Self Employed TAXES 2021 Explained & Self Employed TAX TIPS (tax return documents & checklist)

If you are interested in learning more about SELF EMPLOYED TAXES, the 15.3% Self Employment Tax, your Self Employed Tax Return (and Tax Return Documents), Self Employed Tax DEDUCTIONS, Self Employed Tax CREDITS, some of the best tax write offs for 2020, some awesome Self Employed Tax TIPS, a Tax Return Checklist...AND are self employed OR a Sole Proprietor, an Independent Contract, OR anyone that receives 1099 income then this video is for you! If you are a W-2 employee with a 1099 side hustle then you too can take advantage of some of these tax write offs for your 1099 income as well.

In this video we discuss many of the self employment tax deductions you should consider as someone who is Self Employed...such as...Vehicle Deductions (Section 179 & Standard Mileage Rate vs Actual Vehicle Expenses), Self Employed retirement account contributions, Business Meal Deductions, Rental Costs, Office expenses, & Health Savings Account contributions

Hope you enjoy the video and find a nugget or two of information to help you on your financial planning journey.

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OTHER VIDEOS YOU MAY LIKE
➡️ 10 Self Employed Tax DEDUCTIONS & Tax CREDITS: https://youtu.be/xz3N9wXPcxc
➡️ Sick & Family Leave TAX CREDIT: https://youtu.be/kjbpxMgL20w
➡️ Backdoor Roth IRA Conversion EXPLAINED: https://youtu.be/AYo1FmwW3GM
➡️ Roth IRA Conversions EXPLAINED: https://youtu.be/Hzq9bcFnY0Q
➡️ 2021 Tax Brackets & Retirement Limits: https://youtu.be/CUniy-FZ2sY
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Timestamps / Chapters:
0:00 - Intro
1:38 - Visualize Your Tax Return Documents
2:46 - W-2 Taxes vs Self Employed Taxes
3:33 - Self Employment Tax
5:48 - Self Employed Taxes Explained
7:27 - Self Employed Profit and Loss Statement
9:39 - How to Organize Your Self Employed Tax Documents
11:42 - Self Employed Tax Deductions
12:50 - Self Employed Tax Return Tip
14:04 - Self Employed Tax Return Checklist
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IRS Links...
Schedule C: https://www.irs.gov/pub/irs-pdf/f1040sc.pdf
Form 1099 2020: https://www.irs.gov/pub/irs-pdf/f1099msc_20.pdf
Form 1040: https://www.irs.gov/pub/irs-pdf/f1040.pdf
E-File Checklist: https://www.efile.com/tax-return-preparation-checklist/
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ABOUT ME 👇

I've been involved in people's financial decisions for 15+ years (7 yrs Real Estate experience & 8+ yrs as a former Financial Advisor)...I now bring the financial successes, mistakes, failures, and best financial habits/tips to you through these videos.

My mission is to bring Financial Awareness to the forefront of your daily decisions so you can: improve your quality of life, increase your net worth, and grow upon your financial literacy. My videos are a reflection of my real-world experience as a real estate investor, stock market investor, student of finance, entrepreneur, and of course...my experience as a Former Financial Advisor.

This channel allows me to share my passion for personal finance, stock market investing, real estate investing, and entrepreneurship. I produce content that I would want to watch, and because of that, I give 100% effort in every video that I make. I also believe in complete transparency and open communication with my audience.

Subscribe if you are interested in:
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DISCLAIMER: I am not a financial adviser or a certified public accountant. These videos are for educational purposes only. Investing of any kind involves risk. While it is possible to minimize risk, your investments are solely your responsibility. It is imperative that you conduct your own research. I am merely sharing my opinion with no guarantee of gains or losses on investments.

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Видео Self Employed TAXES 2021 Explained & Self Employed TAX TIPS (tax return documents & checklist) канала Financial Awareness with K.Scholl