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Video instructions and help with filling out and completing 1099-s reporting form 2020
Hello friends Amanda here from the business finance coach and welcome to my youtube channel in this video I'm going to be answering another question from a graphic designer and really talking about your income for taxes when you're self-employed providing services online alright so the question is I did work for a company but some of the money they paid me was through the wife's personal account and some was through the payroll system some was through the parent company's payroll system I didn't know about this until I asked her about the 1099 so now I have to list them as separate income sources is that correct so great question it is a great question it makes sense why someone would ask that question right because when you work for a company you report a w-2 well when you work for yourself it's a little bit different if you think about it in terms of a store a convenience store right and all the people that come in they don't report income for every person that comes in the store right they report their total sales well when you're self-employed I know it might not seem like it because you didn't go out and start a store maybe you didn't even intend on starting a business but to provide your services you end up being self-employed so when you report sales you report sales in the same way at that store sales is your total income you know sometimes people will say to me well I didn't get a 1099 what do I do do I report it well yeah you're supposed to be reporting all of your sales everything everyone pays you know you're supposed to report it now this is a great question because it does get a little tricky with the 1099 and you know this is what happens when our government is so interesting because what they were trying to do never panned out and this happens with all sorts of rules which is why they're kind of like they don't really make sense because they were like part of a plan but then they got chopped away so anyways so point being it's a little it's a little non-intuitive taxes are not intuitive right so when you get your form 1099 you do report them just like w-2s but what you want to do is you want to make sure you don't double count them so if you do your taxes yourself in free-text USA which I'm about to post videos that walk you through every step of DIY taxes in free tax USA they are very cool I actually made them last year and never posted them so I'm gonna get those posted for you but anyways so when you use DIY tax software you'll enter your 1099 s just like you do a w-2 and then for your self-employed business work you'll enter your total sales well you want to