESHARE RODEO AUDIO PODCAST (DROPS WEEKLY ON TUESDAYS)::. APPLE: https://podcasts.apple.com/us/podcast... SPOTIFY: https://open.spotify.com/show/6rlSqjz... iHeartRADIO: https://www.iheart.com/podcast/269-ri... GOOGLE: https://podcasts.google.com/feed/aHR0... AMAZON MUSIC: https://music.amazon.com/podcasts/ab3... **FIND ON ANY/ALL PODCATCHERS/PODPLAYERS** CHECK OUT PEDRO 'DOORDASH' SANTIAGO CHANNEL ::. https://www.youtube.com/c/PedroDoorDa... .:: Sponsored by Middleton Tech ::. Website: https://middletontech.com/our-app.html YouTube: https://www.youtube.com/channel/UC6MH... FaceBook MAXYMO: https://www.facebook.com/groups/middl... FaceBook Driver Utility Helper (DUH): https://www.facebook.com/groups/drive... Twitter: https://twitter.com/Middleton_Tech .:: Rideshare Rodeo Links ::. Podcast: https://RideshareRodeo.com YouTube: https://www.youtube.com/c/RideshareRo... Twitter: https://twitter.com/RideshareRodeo FaceBook: https://www.facebook.com/groups/61412... .:: ULD: Gig Economy News Website ::. Website: https://uberlyftdrivers.com Twitter: https://twitter.com/uberlyftdrivers ********** Sign up to drive for Curri: https://drivecurri.app.link/fom2uFMcCib Sign up for Dumpling using promo code RODEO500 and when you complete 10 shops in 90 days you will receive and $500 bonus: https://dumpling.us/business Download HURDLR app: hurdlr.com?utm_source=affiliate&utm_medium=rideshareRodeoPodcast&affiliate_name=rideshareRodeoPodcast Our Patreon page is finally live: https://www.patreon.com/RideshareRodeo Check out the Gig Economy Podcast: https://www.gigeconomy-podcast.com **SEE Y'ALL NEXT WEEK!!!**  

Dr. Friday 0:00 Good day. I'm Dr. Friday, president of Dr. Friday Tax and Financial Firm. To get more info go to www.drfriday.com. This is a one-minute moment. Dr. Friday 0:12 Limited partnership income may be subjected to self-employment tax. Listen up. I know a lot of you guys get talked into doing special types of entities LLCs, Sub S corporations, limited partnerships, and you're being told that you can take some of that money as dividends, which is no longer tax at self-employment and the rest of it if you take it as a draw maybe and so you try to keep it really small like I take 20,000, but I actually took 100,000 the company to live guess what the IRS is getting smart and they're gonna be changing the tax laws and this is one of the areas they are auditing, make sure when you do your taxes, you know the tax laws so you're not caught by the IRS. Announcer 0:51 You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 pm to 3 pm right here on 99.7 WTN.

November 4, 2021 - Self Employment Tax

If you operate your own business, whether it be with Etsy, Uber, Eat Street or any business, you might be surprised to find out that there are additional taxes that you may have to pay on your income. Hawkins Ash CPAs is a full-service public accounting firm providing individuals, businesses and organizations the services they need to save taxes, preserve wealth and maintain compliance. We have offices in Wisconsin and Minnesota. Learn more at HawkinsAshCPAs.com/. Listen to more of the Tax Insights Podcast on YouTube at youtube.com/playlist?list=PLpF_…_y8NAdbouPr3pdgiQQG Listen to more of the Tax Insights Podcast at hawkinsashcpas.com/cpa-hq/podcast/.

EP 42: What is the self-employment tax?  Do you know what it makes up the SE tax and how it the rate is calculated?  Is it even important to know?  In this episode, I'll discuss the basics of self-employment tax and why you should know it.Support the show (https://www.buymeacoffee.com/artrepreneurs)

In 2017, the Bureau of Labor Statistics found that over 36% of Americans are a part of "the gig economy," a dramatic increase from 2-4% in 2005. This is the most recent data available and does not account for pandemic numbers. Those jobs aren't just paid differently, there are different tax consequences too, from Form 1099 reporting requirements to paying self-employment taxes. Contractor and freelancer taxes can feel complex, so how do you sort it all out for your unique circumstances? Self-employment taxes don't have to be intimidating. In today's episode of the Taxgirl podcast, Kelly is joined by Sagar Shahagar Shah to sort out what it means to be part of the gig economy. Sagar is a CPA and the managing partner at his firm, as well as the managing member of his real estate investment fund. Prior to opening his firm, Sagar worked for KPMG. Now, many of the businesses Sagar engages with and consults with are smaller businesses and startups in the greater New York area. He regularly posts tax tips on his Instagram https://www.instagram.com/sagarshah530 (@sagarshah530). Listen to Kelly and Sagar talk about the gig economy and freelancer taxes:There's been quite a shift from the "traditional worker." Sagar talks about IT professionals becoming contractors, people driving for Uber, or even making money as a TikTok creator. However, not everyone is prepared for the tax bill that comes along with the life of a freelancer. Kelly shares how she's seen all sides of the equation herself, from years as a full-time freelancer to a full-time employee to years where she's blended the two together. What kind of advice does Sagar give to folks to help them navigate all the complicated tax details? Whether or not your freelance work is something you think you'll do forever, Sagar says he always advises getting some kind of legal structure in place, like an LLC. And further, freelancers and contractors should make an effort to keep business finances and transactions in a separate bank account.  How should freelancers organize their finances and bookkeeping? How can they keep records separate and easy to sort and access? Is it worth hiring outside help? How do you know which type of entity or incorporation is right for you, and which factors play a part in making that choice? Kelly and Sagar say "pay attention to the rules" and not just the internet buzz that you've seen floating around various articles or TikTok videos. What's going on with the home office deduction, can freelancers still take advantage of it? What other areas do contractors and freelancers often miss in their deduction reporting? All about self-employment taxes and how to plan ahead: What are Sagar's tips for figuring out how to put away money and figure out all the details about planning for taxes? What are the best ways to track expenses and keep track of tax deductions? From photos of receipts to apps and tracking software, it's all a matter of organization. Practice keeping good records from day one, especially when you spend cash. Specific to real estate partnerships, what advice does Sagar have for both investors and flippers for structuring and managing the partnerships? At one point does your gig become your job, and what are those breakpoints when someone might need to hire more help or think about a different structure? The key is to build from a strong foundation in the beginning to make sure you set yourself up for ease and success in the long term.  More about Kelly:Kelly Phillips Erb created and hosts the Taxgirl podcast, your home for tax news, tax info, and tax policy. In each episode, she shares conversations about taxes, money, and the choices we make. Kelly is a tax attorney who works with taxpayers and tax practitioners like you every day. She helps folks out of tax jams, and hopefully, keeps others from getting into them. You can find out more about Kelly https://www.taxgirl.com/about-taxgirl/ (here) and you can follow her on...

Sole proprietorship? LLC? Partnership? S-Corporation? When it comes to structuring your construction company, there are multiple options with various tax and liability implications. Don't rely on an internet search or what you heard from a friend or relative to decide what will work best for you. This week we're talking about the options you have when structuring your business. We cover: How the structure you choose can affect the way you're taxedHow the type of business entity you choose affects liability and asset protectionHow what's right for you may vary by industry, location and other factors Why it's important to work with a professional to make these decisions and how to get startedVisit the episode page at contractorsuccessforum.com/structure for more details and a transcript of the show.ADDITIONAL RESOURCESVisit https://contractorsuccessforum.com/managing-your-job-files/ to read more about structuring your job files.Subscribe for free resources and to be notified of future episodes at contractorsuccessforum.com/subscribe.Find all episodes and related links at ContractorSuccessForum.com.FIND US ONLINERob Williams, Profit Strategist | IronGateESS.comWade Carpenter, CPA, CGMA | CarpenterCPAs.comStephen Brown, Bonding Expert | McWins.com

Sole proprietorship? LLC? Partnership? S-Corporation? When it comes to structuring your construction company, there are multiple options with various tax and liability implications. Don't rely on an internet search or what you heard from a friend or relative to decide what will work best for you. This week we're talking about the options you have when structuring your business. We cover: How the structure you choose can affect the way you're taxedHow the type of business entity you choose affects liability and asset protectionHow what's right for you may vary by industry, location and other factors Why it's important to work with a professional to make these decisions and how to get startedVisit the episode page at contractorsuccessforum.com/structure for more details and a transcript of the show.ADDITIONAL RESOURCESVisit https://contractorsuccessforum.com/managing-your-job-files/ to read more about structuring your job files.Subscribe for free resources and to be notified of future episodes at contractorsuccessforum.com/subscribe.Find all episodes and related links at ContractorSuccessForum.com.FIND US ONLINERob Williams, Profit Strategist | IronGateESS.comWade Carpenter, CPA, CGMA | CarpenterCPAs.comStephen Brown, Bonding Expert | McWins.com

On this episode I dive into a detailed example of how to calculate your business taxes in the third and final episode of my business boot camp. If you haven't already, go back and listen to boot camp episode one and two before diving into today's episode. Example: Elle graduated college this year and went straight into her photography business. Her business made $25,000 and she had business expenses of $7,000. Elle paid $100 in student loan interest (adjustment). She had no itemized deductions. To calculate Elle's tax percentage: Calculate net business income = Business income - Business expenses Add in any other income. In this case, Elle does not have any but this is where you would add in other job income, spousal income, rental property income, etc. Subtract adjustments to get AGI (Adjusted Gross Income) = Net business income - Adjustments Elle does not have any itemized deductions which means she will only deduct her standard deduction ($12,200) in order to get her Taxable Income. = AGI - Standard Deduction To calculate her income tax, she is in the very first income tax bracket. We calculate 10% of her Taxable Income. This is her Federal Income Tax. We calculate Self-Employment Tax as 15.3% of her Business Profit. Add your Federal Income Tax and Your Self-Employment Tax together and that is your total Federal Tax Percentage. To check your answer listen to this episode of the podcast where we break down the calculation. Now, the question is do we actually have to be paying taxes on a quarterly basis? The answer is that you need to save the money for your tax bill, even if you don't need to pay in quarterly installments. Since you are saving the money anyway you might as well pay it. No one wants to owe a lot of money or risk being fined at the end of the year. It's important to estimate the tax you owe. Use the example we just used for Elle and set that percentage aside for all your business income and then we take the total amount you set aside that quarter and pay that. Calculate your own percentage, come up with a comprehensive cash flow system to save the taxes along with paying your business expenses and yourself. To help you out I have a quarterly tax estimation guide. Available in my Facebook group.

On this episode I dive into a detailed example of how to calculate your business taxes in the third and final episode of my business boot camp.   If you haven't already, go back and listen to boot camp episode one and two before diving into today's episode.   Example: Elle graduated college this year and went straight into her photography business. Her business made $25,000 and she had business expenses of $7,000. Elle paid $100 in student loan interest (adjustment). She had no itemized deductions.   To calculate Elle's tax percentage: Calculate net business income = Business income - Business expenses Add in any other income. In this case, Elle does not have any but this is where you would add in other job income, spousal income, rental property income, etc. Subtract adjustments to get AGI (Adjusted Gross Income) = Net business income - Adjustments Elle does not have any itemized deductions which means she will only deduct her standard deduction ($12,200) in order to get her Taxable Income. = AGI - Standard Deduction To calculate her income tax, she is in the very first income tax bracket. We calculate 10% of her Taxable Income. This is her Federal Income Tax. We calculate Self-Employment Tax as 15.3% of her Business Profit. Add your Federal Income Tax and Your Self-Employment Tax together and that is your total Federal Tax Percentage.   To check your answer listen to this episode of the podcast where we break down the calculation.   Now, the question is do we actually have to be paying taxes on a quarterly basis? The answer is that you need to save the money for your tax bill, even if you don't need to pay in quarterly installments. Since you are saving the money anyway you might as well pay it. No one wants to owe a lot of money or risk being fined at the end of the year.   It's important to estimate the tax you owe. Use the example we just used for Elle and set that percentage aside for all your business income and then we take the total amount you set aside that quarter and pay that.   Calculate your own percentage, come up with a comprehensive cash flow system to save the taxes along with paying your business expenses and yourself. To help you out I have a quarterly tax estimation guide. Available in my Facebook group.  

How did Tyrone go from working in construction to becoming the Self Employment Tax Guy, well in this interview we get a chance to hear the story as well as talk about some very important tax topics that every business owner needs to be aware of, check out the full interview to hear all the great insights from Tyronne's story.---If this is your first time tuning in, we encourage you to subscribe to the show so you can hear all the other insightful episodes that we have coming up in the next few weeks.---If you like what you've been hearing on this podcast, we invite you to go to wherever you're listening to this episode and leave us a comment or review. Tell me what you love about this episode! Or better yet, tell me what you want to hear more of in the future.---You can find all of the information about this episode and the show at: www.businesstalklibrary.com/thefinanceandaccountingshow---“If you want to learn more about finance and accounting as it related to business, check out our courses at the Business Talk Library university:https://btl.thinkific.com/

Let’s talk about money! In this episode, we’re talking with Garrick Foy of Red Rock Tax.Garrick has seen a lot of companies in his work as a tax strategist, consultant, and accountant. He’s dealt with companies of all sizes and helps them manage the ONE constant between them all… CASHFLOW. He’s had a TON of opportunity to see the inner workings of companies of all different shapes and sizes and most importantly, he knows why things DON’T work. So today we’re talking finance, cash planning, tax strategy, and, SURPRISINGLY — team building. ---This show is produced by Strides Development, a full-service app development agency. We specialize in taking your ideas and turning them into a finished app in only a few months. If you have an app you’re building, we would love to talk to you. You can schedule your free strategy call by clicking here.Make sure you’re following Strides on Instagram and Linkedin. 

Being your own boss can be rewarding, but missing tax deadlines or paying the wrong amount can lead to expensive penalties. Find out what solopreneurs and small businesses need to know about the self-employment (SE) tax and how to stay compliant. Read the transcript. Check out all the Quick and Dirty Tips shows. Subscribe to the newsletter for regular updates. Join the conversation on Facebook and Twitter. Links: https://www.quickanddirtytips.com/money-finance/taxes/what-is-the-self-employment-tax https://www.quickanddirtytips.com/podcasts https://www.quickanddirtytips.com/subscribe https://www.facebook.com/MoneyGirlQDT https://twitter.com/LauraAdams

On this episode of Hot Topic Accounting, Darren and Luke discuss the differences in tax liability between a 'W2 employee' and a self-employed individual. They also share some tips and tricks on how to be more prepared come tax filing season!

#24: Whether you retire early, take a sabbatical, or just take vacay, when you travel abroad there’s often multiple great opportunities to turbocharge your 4×4 FIRE framework “save” pillar.One: overseas destinations often have lower cost of living compared to home, so you save on daily spend.Two: when booking overseas flights, you can often arbitrage your miles & point redemptions for outsized value (we covered some juicy strategies in Episode 17).Today, we deep dive on a third way: hacking your expat taxes.In this week’s podcast, I talk with expat tax CPA (US) Grace Taylor about how to be strategic with tax optimization as an expat.What you’ll learn: Key tax issues affecting expats – whether you’re a company employee, digital nomad, or early retireeHow the foreign earned income exclusion worksHow state residency rules interact with expat tax strategies (and how to optimize)For digital nomads: strategies for using an LLC/S-Corp to optimize taxesKey rules re: foreign tax creditsHave you ever filed taxes as an expat? Was your tax bill lower vs. non-expat years? What other questions about expat taxes and FEIE do you want answered? Let me know by leaving a comment.Don't miss an episode, hit that subscribe button...If you liked this episode, be sure to subscribe so you don’t miss any upcoming episodes!Apple PodcastsSpotifyGoogle PodcastsStitcherI need your help, please leave a listener review :)If you liked this episode, would you please leave a quick review on Apple Podcasts? It’d mean the world to me and your review also helps others find my podcast, too!Links mentioned in this episode:Gracefully ExpatHYW private Facebook communityIntro/Outro: Old Bossa by Twin Musicom.

You're self-employed for this purpose if you're a sole proprietor (including an independent contractor), a partner in a partnership (including a member of a multi-member limited liability company (LLC) that is treated as a partnership for federal tax purposes) or are otherwise in business for yourself. The term sole proprietor also includes the member of a single member LLC that's disregarded for federal income tax purposes and a member of a qualified joint venture. You usually must pay self-employment tax if you had net earnings from self-employment of $400 or more. Generally, the amount subject to self-employment tax is 92.35% of your net earnings from self-employment. You calculate net earnings by subtracting ordinary and necessary trade or business expenses from the gross income you derived from your trade or business. You can be liable for paying self-employment tax even if you currently receive social security benefits. The law sets a maximum amount of net earnings subject to the social security tax. This amount changes annually. All of your net earnings are subject to the Medicare tax. Optional Methods Church Employee Self-Employment Tax Rate Additional Medicare Tax Reporting Self-Employment tax www.fender-tax.com

Business owners pay two levels of tax: The income tax and the self-employment tax. In this podcast, find out more about the self-employment tax, as well as some options that might help to reduce the amount of self-employment tax paid.

Social Security and Medicare, the federal and state income taxation of Social Security, the ability of dependents to receive those benefits, self-employment tax and more in this podcast. The American College of Trust and Estate Counsel, ACTEC, is a professional society of peer-elected trust and estate lawyers in the United States and around the globe. This series offers professionals best practice advice, insights and commentary on subjects that affect the profession and clients. Learn more in this podcast.

Dr. Friday 0:00 Good day. I’m Dr. Friday, president of Dr. Friday Tax and Financial firm. To get more info go to www.drfriday.com. This is a one minute moment. Keep in mind if you’re in a partnership that owns a single member, LLC, that you must pay self-employment tax. Remember single-member LLC or basically sole proprietorship, this means one person falls on your individual tax return and you have to pay self-employment tax on all earnings. Many times in partnerships or limited liability companies, there are ways of deferring that self-employment tax. But if you are the owner of a partnership and then you own a single-member LLC within it, you just put yourself back on the block for self-employment tax. Understand the tax laws by calling me 615-367-0819. Announcer 0:52 You can catch the Dr. Friday Call-In Show live every Saturday afternoon from 2 pm to 3 pm right here on 99.7 WTN.

If the thought of figuring out how to pay income tax on your small business income is making you anxious or sweaty, don’t worry. I’m here to help. Today’s episode is the second in a series on the basics of paying taxes on small business income. In this week’s episode, I am going to cover four basic things every partner needs to know about paying federal income tax on partnership income.For resources mentioned in this episode, be sure to check out the show notes at: www.catherinefairweather.com/004

If the thought of figuring out how to pay income tax on your small business income is making you anxious or sweaty, don’t worry. I’m here to help. Today’s episode is the first in a series on the basics of paying taxes on small business income. In this week’s episode, I am going to cover three basic things every sole proprietor needs to know about paying federal income tax on sole proprietorship income.For resources mentioned in this episode, be sure to check out the show notes at: www.catherinefairweather.com/003

August 22, 2019 - Self Employment Tax

How is self-employment tax calculated? - Most W2 employees don’t realize that their employer matches the 7.65% withheld from their paychecks. As I mentioned earlier, we are all required to pay 15.3% of our gross income into Medicare and social security. W2 employees only pay half of the 15.3% while their employer pays the other half, for a grand total of 15.3%. For those of us that are self-employed, we do not have an employer to pay half of our Medicare and social security payments, therefore, we are required to pay the entire 15.3% ourselves. Find out how self-employment tax is calculated and everything else you need to know.

Lynn Nichols Federal Tax Update Podcast March, 07 2019, Episode 33 Listen as Lynn Nichols provides commentary on 8 Items pertaining to current developments in U.S. tax law. This week’s topics include: Organization Is Denied Tax-Exempt Status The IRS denied tax-exempt status to an organization formed to develop programs to enrich and uplift the socio-economic well-being of its members, concluding that its organizing document doesn’t limit the organization to charitable purposes and its activities consist of serving the private interests of its members. [LTR 201904015; 11/1/2018, rel. 2/25/2019]   Medical Corporation Denied Exempt Status The IRS denied tax-exempt status to a professional corporation formed by a public charity for the business purpose of practicing medicine, concluding that it was not organized for one or more exempt purposes. [LTR 20190401; 10/31/2018, rel. 2/25/2019]   Supreme Court Says No to 3 Tax Challenges The Supreme Court recently rejected petitions challenging excise taxes, the IRS’s use of John Doe summonses, and deductions denied for horse-related activities. [Tax Notes Today; 2/26/2019, Article by Patrice Gay]   Court Holds Estate Beneficiaries Liable for Unpaid Estate Tax A U.S. district court, granting the government summary judgment, held that beneficiary family members are liable for an estate’s unpaid tax liability because the undisputed facts show that each individual received property includable in the gross estate and that the federal estate tax was not paid when due. [U. S. v. Donna Ringling et al.; USDC SD S Div., No. 4:17-CV-04006, 2/21/2019]   IRS Releases Revised Audit Technique Guide on Foreclosures, Debt Cancellation The IRS has revised an earlier audit technique guide for examining cases involving real estate foreclosures and cancellation of debt income. [Real Estate Property Foreclosure and Cancellation of Debt Audit Technique Guide, 2/22/2019, Revising 3/11/2015]   Application and Sequence: Limiting Business Loss and Interest Richard Joslin explains how the new business loss and interest expense imitations work in tandem and affect other code provisions. [Tax Notes Today; 2/27/2019, Article by Richard Joslin]   Fact Sheet Outlines TCJA Changes Affecting Individuals and Families The IRS has released a fact sheet (FS-2019-2) outlining changes made by the Tax Cuts and Jobs Act, including changes affecting small business taxpayers and changes to withholding, deductions, benefits for dependents, the alternative minimum tax, and retirement plans. [FS-2019-2; 2/26/2019,   IRS Releases Practice Unit on Self-Employment Tax and Partners The IRS released a practice unit on when an individual partner’s distributive share of income is subject to self-employment tax, noting that the unit applies to all arrangements that are treated as partnerships for federal tax purposes. [PST/C/366_01_01-01; 26 Page Slide Show]

By far the biggest surprise that small business owners and entrepreneurs run into when they first make money is Self-Employment Tax. While most people understand they must pay Federal and State taxes on their self/employed income few realize, until it happens to them the first time, that self-employment tax will cost them approximately 14% of their earnings.

In episode 128 of Financially Simple, Justin goes over the numerous taxes that Business Owners can face. Nothing can be said to be certain except death and taxes, and in the case of a business, a lot of taxes. Justin lists and explains the most common Business Taxes that can apply depending on the type of industry and location of your business. Don't forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening! ARTICLE TRANSCRIPT: BLOG: "Missing" Taxes Checklist for Small Business Owners   TIME INDEX: 00:26 - The 11 Different Taxes a Small Business Owner Could Pay 01:47 - Income Taxes 04:15 - Estimate Tax 04:50 - Sales Tax on Products and Services Sold 05:32 - Property Tax on Business Property 05:52 - Excise Taxes on Use and Consumption 06:14 - Self-Employment Tax on the Owner's Share of Business Income 08:01 - Employment or Payroll Taxes 09:57 - Gross Receipt Tax on Businesses 10:29 - Franchise Taxes 10:59 - Sales Tax 12:04 - Real Estate Taxes 12:18 - (12) Professional Privilege Tax 12:37 - Wrap Up   USEFUL LINKS: Financially Simple Financially Simple on YouTube Financially Simple on Facebook Financially Simple on Twitter Income Taxes Net Income vs Profit Sales Tax on Products and Services Common Questions on Sales Tax Business Property Tax Excise Taxes Self-Employment Tax Employment Taxes Gross Receipts Tax Franchise Taxes State Tax Refunds ________ BIO: Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute's Exit Planner Leader of the Year.DISCLOSURES:This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast's guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast's hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances. Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board's initial and ongoing certification requirements.   Advisors who wished to be ranked in Investopedia's Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers.  Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy.  Neither performance nor client experience, however, were considered.  No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia's Top 100 Financial Advisors List.   The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.   This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.

In this podcast, attorney Ted McGinn was joined by Ben Soldinger, CPA and Partner at LJ Soldinger Associates. They discussed year-end tax planning and provided tips and strategies from both tax law and financial planning perspectives.

This Podcast Is Episode Number 0229, And It Will Be About Secret To Highly Profitable Contractor Is The Construction Accountant   Contractors Need Help Understanding Role of Accountants Contractors should have two primary accountants. One is the Tax Accountant the other is your Construction Accountant. Tax Accountant who does the Annual tax return for your business and your personal tax return. These are two of the Five Board Of Advisors Successful Highly Profitable Contractors Use To Operate And Grow Their Contracting Company Cash Flow And Profits. Why You Need A Tax Accountant? It is the role of the Tax Accountant to Roll Your Numbers up into a tax return. The first (2) pages of your annual tax return is a summary of all the pages, worksheets that follow. Everything must roll up to those two pages. That means that you could have multiple numbers from multiple pages that might go on a single line. The Tax Accountant manages those numbers. Remember when you were single and could use the EZ form? Then you got married and maybe were still able to file using the EZ form. Add buying a house, and having children and things got a little more complicated.   Now you are a business owner. You owe more taxes. The bottom line is that every missed personal deduction; every missed business expense costs you money.        The Tax Accountant takes all of the summary numbers from your business return (the 1120s – S-Corp) and put them in the appropriate places on your personal return. If you are a Sole Proprietor or an LLC that is taxed as a Sole Proprietor than a Schedule C is part of your personal tax return. When you are a Sole Proprietor or an LLC that is taxed as a Sole Proprietor, you will have the additional taxes in the form of Self Employment Taxes. Self-Employment Taxes are payroll taxes on your net profit. Self-Employment Tax is a separate tax from your Federal Income Taxes. You could owe “No Federal Tax” after all of your personal deductions are applied but still owe Self Employment Tax. It is a Different Line. The Tax Accountant has one goal – Roll all the numbers up (no matter how many pages it takes) to find the answer to How Much Do You The Contractor Owe In Taxes? Taxes from one year impacts the Estimated Taxes Due The Following Year. The IRS has an expectation you will do equal to or better than the previous year and need to pay Estimated Taxes accordingly. Sharie’s Nickname for Self-Employment Tax is “sneaker tax” Almost every Contractor knows how much their Federal Income Tax Rate is and can project about what the tax owed is. The Self Employment Tax is often a forgotten tax and comes as HUGE Surprise (unlike Christmas morning – it is not a fun surprise when you owe money instead of getting a refund to something fun). Based on the tidiness of your paperwork how easy it is for the Tax Accountant to do their job. The last thing any Tax Accountant knows about let alone wants to show their lack of understanding about what you do is to talk about is your job costing, job profitability reports or anything else related to your numbers. Why You Need A Construction Accountant? Now let’s chat about what should be the Other Accountant in your life.  We are Construction Accountants, and our role with your numbers is exactly the opposite of the Tax Accountant. QuickBooks is designed to serve a dual function. Roll up the numbers for the Tax Accountant.  Be able to drill down on any number or group of numbers to give the Tax Accountant the answers needed to be able to take every deduction allowed. The more important part of a Construction Accountant is making the numbers so you The Contractor can see quickly see the numbers in a way that makes sense to you.  The answers are in QuickBooks. The good (money in), the bad (money out), the ugly (maybe more unpaid bills are left over than cash in the bank) Many contractors run their accounting software like an “overgrown checkbook, ” and this method does get most of everything the tax accountant needs to file the annual taxes. What The Checkbook And Shoebox Method Doesn’t Tell You: Did you remember to bill all your clients? Did you remember to bill for the change order? Are you sure someone isn’t using your wholesale account? Are you sure someone isn’t using your equipment after hours? Are you sure your employees are on the job when they say they are?   Are you sure someone isn’t driving your company vehicle two states away on the weekend? If you are unable to track who you billed, then how do you know if you have collected from them? There are many online invoice programs and some really inexpensive accounting programs. Contractors call me every day and say; “I chose this program to get me by” and now I am ready to learn more about my business so I can make better decisions to grow.   States that allowed 1099 Contractors are now enforcing the rules about employees. Many Worker’s Comp Programs want details about Subcontractors including Certificate of Insurance Sales Tax is happening in more states. In Washington, not Collecting and Remitting Sales Tax is by exception. Add in Sales Tax being destination based and needs to be tracked by the city, town, county across the entire state. And yes, the individual cities may vote to increase their sales tax rates during the year. Taxes are one of the reasons to track more; be aware of more is a way of life to Construction Contractors. If a Contractor focused on doing everything about their paperwork perfectly 100% of the time the paperwork would take all of their time. – And the jobs would Never Get Done! Professional Construction Accounting Helps Contractors Make Every Neighborhood A Better Place To Live. As Construction Accountants, We Focus On What You Need To Run Your Business Better. Looking forward to getting started. About The Author: Sharie DeHart, QPA is the co-founder of Business Consulting And Accounting in Lynnwood Washington. She is the leading expert in managing outsourced construction bookkeeping and accounting services companies and cash management accounting for small construction companies across the USA. She encourages Contractors and Construction Company Owners to stay current on their tax obligations and offers insights on how to manage the remaining cash flow to operate and grow their construction company sales and profits so they can put more money in the bank. http://www.fasteasyaccounting.com/sharie-dehart/ 206-361-3950 or sharie@fasteasyaccounting.com  I trust this podcast helps you understand that outsourcing your contractor's bookkeeping services to us is about more than just “doing the bookkeeping”; it is about taking a holistic approach to your entire construction company and helping support you as a contractor and as a person. We Remove Contractor's Unique Paperwork Frustrations We understand the good, bad and the ugly about owning and operating construction companies because we have had several of them and we sincerely care about you and your construction company! That is all I have for now, and if you have listened to this far please do me the honor of commenting and rating podcast www.FastEasyAccounting.com/podcast Tell me what you liked, did not like, tell it as you see it because your feedback is crucial and I thank you in advance. You Deserve To Be Wealthy Because You Bring Value To Other People's Lives! I trust this will be of value to you and your feedback is always welcome at www.FastEasyAccounting.com/podcast This Is One more example of how Fast Easy Accounting is helping construction company owners across the USA including Alaska and Hawaii put more money in the bank to operate and grow your construction company. Construction accounting is not rocket science; it is a lot harder than that, and a lot more valuable to construction contractors like you so stop missing out and call Sharie 206-361-3950 or email sharie@fasteasyaccounting.com Contractor Bookkeeping Done For You! Thinking About Outsourcing Your Contractors Bookkeeping Services? Click On The Link Below: www.FastEasyAccounting.com/hs This guide will help you learn what to look for in outsourced construction accounting. Need Help Now? Call Sharie 206-361-3950 sharie@fasteasyaccounting.com   Thank you very much, and I hope you understand we do care about you and all contractors regardless of whether or not you ever hire our services. Bye for now until our next episode here on the Contractors Success MAP Podcast. Enjoy your day.     Sharie About The Author: https://www.fasteasyaccounting.com/free-one-hour-consultation-bookkeeping Sharie DeHart, QPA is the co-founder of Business Consulting And Accounting in Lynnwood Washington. She is the leading expert in managing outsourced construction bookkeeping and accounting services companies and cash management accounting for small construction companies across the USA. She encourages Contractors and Construction Company Owners to stay current on their tax obligations and offers insights on how to manage the remaining cash flow to operate and grow their construction company sales and profits so they can put more money in the bank. http://www.fasteasyaccounting.com/sharie-dehart/ 206-361-3950 or sharie@fasteasyaccounting.com Our Workflow Removes Your Paperwork Frustrations For Contractors Who Prefer To Do Your Bookkeeping Fast Easy Accounting Do-It-Yourself Construction Accounting Store Is Open Most Contractors Setup QuickBooks Desktop Version In One Of Three Ways: #1 EZ Step Interview inside QuickBooks Setup #2 Asked Their Tax Accountant To Setup QuickBooks #3 They Attended A How To Setup QuickBooks Class Or Seminar And QuickBooks Does Not Work The Way They Want It Too! The Answer: #1 Click Here To Buy An Entire QuickBooks Setup For Your Specific Contracting Company #2 Click Here To Buy Just The Chart Of Accounts For Your Specific Contracting Company   Short List Of Construction Contractors We Serve Asphalt ContractorAsphalt Contractor Brand New ContractorBrand New ContractorBrick And Stone ContractorBrick And Stone ContractorCabinet Installation ContractorCabinet Installation ContractorCarpentry ContractorCarpentry ContractorCarpet And Tile ContractorCarpet And Tile ContractorCommercial Tenant Improvement ContractorCommercial Tenant Improvement ContractorConcrete ContractorConcrete ContractorConstruction EmployeesConstruction EmployeesConstruction ManagerConstruction ManagerConstruction Support SpecialistConstruction Support SpecialistCustom Deck ContractorCustom Deck ContractorCustom Home BuilderCustom Home BuilderDemolition ContractorDemolition ContractorDrywall ContractorDrywall ContractorElectrical ContractorElectrical ContractorEmerging ContractorEmerging ContractorExcavation ContractorExcavation ContractorFinish Millwork ContractorFinish Millwork ContractorFlipper House ContractorFlipper House ContractorFlooring ContractorFlooring ContractorFoundation ContractorFoundation ContractorFraming ContractorFraming ContractorGeneral ContractorGeneral ContractorGlass Installation ContractorGlass Installation ContractorGutter ContractorGutter ContractorHandyman ContractorHandyman ContractorHot Tub ContractorHot Tub ContractorHVAC ContractorHVAC ContractorInsulation ContractorInsulation ContractorInterior Designer ContractorInterior Designer ContractorLand Development ContractorLand Development ContractorLandscape ContractorLandscape ContractorLawn And Yard Maintenance ContractorLawn And Yard Maintenance ContractorMasonry ContractorMasonry ContractorMold Remediation ContractorMold Remediation ContractorMoss Removal ContractorMoss Removal ContractorPainting ContractorPainting ContractorPlaster ContractorPlaster ContractorPlaster And Stucco ContractorPlaster And Stucco ContractorPlumbing ContractorPlumbing ContractorPressure Washing ContractorPressure Washing ContractorRemodel ContractorRemodel ContractorRenovation ContractorRenovation ContractorRestoration ContractorRestoration ContractorRoofing ContractorRoofing ContractorSiding ContractorSiding ContractorSpec Home BuilderSpec Home BuilderSpecialty ContractorSpecialty ContractorStone Mason ContractorStone Mason ContractorStucco ContractorStucco ContractorSubcontractorSubcontractorSwimming Pool ContractorSwimming Pool ContractorSwimming Pool And Hot Tub ContractorSwimming Pool And Hot Tub ContractorTile And Carpet ContractorTile And Carpet ContractorTrade ContractorTrade ContractorTree ContractorTree ContractorUnderground ContractorUnderground ContractorUtility ContractorUtility ContractorWaterproofing ContractorWaterproofing ContractorWindow ContractorWindow Contractor Additional QuickBooks Templates, Resources, And Services QuickBooks Set Up TemplatesSolopreneurQuickBooks Chart Of AccountsFree StuffQuickBooks Item Lists TemplatesConsulting We Serve Over 100 Types Of Contractors So If Your Type Of Company Is Not Listed Please Do Not Be Concerned Because If You Are A Contractor There Is A Good Chance We Can Help You! Call Now: 206-361-3950   Additional QuickBooks Templates, Resources, And Services QuickBooks Set Up Templates   Solopreneur QuickBooks Chart Of Accounts     Free Stuff QuickBooks Item Lists Templates     Consulting   We Serve Over 100 Types Of Contractors So If Your Type Of Company Is Not Listed Please Do Not Be Concerned Because If You Are A Contractor There Is A Good Chance We Can Help You! Call Now: 206-361-3950 If you are a blogger, who writes about construction we would like to hear from you. https://www.fasteasyaccounting.com/guestblogger                                                                             Contractors_Success_MAP, Contractors_Success_Marketing_Accounting_Production, Contractor_Bookkeeping_Services, QuickBooks_For_Contractors, QuickBooks_For_Contractors,Contractors_Success_Map_Secret_To_Highly_Profitable_Contractor_The_Construction_Accountan

On today's episode, Bobby Casey the managing director of Global Wealth Protection, is our guest. Bobby calls in from Latvia where he has been based for the past six years and we get into a great chat about why he chose that part of the world. There are some really great benefits about living in Latvia, and Bobby shares why he loves it.   Global Wealth Protection helps people with their residencies, offshore banking and incorporation abroad.  Bobby shares how important it is to manage your taxes, corporations, and business abroad to avoid unnecessary taxes and costs while living overseas. 01:35: Digital Nomads Today and Who They Are 03:25: Latvia and Why You Might Want to Consider It 07:56: How Affordable is Europe? 08:46: Comparing Living Expenses Inside the U.S. vs Outside the U.S. 10:52: Global Wealth Protection 14:53: Time Outside the U.S. Needed to Incorporate and Avoid Taxes 20:55: Countries with Great Tax Advantages for Digital Nomads and Location Independent-Entrepreneurs 22:54: What is a Global IRA and Why You Should Consider One 28:50: What it Takes to Build a 7-Figure Location Independent Business Honorable Mentions: IRS Form 2555 Physical Presence Test Bona Fide Residency Test Numbio.com Jet Blue Contact Info: https://globalwealthprotection.com/ Subscribe to our podcast on iTunes https://itunes.apple.com/us/podcast/entrepreneur-house-live-in/id1069958541?mt=2

This Podcast Is Episode Number 0181 And It Will Be About Annual Taxes and Job Costing from the view of The Contractor The first question is why doesn’t the tax accountant help me with Job Costing? The reason is they are Tax Accountants, not Construction Accountants. If you say "I want to go to ONE Place to all my answers. Have a dedicated person be available whenever I call." You are not likely to find what you are looking for because someone with those skills will cost you several hundred dollars an hour. Maybe you think they are The Accountants and they should know the answers. They are just keeping it a secret. Maybe they don’t know what they are doing, and I need to get a new tax accountant. My Advice is Stop, take a deep breath. Is your tax accountant doing a good job with your annual taxes? If the answer is YES. Please keep them, they are doing what they are supposed to do. Annual taxes is like a job site at the end of the project. The Tax Accountant has a “Punch List” with loose ends everywhere, final cleanup of the job site needs to be done everywhere. Think of it as a Residential Project with the Homeowner living there. Everything needs to be gently picked up, clean up, tidied up and look way better than before you came (or better yet; nicer than when the house was brand new) The same thing applies to your taxes. All the numbers are placed on your tax return in a specific order. Think Proposals which can be a summary of what you are doing. Detailed Estimate is the nuts and bolts with subtotals. Nuts and bolts are part of job costing reports, subtotals and totals move to the tax return. Not all of the items you spent money on are actual tax deductions. The tax accountant must be up to date on the latest changes made by Congress and implemented by the Internal Revenue Service. Remember a few years ago when Congress made changes went they met in January. Then next the Internal Revenue Service had to determine how those changes applied to the individual pages on the tax return. Those changes then had to be sent to the software engineers to update all of the tax software. The rule is the first two pages of the annual 1040 are the summary of your, mine and everyone else’s tax return. The balance of the many pages of your tax return is supporting documents and worksheets. Congress in a single bill can make decisions that are for the current year (today), future years (tomorrow), and yesterday (as in the example of the year changes were made in January that impacted the prior year’s taxes).   Most tax accountants are “Generalists” which means they have every combination of family structure, with and without children, elderly parents, grown children that moved back home, and friends they are helping out. Do you have health insurance, a qualified plan, non-qualified, State-run plan, or hoping for the best and will pay the No Insurance penalty. Do you own your home, have a second home, RV or Travel Trailer that qualifies as a second home. What about IRA’s, 401k’s, changed jobs, someone was ill; had to or chose to take an early distribution. What is a tax deduction and What is Not a tax deduction? Now add a business to the mix. Is the business a Sole Proprietor, LLC, Sub-Chapter S-Corp, C-Corp, Partnership. Did you take a payroll, Loans to Owner, Loans to Members, Loans to Shareholder (makes a difference when preparing the tax return? If you are a Sole Prop, LLC being treated as a Sole Prop or a Partnership, then there is an additional form “Self-Employment Tax” which leads to paying quarterly estimated taxes Quarterly to the Internal Revenue Service. Your Tax returns of today with a business are many pages long; gone are the days of the Easy File. They were the “Good Old Days” when you had a W-2 job, no house, and no to a zillion and one other questions that lead to a tax deduction. Every missing receipt could be a loss of a tax deduction.   Asking your tax accountant to focus on the details of your business is just TOO Much. By the time your information gets to the tax accountant; their focus is working on “The Punch List” starting first with the business tax return or Schedule C of your 1040 (looking for totals or several totals that are added together). Finally moving the numbers to the proper forms in order to save you money on your taxes.  Job Costing and job profitability is a question about details and good record keeping on the part of the contractor. A wife, spouse, partner, friend with the help of a construction accountant provide job costing reports. Without the proper tools, it is a frustrating activity for everyone involved. The contractor, if you don’t know what job you are on and unable to unwilling to slow down long enough to put a job name on the receipt. Then expecting others in your life to be able to EASILY (anything can be done) figure out the job costing with limited information is unreasonable. So when the tax accountant tries to keep their expression blank, without rolling their eyes and gently fobs off you, your wife, spouse, partner, friend off; they think they have it easy.  Tax accountant rolls the numbers all up. (Think subtotals on a proposal) Did the company make a profit Yes or No; determine your depreciation, review your travel, meals and entertainment, other misc. items. Move the numbers over to the personal side (1040 Return) which can also be messy. Complete your return. Thank you for coming in. Send you back to your Construction Accountant for more job costing details. Hoping you have a better year and a little cleaner, tidier records the next time you meet. I trust this podcast helps you understand that outsourcing your contractors bookkeeping services to us is about more than just “doing the bookkeeping”; it is about taking holistic approach to your entire construction company and helping support you as a contractor and as a person. We Remove Contractor's Unique Paperwork Frustrations We understand the good, bad and the ugly about owning and operating construction companies because we have had several of them and we sincerely care about you and your construction company! That is all I have for now and if you have listened this far please do me the honor of commenting and rating podcast www.FastEasyAccounting.com/podcast Tell me what you liked, did not like, tell it as you see it because your feedback is crucial and I thank you in advance. You Deserve To Be Wealthy, Because You Bring Value To Other People's Lives! I trust this will be of value to you and your feedback is always welcome at www.FastEasyAccounting.com/podcast This is one more example of how Fast Easy Accounting is helping construction company owners across the USA including Alaska and Hawaii put more money in the bank to operate and grow your construction company. Construction accounting is not rocket science; it is a lot harder than that and a lot more valuable to construction contractors like you so stop missing out and call Sharie 206-361-3950 or email sharie@fasteasyaccounting.com Thinking About Outsourcing Your Contractors Bookkeeping Services? Click On The Link Below: www.FastEasyAccounting.com/hs This guide will help you learn what to look for in outsourced construction accounting. Need Help Now? Call Sharie 206-361-3950 sharie@fasteasyaccounting.com Thank you very much and I hope you understand we really do care about you and all contractors regardless of whether or not you ever hire our services. Bye for now until our next episode here on the Contractors Success MAP Podcast. Warm Regards, Randal DeHart | Contractors Accountant Our Workflow Removes Your Paperwork Frustrations                               Contractors_Success_MAP, Contractors_Success_Marketing_Accounting_Production, Contractor_Bookkeeping_Services, QuickBooks_For_Contractors, QuickBooks_For_Contractors,Contractors_Success_Map__Annual_Taxes_and_Job_Costing_from_the_view_of_The_Contractor

This Podcast Is Episode Number 0180 And It Will Be About Annual Taxes And Job Costing From The View Of The Wife Of A Contractor The First Question You May Ask Yourself Is Why Doesn’t My Tax Accountant Help Me With Job Costing? They are Tax Accountants, not Construction Accountants and may not know the answers. You may think they are just keeping it a secret. Sometimes you may think they don’t know what they are doing, and maybe I need to get a new tax accountant. My Advice is Stop, take a deep breath. Is your tax accountant doing a good job with your annual taxes? If the answer is YES. Please keep them, they are doing what they are supposed to do. Annual taxes is like the game of “Pick Up Sticks” Details are everywhere, and all need to be gently picked up and placed on your tax return in a specific order. Not all of the items on the table are actual tax deductions. Your tax accountant must be up to date on the latest changes made by Congress and implemented by the Internal Revenue Service. Remember a few years ago when Congress made changes went they met in January. Then next the Internal Revenue Service had to determine how those changes applied to the individual pages on the tax return. Those changes then had to be sent to the software engineers to update all of the tax software. The rule is the first two pages of the annual 1040 are the summary of your tax return. The balance of the pages is supporting documents and worksheets. Congress in a single bill can make decisions that are for the current year (today), future years (tomorrow), and yesterday (as in the example of the year changes were made in January that impacted the prior year’s taxes). Most tax accountants are “Generalists” which means they have every combination of family structure, with and without children, elderly parents, grown children that moved back home, and friends they are helping out. Do you have health insurance, a qualified plan, non-qualified, State-run plan, or hoping for the best and will pay the No Insurance penalty.  Do you own your home, have a second home, RV or Travel Trailer that qualifies as a second home. What about IRA’s, 401k’s, changed jobs, someone was ill; had to or chose to take an early distribution. What is a tax deduction and What is Not a tax deduction? Now add your Construction Company to the mix. Is the business a Sole Proprietor, LLC, Sub-Chapter S-Corp, C-Corp, Partnership. Did you take a payroll, Loans to Owner, Loans to Members, Loans to Shareholder (makes a difference when preparing the tax return?  If you are a Sole Prop, LLC being treated as a Sole Prop or a Partnership, then there is an additional form “Self-Employment Tax” which leads to paying quarterly estimated taxes Quarterly to the Internal Revenue Service. Tax returns are many pages long; gone are the days of the Easy File. They were the “Good Old Days” when you had a W-2 job, no house, and no to a zillion and one other questions. Asking your tax accountant to focus on the details of your business is just TOO Much. By the time your information gets to the tax accountant; their focus in on picking up all the pickup sticks and put them in the proper order to save you money on your taxes. Job Costing and job profitability is a question about details and good record keeping on the part of the contractor. A wife, spouse, partner, friend with the help of a construction accountant provide Job Costing reports. Without the proper tools, it is a frustrating activity for everyone involved. The contractor, if you don’t know what job you are on and unable to unwilling to slow down long enough to put a job name on the receipt. Then expecting your others in your life to be able to EASILY (anything can be done) figure out the Job Costing with limited information is unreasonable.  CONCLUSION: So when the tax accountant tries to keep their expression blank, without rolling their eyes, and gently fobs off your wife, spouse, partner, friend off; they think they have it easy. Tax accountant rolls the numbers all up. Did you make a profit, Yes or No; determine your depreciation, review your travel, meals and entertainment, other misc. items. Move the numbers over to the personal side which can be much messy. Complete your return and thank you for coming in. The smart Tax Preparers send you back to your Construction Accountant for more Job Costing details. Hoping you have a better year and a little cleaner, tidier records the next time you meet. I trust this podcast helps you understand that outsourcing your contractors bookkeeping services to us is about more than just “doing the bookkeeping”; it is about taking holistic approach to your entire construction company and helping support you as a contractor and as a person. We Remove Contractor's Unique Paperwork Frustrations We understand the good, bad and the ugly about owning and operating construction companies because we have had several of them and we sincerely care about you and your construction company! That is all I have for now and if you have listened this far please do me the honor of commenting and rating podcast www.FastEasyAccounting.com/podcast Tell me what you liked, did not like, tell it as you see it because your feedback is crucial and I thank you in advance. You Deserve To Be Wealthy, Because You Bring Value To Other People's Lives! I trust this will be of value to you and your feedback is always welcome at www.FastEasyAccounting.com/podcast This is one more example of how Fast Easy Accounting is helping construction company owners across the USA including Alaska and Hawaii put more money in the bank to operate and grow your construction company. Construction accounting is not rocket science; it is a lot harder than that and a lot more valuable to construction contractors like you so stop missing out and call Sharie 206-361-3950 or email sharie@fasteasyaccounting.com Thinking About Outsourcing Your Contractors Bookkeeping Services? Click On The Link Below: www.FastEasyAccounting.com/hs This guide will help you learn what to look for in outsourced construction accounting. Need Help Now? Call Sharie 206-361-3950 sharie@fasteasyaccounting.com Thank you very much and I hope you understand we really do care about you and all contractors regardless of whether or not you ever hire our services. Bye for now until our next episode here on the Contractors Success MAP Podcast. Warm Regards, Randal DeHart | Contractors Accountant Our Workflow Removes Your Paperwork Frustrations                                   Contractors_Success_MAP, Contractors_Success_Marketing_Accounting_Production, Contractor_Bookkeeping_Services, QuickBooks_For_Contractors, QuickBooks_For_Contractors,Contractors_Success_Map__Annual_Taxes_and_Job_Costing_from_the_view_of_the_Wife_of_a_Cont

What is Self-Employment tax and why you pay it? Business owners can't afford to miss this business podcast from the best business coach, Clay Clark. 

The Cloud Controller Inc AudioBlog, a blog designed to take the complexities out of small business finance. In this episode, we discuss an uncommon tax, the Self-Employment tax.

Working for yourself means you have to follow special self-employment tax rules. Get the Money Girl book at http://MoneyGirlBook.com

This week we follow the continuing saga of the self-employment tax and qualified joint venture that we've been following since the early part of this year.  This week we analyze CCA 200816030 issued by the IRS that outlines the "new improved" IRS position on self-employment tax and the Qualified Joint Venture election under §761(f).The materials for the podcast are available at http://www.edzollars.com/2008-04-28_SEandQJV.pdf .The podcast is sponsored by Leimberg Information Services, located at http://www.leimbergservices.com .

This PodCast follows the continuing saga of the self-employment tax and qualified joint venture. It analyzes CCA 200816030 issued by the IRS that outlines the "new improved" IRS position on self-employment tax and the Qualified Joint Venture election under "761(f).The materials for the podcast are available at http://www.edzollars.com/2008-04-28_SEandQJV.pdf . . This Podcast is sponsored by Leimberg Information Services, Inc. at http://www.leimbergservices.com Please visit our software, books, and PowerPoint Presentations site at http://www.leimberg.com

This PodCast follows the continuing saga of the self-employment tax and qualified joint venture. It analyzes CCA 200816030 issued by the IRS that outlines the "new improved" IRS position on self-employment tax and the Qualified Joint Venture election under "761(f).The materials for the podcast are available at http://www.edzollars.com/2008-04-28_SEandQJV.pdf . . This Podcast is sponsored by Leimberg Information Services, Inc. at http://www.leimbergservices.com Please visit our software, books, and PowerPoint Presentations site at http://www.leimberg.com

The self-employment tax is our topic for this week, specifically dealing with two topics.  We revisit an issue last visited in the early days of the podcast (back in June 2005) of the treatment of LLC members for self-employment tax purposes.  We look specifically at the case authorities we have (which are scant, and not terribly promising for LLC members), the IRS's proposed regulations that were controversial when issued, and what options exist for dealing with the issue today.As well, we revisit an issue raised in a February podcast, as the IRS unofficially "clarifies" their position on the self-employment tax treatment of Qualified Joint Ventures that is presented in the Form 1065 instructions and were discussed in the Tax Talk Today webcast and podcast from back in January.The materials can be downloaded at http://www.edzollars.com/2008-03-24_Self_Employment.pdf.The podcast is sponsored by Leimberg Information Systems, located at http://www.leimbergservices.com .

This PodCast pertains to Self-Employment tax issues. We look specifically at the case authorities we have (which are scant, and not terribly promising for LLC members), the IRS's proposed regulations that were controversial when issued, and what options exist for dealing with the issue today. We revisit an issue raised in a February podcast, as the IRS unofficially "clarifies" their position on the self-employment tax treatment of Qualified Joint Ventures that is presented in the Form 1065 instructions and were discussed in a podcast from back in January.The materials can be downloaded at http://www.edzollars.com/2008-03-24_Self_Employment.pdf. This Podcast is sponsored by Leimberg Information Services, Inc. at http://www.leimbergservices.com Please visit our software, books, and PowerPoint Presentations site at http://www.leimberg.com

This PodCast pertains to Self-Employment tax issues. We look specifically at the case authorities we have (which are scant, and not terribly promising for LLC members), the IRS's proposed regulations that were controversial when issued, and what options exist for dealing with the issue today. We revisit an issue raised in a February podcast, as the IRS unofficially "clarifies" their position on the self-employment tax treatment of Qualified Joint Ventures that is presented in the Form 1065 instructions and were discussed in a podcast from back in January.The materials can be downloaded at http://www.edzollars.com/2008-03-24_Self_Employment.pdf. This Podcast is sponsored by Leimberg Information Services, Inc. at http://www.leimbergservices.com Please visit our software, books, and PowerPoint Presentations site at http://www.leimberg.com

Updated discussion of self-employment matters to cover matters raised by posters to Yahoo Groups' taxupdate discussion group. The IRS poster referenced is at: http://www.irs.gov/pub/irs-pdf/p3204.pdf

Updated discussion of self-employment matters. The IRS poster referenced is at: http://www.irs.gov/pub/irs-pdf/p3204.pdf This Podcast sponsored by Leimberg Information Services, Inc. (LISI) at http://www.leimbergservices.com Please visit our software, books, and PowerPoint Presentations site at http://www.leimberg.com This Podcast is sponsored by Leimberg Information Services, Inc. at http://www.leimbergservices.com Please visit our software, books, and PowerPoint Presentations site at http://www.leimberg.com

The status of self-employment tax and limited liability companies. This a portion of a presented made at the Phoenix Tax Workshop. The materials for the full presentation, which also covers S are available.

The status of self-employment tax and limited liability companies. This a portion of a presented made at the Phoenix Tax Workshop. The materials for the full presentation, which also covers S are available. This Podcast is sponsored by Leimberg Information Services, Inc. at http://www.leimbergservices.com Please visit our software, books, and PowerPoint Presentations site at http://www.leimberg.com

The status of self-employment tax and limited liability companies. This a portion of a presented made at the Phoenix Tax Workshop. The materials for the full presentation, which also covers S are available. This Podcast is sponsored by Leimberg Information Services, Inc. at http://www.leimbergservices.com Please visit our software, books, and PowerPoint Presentations site at http://www.leimberg.com

The status of self-employment tax and limited liability companies. This a portion of a presented made at the Phoenix Tax Workshop. The materials for the full presentation, which also covers S are available. This Podcast is sponsored by Leimberg Information Services, Inc. at http://www.leimbergservices.com Please visit our software, books, and PowerPoint Presentations site at http://www.leimberg.com