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Video instructions and help with filling out and completing 2021 schedule c worksheet
Hi if you're just jumping on I'm lissandra Everett and today is taxed Tuesday it is taxed Tuesday every tuesday i'm going to be sharing more tax information it is my mission to educate our community about taxes so we can say on trouble with the IRS and the you know i'll share the motivation for today's today's topic and so you know share this out share this with someone they may be a home business owner who considering starting a home business or who may be an independent contractor getting paid with a 1099 they definitely need to know this stuff okay so let's get started i'm going to go here to my screen okay so let's start with because I kind of like to do this stuff on the fly not completely on the fly but you know what I mean more spontaneous and everything so if you have any questions type them in the comments and I will definitely get to them and if I need to shoot another video or something I'll definitely do that okay so the first question is who needs to file a Schedule C okay so if you are a home business owner or if you are or if you're an independent contractor independent contractor is someone who gets paid on a 1099 so you can have affiliate marketers online get paid with a 1099 there are some jobs such as what what did i see i saw the contractors labourer type contractors in the construction arena like building houses some of those got paid on it on a 1099 carpet plumbing on those types of professions but it doesn't have to be that these are just things that i see that get paid on a 1099 all right these are the type of people that have to file a see now the minimum income is four hundred dollars so if you make more than four hundred dollars in whatever you're doing then you have to file a Schedule C you might not have to pay income taxes but the self-employment tax starts at four hundred dollars okay so nuts and bolts is four hundred dollars you gotta follow Schedule C now here's the other thing if you are running a business you have to be in profit three out of five years three of five years meaning you have to show where you have earned a profit it doesn't have to be a grand profit but it's got to be a prophet and it doesn't have to be three consecutive years just three out of the five years okay so you need to be in profit three out of five years to be considered a business to be considered a business otherwise it is a hobby and you don't get to take certain deductions okay so minimum four hundred dollars ain't need to be in profit three out of the five years so those are the things that you need.