Gig Economy TAXES, Deductions & More (CFP Explains)

As a gig economy worker it is crucial that you understand your tax responsibilities as an independent contractor. In this video I interview Stephanie McElheny (CFP, EA, ChSNC), President of Financial Planning at Aspen Wealth Strategies.

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🖥Video Timecodes🖥
0:00 - Intro
0:43 - Stephanie McElheny, CFP, EA, ChSNC
1:18 - Your Worker Classification As An Independent Contractor
1:47 - What’s The Difference Between A CFP, EA and CPA?
3:10 - Should You File Your Taxes With A CFP or A CPA?
5:51 - What Is A 1099-MISC? What Should Drivers Know?
8:46 - How Much Should You Set Aside For Taxes?
9:59 - Federal Income Tax Brackets And Rates (2021) - https://taxfoundation.org/2021-tax-brackets/
11:53 - Self-Employment Tax Briefing
13:11 - Self-Employment Tax And Deduction Worksheet (2020) - https://www.irs.gov/pub/irs-pdf/f1040es.pdf
13:37 - State Taxes Briefing
15:55 - When Are My Taxes Due?
17:32 - How Can I Pay My Quarterly Taxes? - https://www.irs.gov/payments
19:07 - What Is A Tax Deduction? How Does It Work?
21:40 - Can You Deduct Commuting Miles?
24:29 - Standard Mileage Deduction vs Itemized Deduction?
27:30 - Documentation Required (Actual Expense Method)
28:37 - How Should I Record My Business Miles?
32:10 - What If I Did Not Record My Business Miles?
34:56 - What Tax Deadlines Do I Need To Know?
37:26 - Contact Stephanie/Aspen Wealth Strategies
37:50 - Your Next Steps
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QUESTION - What other tax or finance questions would you like answered? Let us know in the comments section of this video!
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#yourdrivermike #taxes #gigeconomy
Disclaimer: This video does not purport to be investment advice nor meant to be taken as such. Prior to investing, you should consult with a Certified Financial Planner to ensure that you are making the best decisions for your personal situation after a complete review of your entire financial picture. Any opinions are those of Stephanie McElheny and not necessarily those of Aspen Wealth Strategies. Expressions of opinion are as of this date and are subject to change without notice. The information contained in this report does not purport to be a complete description of the securities, markets, or developments referred to herein. We do not guarantee that the foregoing material is accurate or complete. There is no guarantee that these statements, opinions or forecasts provided herein will prove to be correct. Investing involves risk and you may incur a profit or loss regardless of strategy selected, including through diversification and asset allocation.

Affiliate Disclaimer: This video and/or description contains affiliate links, when shopping or signing up for apps using these links I’ll receive a small commission.

Видео Gig Economy TAXES, Deductions & More (CFP Explains) канала Your Driver Mike