ilmscore | Sole Proprietorship Taxes Explained

Sole Proprietorship Taxes Explained

Published: 2019-07-08
Status: Available | Analyzed

Predictions from this Video

Total: 4
Correct: 0
Incorrect: 0
Pending: 4
Unrated: 0
Prediction
Topic
Status
Making estimated tax payments throughout the year will save self-employed individuals money on interest and penalties that would otherwise be charged for not doing so.
"send them in throughout the course of the year as estimated tax payments why it's because you'll save money on interest in penalties if you don't do estimated tax payments most likely you're gonna get charged interest in penalties"
Estimated Tax Payments
Pending
Self-employed individuals should report their income on Schedule C of their Form 1040.
"you're reporting your income on your individual income tax return the 1040 you're reporting it on Schedule C that's where it goes your self-employment income Schedule C"
Self-Employment Tax Reporting
Pending
Expenses related to self-employment activities should be used as deductions to reduce taxable income and save money.
"Any expense or your expenses related to your self-employment activity you know if if they're related use them as deductions because deductions they're gonna reduce your taxable income and it's ultimately saving you money"
Deductions for Self-Employed
Pending
Making estimated tax payments throughout the year will save self-employed individuals from potential interest and penalties from the IRS.
"send them in throughout the course of the year as estimated tax payments why it's because you'll save money on interest in penalties if you don't do estimated tax payments most likely you're gonna get charged interest in penalties"
Estimated Tax Payments
Pending