Everything You Need To Know About DoorDash Taxes (1099 Taxes) (From an Accountant)

We are in Q4 of 2019! Don't get caught with your pants down by the IRS! Links to Tax Deductions, and Tax Brackets explained down below!

https://youtu.be/7CKQbr970-U
Tax Deductions Explained

https://youtu.be/k7tPz8EJqBw
Tax Brackets Explained

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Looking at how to pay your taxes for Door Dash, Uber, UberEats, Grubhub, Lyft, Postmates, or any other 1099m employer. These rules can also apply to anyone who is self employed, or working off of a 1099 to file your taxes. #1099 #taxesexplained #howtodoyourdoordashtaxes

First, you need to understand that as a 1099 employee even though your employer is not taking out anything in taxes, YOU STILL HAVE TO PAY TAXES. Now that, that's out of the way.. Let's debunk some other popular tax filing myths with gig apps. 1) If you expect to pay the IRS more than $1000 dollars come tax time (April 15th every year), you SHOULD be making quarterly estimated tax payments. This is very easy to do, especially if your primary income source is a 1099 income.

Next, Deductions. You have two options when filing your vehicle expenses on a 1099 form. You can choose the standard mileage deduction, where you simply take your total mileage for business, and you multiple that amount by $0.58 cents per mile. This adds up very quickly, doing Door Dash, Uber, GrubHub or another driving based app. Your other option for vehicle deductions is the actual expense method. With the actual expense method, you save receipts from ALL of your car related purchases over the year. Gas, oil changes, car insurance, tires, repairs, the interest on your auto loan, or your lease payment if you are leasing a vehicle. However even with this method you need to be tracking your mileage! So download one of the many, free mileage tracking apps, I recommend Mileage IQ, or Stride!

Now that we've handled our deductions, let's take a look at how you should prepare for your taxes. First, understand the levels of taxes you will be required to pay. 1, the self employed tax, in 2019 is 15.3%, 12.4% of this goes toward social security tax, and the last 2.9% goes towards Medicare tax. Next, your federal taxes this is based off of your tax bracket (This guy Steve did a GREAT video on tax brackets explained ;) )

Last, your state and local taxes, these will be a set percentage of your total income.

Finally, who should be doing your taxes? Do you need a CPA to do your taxes? Is HR block worth it? How can I do my own taxes? ...It's time to learn! Do your own taxes, I'll have a ton of videos on how to do your own taxes coming up closer to tax time, plus I'm always available on Facebook or Instagram with any questions you may require? I'll also be doing tax prep in the next few months! Message me if you're interested in that!

Hopefully this helps you get ready for doing your taxes on your own for Doordash, or your Uber taxes going into 2020!

Steve Hogue! #stevecares
Thank you for visiting my channel, I prepare short, sweet financial literacy lessons, as well as input on financial news as it breaks, and motivation for life! Thank you for coming with me on my Youtube journey, and I absolutely appreciate each and every one of you!

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Видео Everything You Need To Know About DoorDash Taxes (1099 Taxes) (From an Accountant) канала Steve Hogue