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Video instructions and help with filling out and completing irs levy on independent contractor income
Hey are you a slow preneur consultant maybe an assign us well if you fit any of those categories and you have questions about your taxes you want to stick around everybody komari Ellis here also known as the finance rebel if you're new to this channel welcome we talk about all things wealth money business side hustles attacks his wealth anything that pertains to money and we even interview authors and some pretty famous we worked on the top alright so today we wanna do something different today I'm gonna call today tax Tuesday all right I got a question today from a friend of mine actually a friend of mine son who just started a new job as a contractor for an independent contractor now I don't really think he technically meets the criteria for being an independent contractor he's probably an employee but when I talk about that one in this video we'll talk about that in another video alright so he called me up in the ask me and says well I'm getting into 99 I had to pay my own taxes just like many of you sign us those entrepreneurs consultants many times you work places or do work for places you're a freelancer and you get it too many now and what that means is nobody's taking any taxes out you have to pay your own tax burden okay so one of the questions he asked was how much should I pay and so I know as a young kid it's not gonna do much much planning in terms of tax planning not wanna do to be too sophisticated looking right now because he's just getting going so basically had to say listen you had to pay the IRS you had to pay the state where you live at sometimes you had to pay you know the municipality - now normally the IRS wants you to pay them quarterly so they want you to pay January 15th April 15th June 14th and then September 14th but usually I recommend that brand new you know Silas was entrepreneurs they paid monthly why do I suggest them pay monthly because many times people cannot see large sums of money in their bank account without spending it for some fictitious emergency or for some trip around the world whatever it may be but some way somehow the money wants them getting dispersed to bleep people in places except for the IRS and your Department of Revenue your state and your Department of Revenue and you'll open this bounty so that kind of defeats the purpose and what happens is you'll get into a lot of hot water now I'm sure I might get in trouble with some really big tech tax aficionados who they're going to say what should be worrying about his expenses of deductions and credits at the end of the year but I say just to keep it simple just to keep it.