Does Your 1099 Income Feel Expensive? | 1099 Tax Deductions Explained скачать в хорошем качестве

Does Your 1099 Income Feel Expensive? | 1099 Tax Deductions Explained

If you're earning 1099 income, the IRS doesn't see you as an employee. It sees you as a business. That distinction can save you tens of thousands of dollars in taxes every single year. In this video Mark and Ro break down exactly how the IRS treats 1099 income, why it creates more tax planning power than a W2, and which deductions most business owners and independent contractors never take advantage of. What we cover: 00:00 If you earn 1099 income the IRS sees you as a business 00:13 How the IRS views 1099 income and why it matters 00:37 Meet Mark and Ro from The Owner's Asset 01:17 Why 1099 income creates tax planning opportunities 03:23 Why The Owner's Asset loves 1099 income 04:39 Self-employment tax explained 06:03 Engagement question from Mark and Ro 06:31 Home office deduction 07:19 Retirement plans for 1099 earners including Solo 401k and cash balance plans 08:56 Rapid fire deductions 09:14 Health insurance premiums 09:26 Business mileage deduction 09:32 Section 199A qualified business income deduction 10:18 Professional development deductions 10:33 Life insurance in business planning 10:59 Documentation is everything 11:12 How to work with The Owner's Asset 📧Want to build a smarter tax strategy? Book a free deductions call with Mark and Ro here: https://ownersasset.com/contact 🌐Learn more about The Owner's Asset: https://ownersasset.com/ 👉 Click here to subscribe:    / @ownersasset