1099 NEC is the tax forms issued and received for non employee compensation for independent contractors, sole proprietors, labor, and professional services and 1099s are a very important part of your tax obligations and understanding the ins and outs of these can be a bit tricky – so let's simplify things and clarify your understanding of 1099NECs so you have a clear understanding. #1099 #independentcontractor #llc #soleproprietor #californiabusiness
Please note that I am not a CPA, tax professional, nor attorney. This information is complied from the IRS resources shown on screen. Please contact a tax professional for all tax related questions.
0:00 100 Taxes Explained Intro
0:27 Why are 1099s necessary
0:55 2 different categories
1:10 Part 1 If you are RECEIVING money
1:15 How much earnings required to file a tax return
1:28 Do I still have to file if I don't receive a 1099?
1:48 Where do I claim my self employed income on my tax return?
2:22 Do I have to pay taxes on my self employed income?
2:28 What amount is a 1099 NEC issued for?
2:42 Employees vs Non Employees tax differences
3:30 What is self employment tax
3:58 How do you pay self employment tax
4:18 What is I don't receive a 1099
4:39 3 Different types of taxes
4:53 Plan for estimated income taxes
5:20 Part 2 If you are PAYING a worker
5:26 How much money requires a 1099
5:44 First you must collect form w9
6:30 Creating and Filing a 1099
7:16 Who does and does not receive a 1099

➡Get the FREE 2023 Ultimate Entrepreneur's Planner: https://business.ginnysilver.com/pl/2...
➡Get the FREE Business Startup Essentials Guide: https://business.ginnysilver.com/pl/2...
➡Get the FREE 13 Streams of Income That Earned Me Over $400,000/Year Guide: https://business.ginnysilver.com/pl/2...

INSTANT ACCESS tools that grow your business:

⭐Join the California Entrepreneur Collective for instant access to business templates, action plans, guides, live coaching, community, and more: https://business.ginnysilver.com/cali...

⭐The Entrepreneur's Toolkit Time saving profitability boosting tools every entrepreneur needs: https://business.ginnysilver.com/entr...

⭐The Course Creator's Toolkit – Everything you need to launch your online course: https://ginnysilver.mykajabi.com/reso...

⭐YouTube 30 Day Kickstarter Program – Kickstart your YouTube channel with this supercharged 30 day program with daily plans, tutorials and tools to approach your YouTube channel as a profitable business: https://ginnysilver.mykajabi.com/yout...

MustHave Business Tools
Please note that links to the websites below are for products and services I use, love, and trust. They are affiliate links which means I will receive a small commission when links are used to purchase an item.

KAJABI – 30 days FREE
Create your website, ecourses, mailing list, optins, podcast, and more
https://app.kajabi.com/r/QkdkQzLZ/t/c...

INCFILE Form your LLC for $0
https://shareasale.com/r.cfm?b=617326...

GUSTO – The best allinone payroll software to hire, pay, and stay compliant (get $100 with this link)
https://gusto.com/r/ginny8



DISCLAIMER:
Ginny Silver and Retrospect Images, LLC provides content to Youtube for entertainment purposes only. It is the responsibility of the viewer to verify all information as information may be inaccurate or outdated. Ginny Silver is not a CPA, attorney, insurance agent, lender, EDD or other government employee, or financial advisor and content in these videos shall not be construed as legal, financial, tax, government, or other advice. You are urged to contact a certified professional to help your individual needs.